I've got a question about rehab. Basically, exactly what is it? I've been reading a lot of posts and ya'll mention rehab but I haven't found anything that explains what it is. I tried doing a search on "rehab" but since its mentioned so often the forum search feature sort of went beserk on me.
Here's my situation. I have a Sallie Mae PRIVATE student loan that is about $12,000. With an extremely high interest rate (I think its about 19%) when the loan is all paid off, I'm going to be paying out almost $60K.
I lost my job for about 3 months last year and got rehired in January. My loans to Sallie Mae were to start being paid back last November but with no income, I couldn't do it. I tried calling SM back in February and they were obnoxious, rude and completely unbending. They stated the best they could do was a deferral on my loan. I was thinking GREAT until I was told I could only defer 3 months and since my payments were due to start in November, they could defer Nov, Dec and Jan and would have to start payments right away. I tried to explain that I had been out of work but they refused to listen. So...I know this was a dumb move...but I just can't make any payments to them.
My Stafford Loans are all currently being consolidated and I won't start repayment on them until October. I'm on a 3 month mortgage foreclosure forebearance agreement with my bank. So if everyone else is trying to help, why won't SM?
I don't want this to go to collections and its about to. From what I've been reading on this site, it seems like a rehab - whatever it is - may be my next shot.