My DH has a private Sallie Mae loan; he hasn't paid it in over a year. He got the loan for a trade school, but did not complete the program. The interest rate 13% and the payments are around 253.00 per month. He filed chapter 7 and listed the loan (I know it will survive the bankruptcy). The bankruptcy was filed to get rid of the calls to his parents; none of the debt collectors were able to locate him so we never got any calls. Anyway, even when he is discharged, he still will not be able to afford the payment. I know, but with having to pay the essentials, just can't do it and I will not starve to pay them. Anyway, even he tried to get a financial hardship, he was told that the private loans don't qualify; they also do not qualify for rehab, or any other program. The deferments that they offered him a while go is only for 6 months, so that won't help. Please does anyone have any suggestions?

Any help from experts???? Please

Well, I really don't know what to tell you, honestly. Maybe your dh should call them and explain the situation to see if they will work with him on this. Ignoring it will make it worse, because they can eventually sue you for non-payment.

ETA: if they sue you and win, they can take up to 25% of your net income. If you think you're hurting NOW, imagine what that would be like. So it's really in your best interest to try to work something out. Best of luck to you.

Right now, his bankruptcy has not been discharged so they can't contact him. Also he is only not making much, 25% of his net would still be less than the 250+ payment. Anyway, we live in Florida; it is very hard to get a wage garnishment. If only they would work with him, he could probably swing about 100.00 per month.


If anyone comes up with any additional suggestions, please pass them along.

Unfortuately private loans are under no obligation to work with you. Maybe you dh could pick up a second job. He will have to deal with it and you both would be better off it he did it now before it escalates. Besides judgements and wage garnishments, there is always the possiblity of them seizing your bank accounts.