http://www.101studentloans.com/a-question-about-a-student-loan-default.html Understanding and Knowledge of Student Loans Thu, 01 Jul 2010 02:10:03 +0000 hourly 1 http://wordpress.org/?v=3.0.1 http://www.101studentloans.com/a-question-about-a-student-loan-default.html/comment-page-1#comment-184 Paying Back Student Loans Thu, 01 Jul 2010 02:10:03 +0000 http://101studentloans.com/a-question-about-a-student-loan-default.html#comment-184 The best thing you can do is try to settle with Sallie Mae. I had three private loans that went into default late last year. Try and work out an arrangement with one of the creditors. My loans went through 3 different ones before a half way decent one worked with me and came up with a fair agreement. If you do settle with Sallie Mae, make sure that you have everything in writing before handing over any money. Also insure that it states that it is a "final settlement" to prevent further collections. Really read over the settlement agreement before signing and sending in any money. Sallie Mae will sue eventually but unlike traditional unsecured debts, any type of student loans have no stat. limits to collect and you won't ever be able to bankrupt them. They could collect in 20 years if they want to. If you plan on buying a house someday or anything else then you need to take care of this. Pick up a second job to knock the principal down. The only way to fix the situation is to pay them or work out a settlement in default. Good luck. The best thing you can do is try to settle with Sallie Mae. I had three private loans that went into default late last year. Try and work out an arrangement with one of the creditors. My loans went through 3 different ones before a half way decent one worked with me and came up with a fair agreement. If you do settle with Sallie Mae, make sure that you have everything in writing before handing over any money. Also insure that it states that it is a “final settlement” to prevent further collections. Really read over the settlement agreement before signing and sending in any money. Sallie Mae will sue eventually but unlike traditional unsecured debts, any type of student loans have no stat. limits to collect and you won’t ever be able to bankrupt them. They could collect in 20 years if they want to. If you plan on buying a house someday or anything else then you need to take care of this. Pick up a second job to knock the principal down. The only way to fix the situation is to pay them or work out a settlement in default. Good luck.

]]> http://www.101studentloans.com/a-question-about-a-student-loan-default.html/comment-page-1#comment-179 JanetteMcCormack Sat, 27 Feb 2010 04:52:06 +0000 http://101studentloans.com/a-question-about-a-student-loan-default.html#comment-179 Need help for my son,defaulted on private student loan Sallie Mae,Getting nowhere with collection agency,keep asking for money and telling him everything okay.Not true,please please help him.Thank You Janette McCormack for son RobertMcCormack Need help for my son,defaulted on private student loan Sallie Mae,Getting nowhere with collection agency,keep asking for money and telling him everything okay.Not true,please please help him.Thank You Janette McCormack for son RobertMcCormack

]]>