SSDI Check and Private SL

[jls16845]

Would anyone know if SallieMae can take 15% of my Social Security check for a Private Signature Student Loan I have with them? I know that they could if it was a Government Guarenteed Student Loan, but this loan is not a Government Guarenteed Student Loan. Also is there a SOL on a Private Student Loan unlike a Government Student Loan that has none. Thanks JLS

[ziggypop]

Would anyone know if SallieMae can take 15% of my Social Security check for a Private Signature Student Loan I have with them? I know that they could if it was a Government Guarenteed Student Loan, but this loan is not a Government Guarenteed Student Loan. Also is there a SOL on a Private Student Loan unlike a Government Student Loan that has none. Thanks JLS

 

I don't know whether or not they can take the SS income like the government-backed loans, although they would presumably need a court judgment in order to do so if they can.

 

Some private SLs actually do not have a SOL just like government-backed loans. If the loan was made by a non-profit organization, then it's doesn't have a SOL. Most companies (SM included) make their private loans through a non-profit arm of the company, so they don't have a SOL. I don't know which is which, but many others have asked this question, so you might try a search on this forum to see if your specific type of loan was ever discussed, although it's most likely that it falls under this exemption (SM keeps their bases covered pretty well on stuff like this).

 

Hope this helps!

[LynnInMN]

Do you already have these private SM loans? If not, since your SSDI check is already being garnished, it is unlikely that SM private loans will fund you.