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How Can I Get Sallie Mae to Cooperate With Me? – Alyssa

Written by Steve Rhode


Dear Steve,

I took out a personal loan back in 2014 with Sallie Mae so its a private student loan intending that I would be able to pay them back once I got my job in my field.

I didn’t pass my national boards so I do not have the job that I intended to get. I am however taking the boards over at a later date. They want a total of $400.00 a month.

I am only making $1,500 a month and I have rent payments, I have a 3 month old daughter to attend to. There is no way I can afford $400.00.

I have spoken to them regarding this I can only pay 100.00 a month. My dad is a cosigner but he is no longer working either.

How can I get Sallie Mae to cooperate with me?



Dear Alyssa,

Do You Have a Question You'd Like Steve to Answer? Click Here.

When it comes to private loans there are no opportunities to lowering payments other than what the lender agrees to. Unlike federal loans which offer free loan consolidation, income driven repayment plans, loan forgiveness, and disability discharge; private loans just don’t do that.

Ultimately the terms the lender agrees to are spelled out in the loan agreement. Anything outside of those mutually agreed upon terms must be negotiated with the lender.

When dealing with private loans there are options and ways to approach the debt to attempt to get some relief. My first option is always a solution the lender will agree to but sometimes you need to consider more drastic action.

For example, if you can’t afford the payment and the lender is not willing to provide you with a payment you can afford then the choice has been made for you, default. Defaulting on a debt has consequences but it can also present opportunity. Please read Top 10 Reasons You Should Stop Paying Your Unaffordable Private Student Loan to see what may happen.

A more complicated approach would be to challenge the validity of the loans through bankruptcy. In that case see These Private Student Loans Can Be Easily Discharged in Bankruptcy to understand the issues around how the loan was disbursed or the accreditation of your school.

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Bottom line is if Sallie Mae doesn’t want to accommodate your current situation, they don’t have to. But it is better to face this with some of the options above rather than just waiting for the phone to ring with bad news.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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