Student Loan Question/ Sallie Mae

[mbdesa]

Hi Everyone,

 

I received a letter for a student loan that I had with Sallie Mae that has now been sent to collections. Of course I can request validation within 30 days. I would like to know if anyone knows what I should ask for in regards to validation with a Student Loan?

 

In addition they added $12k to the $35k dollar balance.

 

Thanks in advance.

[snowpuppy]

Private or a federally backed loan?

 

With that kind of interest, it sounds like private.

 

SM and other SL lenders that are now out of the government student loan lending business, are now 'servicing' federally backed loans. Meaning they will be scrounging up old SL's that you thought were long gone.

[mbdesa]

Yes, its a private loan. Biggest mistake of my life to date.

 

I guess I just want to hold them off for a little while right now while I get some money together.

 

I would be curious to see if they can provide any documentation on the loan as well.

[snowpuppy]

As a stall tactic you can dv them while you scrape the $ together to pay them.

It's like I said, SM and others are no longer lending federally backed loans so they are scrounging for sources of income.

 

The courts have found they now carry the weight of a federally backed SL (you got an education for the $) so they are not easily discharged in BK.

[rpersonal]

I find it amazing that if given the chance most of the country (if not all) would vote for BK inclusion of student loans yet this is not the case.

 

There are some petition groups on the subject although I don't know if they are going anywhere with it.

 

my two cents.