I'm don't have any money to pay my loans at the moment. I can't get a deferment or forbearance on loans. No one at Sallie may will help.
I talked to the rep on the phone and I felt like she what trying to get me to fib about my income so that I can have eligibility. My loans are 2 days past due with fees and everything. It's already showing Charge off on my credit report.
Does anyone know if I have to prove my income on line?
No one here is going to tell you that it's a good idea to commit fraud.
To be frank, the situation as you describe it doesn't make sense. Student loans don't report as a charge off when they're 2 days late. They don't even report as late when they're only 2 days late. It sounds to me like you're actually in default. Are these private loans or federal? Sallie Mae offers both.
Find out more about what is actually going on and come back. People here will be happy to help when it's clear what the real situation is.
Sorry I'm freaking out 
My loans where up for repayment back in August. Because i was up to my eyeballs in debt. I filled out the form on line for a forbearance. Well today I pulled my credit report on and it shows KD Key Derogatory on Experian for August and September.
So then today I wen to Sallie mae site to manage my loans. It shows my account is 2 day(s) delinquent in the amount of $ 216.55 including
$ 98.72 in late fees and other charges as applicable.
Im still not on my feet yet, Im still trying to make my rent.
I tryed to get a deferment or forbearance, but it says im not eligibil.
I got no money, I need a month or two, to pay my rent, lights and so on...
Im also trying to clean up my credit, I have no oppen accounts but my student loans.
I just bummed.. i just need more time.
My loans where up for repayment back in August. Because i was up to my eyeballs in debt. I filled out the form on line for a forbearance. Well today I pulled my credit report on and it shows KD Key Derogatory on Experian for August and September.
So then today I wen to Sallie mae site to manage my loans. It shows my account is 2 day(s) delinquent in the amount of $ 216.55 including
$ 98.72 in late fees and other charges as applicable.
Im still not on my feet yet, Im still trying to make my rent.
I tryed to get a deferment or forbearance, but it says im not eligibil.
I got no money, I need a month or two, to pay my rent, lights and so on...
Im also trying to clean up my credit, I have no oppen accounts but my student loans.
I just bummed.. i just need more time.
Believe me, I know how stressful it is to not be able to afford student loan payments...
What reason did they give you for ineligibility for deferment/forbearance? What kind of loans are they? Are they just reporting as late or are they really reporting as a chargeoff?
What reason did they give you for ineligibility for deferment/forbearance? What kind of loans are they? Are they just reporting as late or are they really reporting as a chargeoff?
QUOTE (Saria @ Sep 11 2008, 05:28 PM) 
Believe me, I know how stressful it is to not be able to afford student loan payments...
What reason did they give you for ineligibility for deferment/forbearance? What kind of loans are they? Are they just reporting as late or are they really reporting as a chargeoff?
What reason did they give you for ineligibility for deferment/forbearance? What kind of loans are they? Are they just reporting as late or are they really reporting as a chargeoff?
the are Consolidation-SUB/ Consolidation-UNSUB/
I guess they are delinquent and are reporting as I have list above . I cant stop freaking out, I can't even think. My gross income is to high for deferment and i used up all my forbearances ?
Everything else I let go to crap on my credit but not my loans...
Skilfulldani:
In a word (re: the "can I fib" question): No.
Simply stated: pay them when you can. If you've exhausted all of your forbearances, increasing income aside, (because I wouldn't think that you'd want to cut your income to qualify), there's little that can be done at this moment. To keep from stressing out about it- don't worry about blemishes and late fees until your fiscally able to address them. And, when that day comes- very, very soon, reach out to them and let them know what you were faced with at the time and what you had to overcome and prayerfully they'd consider removing some adverse marks... and perhaps, waive a fee or two.
But for now, take care of you. In the bigger scheme of things, none of this crap really matters. Because, lying, depending on the circumstances, can land you in the penial system... then, imagine what your credit will look like after all those missed/late payments. Not to mention your new "felony" entry in your public records (section of your CR).
Stay strong!
In a word (re: the "can I fib" question): No.
Simply stated: pay them when you can. If you've exhausted all of your forbearances, increasing income aside, (because I wouldn't think that you'd want to cut your income to qualify), there's little that can be done at this moment. To keep from stressing out about it- don't worry about blemishes and late fees until your fiscally able to address them. And, when that day comes- very, very soon, reach out to them and let them know what you were faced with at the time and what you had to overcome and prayerfully they'd consider removing some adverse marks... and perhaps, waive a fee or two.
But for now, take care of you. In the bigger scheme of things, none of this crap really matters. Because, lying, depending on the circumstances, can land you in the penial system... then, imagine what your credit will look like after all those missed/late payments. Not to mention your new "felony" entry in your public records (section of your CR).
Stay strong!
Ok, now we're getting somewhere. Do you know what repayment plan you're on? Have you looked into the possibility of changing to a plan with lower monthly payments? If your income is too high to defer but you can't afford they payments, you're in quite a pickle after exhausting available forbearance periods. I hope you're looking for ways to reduce your monthly expenses and/or increase your income.
QUOTE (w12345 @ Sep 11 2008, 05:50 PM)
Skilfulldani:
In a word (re: the "can I fib" question): No.
Simply stated: pay them when you can. If you've exhausted all of your forbearances, increasing income aside, (because I wouldn't think that you'd want to cut your income to qualify), there's little that can be done at this moment. To keep from stressing out about it- don't worry about blemishes and late fees until your fiscally able to address them. And, when that day comes- very, very soon, reach out to them and let them know what you were faced with at the time and what you had to overcome and prayerfully they'd consider removing some adverse marks... and perhaps, waive a fee or two.
But for now, take care of you. In the bigger scheme of things, none of this crap really matters. Because, lying, depending on the circumstances, can land you in the penial system... then, imagine what your credit will look like after all those missed/late payments. Not to mention your new "felony" entry in your public records (section of your CR).
Stay strong!
In a word (re: the "can I fib" question): No.
Simply stated: pay them when you can. If you've exhausted all of your forbearances, increasing income aside, (because I wouldn't think that you'd want to cut your income to qualify), there's little that can be done at this moment. To keep from stressing out about it- don't worry about blemishes and late fees until your fiscally able to address them. And, when that day comes- very, very soon, reach out to them and let them know what you were faced with at the time and what you had to overcome and prayerfully they'd consider removing some adverse marks... and perhaps, waive a fee or two.
But for now, take care of you. In the bigger scheme of things, none of this crap really matters. Because, lying, depending on the circumstances, can land you in the penial system... then, imagine what your credit will look like after all those missed/late payments. Not to mention your new "felony" entry in your public records (section of your CR).
Stay strong!
You are so right, i dont think I could make it in the pin. Im just having such a hard time, tying get ahead. Im not makeing any new bills for myself.. my mom is going though really bad divorce of 14 years. Im trying to help my mom and little sister keep there home. Stepdad maid 3times more money then my mom. I told my mom to cash out the life insurace police on me. I hope that help them for a while becase i dont have any more money, not even for myself.
QUOTE (Saria @ Sep 11 2008, 05:55 PM)
Ok, now we're getting somewhere. Do you know what repayment plan you're on? Have you looked into the possibility of changing to a plan with lower monthly payments? If your income is too high to defer but you can't afford they payments, you're in quite a pickle after exhausting available forbearance periods. I hope you're looking for ways to reduce your monthly expenses and/or increase your income.
My payment plan is Level: Payment amounts are based on the term, interest rate, and balance
I have no idea what this means. I know the amount is low.. 117.00 a month. but like I said im still short rent like 100.00 short. i feel like a dead beat
Trust me im looking for more ways then one to reduce somthing.
I do have anothe question about another loan. Its privet and it not being reported on my credit report. infact I for got i had it, I just got a bill in the mail for 800.00 salier loan.
it from 1997. What do I? I have not been getting bill for this before and now here it is.
Go to Sallie Mae's website or call them and see if you can change to a different repayment plan with a lower monthly payment, like an extended repayment plan. While the previous "this is not the end of the world" advice is partially true, you do NOT want to go into default. Trust me. You're in a tough spot now but it will only be worse if they garnish your wages, offset tax refunds, etc.
...And, if SM says no, then what?
Panic? Jump off a building? Slit your wrist, perhaps?
If there's no money. There's no money. That's that. Saria, you sound like a CA (get more income; beware we're going to garnish your wages). We're here to help/encourage one another not to instill fear with things that can possibly happen down the road.
Again, ask SM if they'll work with you, if do they do, fantastic: work something that fits into your current fiscal state/position. If they won't, which is their choice to choose, you pay them what you can when you can. Garnishments, tax offsets, etc. are court-ordered and apart of a legal process that has yet to take shape- and this does not happen overnight.
Though, it is a possibility (depending on how long it takes you to get them a payment), cross that bridge when you cross it. For now, focus on getting the monies to get caught up.
Panic? Jump off a building? Slit your wrist, perhaps?
If there's no money. There's no money. That's that. Saria, you sound like a CA (get more income; beware we're going to garnish your wages). We're here to help/encourage one another not to instill fear with things that can possibly happen down the road.
Again, ask SM if they'll work with you, if do they do, fantastic: work something that fits into your current fiscal state/position. If they won't, which is their choice to choose, you pay them what you can when you can. Garnishments, tax offsets, etc. are court-ordered and apart of a legal process that has yet to take shape- and this does not happen overnight.
Though, it is a possibility (depending on how long it takes you to get them a payment), cross that bridge when you cross it. For now, focus on getting the monies to get caught up.
QUOTE (w12345 @ Sep 11 2008, 07:53 PM)
...And, if SM says no, then what?
Panic? Jump off a building? Slit your wrist, perhaps?
If there's no money. There's no money. That's that. Saria, you sound like a CA (get more income; beware we're going to garnish your wages). We're here to help/encourage one another not to instill fear with things that can possibly happen down the road.
Again, ask SM if they'll work with you, if do they do, fantastic: work something that fits into your current fiscal state/position. If they won't, which is their choice to choose, you pay them what you can when you can. Garnishments, tax offsets, etc. are court-ordered and apart of a legal process that has yet to take shape- and this does not happen overnight.
Though, it is a possibility (depending on how long it takes you to get them a payment), cross that bridge when you cross it. For now, focus on getting the monies to get caught up.
Panic? Jump off a building? Slit your wrist, perhaps?
If there's no money. There's no money. That's that. Saria, you sound like a CA (get more income; beware we're going to garnish your wages). We're here to help/encourage one another not to instill fear with things that can possibly happen down the road.
Again, ask SM if they'll work with you, if do they do, fantastic: work something that fits into your current fiscal state/position. If they won't, which is their choice to choose, you pay them what you can when you can. Garnishments, tax offsets, etc. are court-ordered and apart of a legal process that has yet to take shape- and this does not happen overnight.
Though, it is a possibility (depending on how long it takes you to get them a payment), cross that bridge when you cross it. For now, focus on getting the monies to get caught up.
You apparently know nothing about student loan collections. They don't work like credit cards and other consumer debt. If SM says no and the OP defaults, they'll move to garnish wages and offset tax refunds through administrative wage garnishment. Do you know what that means? Apparently, you don't. It means they DON'T NEED A COURT ORDER. You might think I sound like a CA, but you sound like someone giving potentially dangerous, uninformed advice.
The OP will default in a matter of months if he/she doesn't take steps to avoid it. I'm not trying to instill fear, I'm trying to help (your word) by encouraging (your word again) the OP to do everything in his or her power to avoid default. Without the possibilities of deferment and forbearance, the OP's options are limited. Again skilfulldani, try to see if you can get your monthly payment lowered by changing repayment plans.
I'm sure Lynn will come along soon enough. Lynn, do you know if economic hardship deferments are based strictly on income or if the OP's currently high expenses can persuade them to grant one?
Last post on this topic.
I have one, so yes I know all about them. U of I!
And, as I stated, though you claim I'm clueless, wink again, yet you agree ("the OP will default in a matter of months"), that takes MONTHS! I was wrong, I suppose, about the court-ordered thing, but I wouldn't know, I was never that close to missing payments or defaulting, but court-order or not, it is NOT the overnight process you insinuate.
What you're also missing too is: she DOES NOT HAVE THE MONEY!
Did you miss that part or are you choosing to ignore her detailed fiscal accounts she's so graciously/humbly shared?!? As CAs often do.
She's saying that she's broke.
I'm not offering her advice; I'm offering her peace of mind during a rough patch in her life. Me, personally, I believe that she'll get back on her feet in no time and all this garnishment chatter won't matter one bit. But, if you really wanted to help, you could send her that $100 she's short instead of beating her over the head with the consequences she faces if she doesn't come up with the $ MONTHS down the road...
I have one, so yes I know all about them. U of I!
And, as I stated, though you claim I'm clueless, wink again, yet you agree ("the OP will default in a matter of months"), that takes MONTHS! I was wrong, I suppose, about the court-ordered thing, but I wouldn't know, I was never that close to missing payments or defaulting, but court-order or not, it is NOT the overnight process you insinuate.
What you're also missing too is: she DOES NOT HAVE THE MONEY!
Did you miss that part or are you choosing to ignore her detailed fiscal accounts she's so graciously/humbly shared?!? As CAs often do.
She's saying that she's broke.
I'm not offering her advice; I'm offering her peace of mind during a rough patch in her life. Me, personally, I believe that she'll get back on her feet in no time and all this garnishment chatter won't matter one bit. But, if you really wanted to help, you could send her that $100 she's short instead of beating her over the head with the consequences she faces if she doesn't come up with the $ MONTHS down the road...
I get that she's broke, but how much worse will it be if they start garnishing 15% of her wages? I know what it's like to have unmanageable student loan payments. I've been there. But I could have avoided a lot of heartache and financial misery if someone had made it clear to me how much worse it can get after default. The monthly payments I made to rehab my loans were even higher than the ones it would have taken to prevent default in the first place. I was able to make that work and if the OP can find ANY way to avoid that situation, she'll be much better off for it.
If the OP does eventually default, we'll be here to help her through that too, but it would be irresponsible at this point to give any advice other than ways to prevent default if at all possible. Did I say she needs to make a payment tomorrow? No. But the problem's not going to go away, so why not start investigating and working toward possible solutions now? Without the possibility of retroactive forbearance, waiting until a month before default to make a monthly payment will just result in always being a month away from default. Call me risk-averse, but that's not a position I'd like to be in if it's avoidable.
BTW, I don't have an extra $100 a month, I've got SL payments to make.
If the OP does eventually default, we'll be here to help her through that too, but it would be irresponsible at this point to give any advice other than ways to prevent default if at all possible. Did I say she needs to make a payment tomorrow? No. But the problem's not going to go away, so why not start investigating and working toward possible solutions now? Without the possibility of retroactive forbearance, waiting until a month before default to make a monthly payment will just result in always being a month away from default. Call me risk-averse, but that's not a position I'd like to be in if it's avoidable.
BTW, I don't have an extra $100 a month, I've got SL payments to make.
I agree, Saria.
And I hope she sees that we REALLY do care about her situation...
And I hope she sees that we REALLY do care about her situation...
skilfulldani:
I found this for you online... Just so you'll know.
Keep in mind that Saria is right- if enough time lapses, and the loan goes into default, God-forbid, SM can pursue you. So, with that, here's how/when that process works:
What does it mean to default on a student loan?
For federally guaranteed student loans under Title IV of the Higher Education, a default occurs when you fail to make payments on your loan for a. 180 days if you repay in monthly installments or b. 240 days if the payments are due less frequently. During the time that you are behind in your payments, your lender must exercise "due diligence" (make repeated efforts to find you and contact you about repayment) in attempting to collect the loan from you. If the lender is unsuccessful, it will usually place the loan in "default" and turn it over to the "guaranty agency" in your state. Lenders may "accelerate" a defaulted loan, which means that the entire balance becomes due in a single payment.
Once your loan is assigned to a guaranty agency or the U.S. Department of Education for collection, several steps, including the following, may be taken to recover what you owe:
-credit bureaus may be notified [under 20 U.S.C.1080 or 20 U.S.C. 1087cc ©] and your credit rating may suffer,
-the IRS (under 34 CFR 30.20-30.33) may withhold your tax returns,
-you may be subject to an Administrative Wage Garnishment where the Department of Education ( under 20 U.S.C. 1095a), will require your employer to forward 10-15% of your disposable pay for repayment , or
-the Department may take legal action to force you to repay.
Once a loan is declared in default, you are no longer entitled to any "deferments" or "forebearances" (explained below). In addition, you may not receive any additional Title IV federal student aid if you are in default on any Title IV student loan.
How can I escape default?
There are generally three things to do to avoid or escape defaulting on a student loan when you are unable to pay. They are:
-cancel or discharge (end your obligation to repay) the loan,
-renew or consolidate the loan into a new loan, or
-temporarily stop making payments.
I found this for you online... Just so you'll know.
Keep in mind that Saria is right- if enough time lapses, and the loan goes into default, God-forbid, SM can pursue you. So, with that, here's how/when that process works:
What does it mean to default on a student loan?
For federally guaranteed student loans under Title IV of the Higher Education, a default occurs when you fail to make payments on your loan for a. 180 days if you repay in monthly installments or b. 240 days if the payments are due less frequently. During the time that you are behind in your payments, your lender must exercise "due diligence" (make repeated efforts to find you and contact you about repayment) in attempting to collect the loan from you. If the lender is unsuccessful, it will usually place the loan in "default" and turn it over to the "guaranty agency" in your state. Lenders may "accelerate" a defaulted loan, which means that the entire balance becomes due in a single payment.
Once your loan is assigned to a guaranty agency or the U.S. Department of Education for collection, several steps, including the following, may be taken to recover what you owe:
-credit bureaus may be notified [under 20 U.S.C.1080 or 20 U.S.C. 1087cc ©] and your credit rating may suffer,
-the IRS (under 34 CFR 30.20-30.33) may withhold your tax returns,
-you may be subject to an Administrative Wage Garnishment where the Department of Education ( under 20 U.S.C. 1095a), will require your employer to forward 10-15% of your disposable pay for repayment , or
-the Department may take legal action to force you to repay.
Once a loan is declared in default, you are no longer entitled to any "deferments" or "forebearances" (explained below). In addition, you may not receive any additional Title IV federal student aid if you are in default on any Title IV student loan.
How can I escape default?
There are generally three things to do to avoid or escape defaulting on a student loan when you are unable to pay. They are:
-cancel or discharge (end your obligation to repay) the loan,
-renew or consolidate the loan into a new loan, or
-temporarily stop making payments.
Sorry... I forgot to edit-out this part:
"How can I escape default?
There are generally three things to do to avoid or escape defaulting on a student loan when you are unable to pay. They are:
-cancel or discharge (end your obligation to repay) the loan,
-renew or consolidate the loan into a new loan, or
-temporarily stop making payments."
That portion is not applicable and virtually impossible to attain... for the "living" anyways. (I'll leave that there- pretty extreme circumstances) Everything else is accurate and current according to the law firm.
I really, really hope you're able to rebound quickly...
Peace.
"How can I escape default?
There are generally three things to do to avoid or escape defaulting on a student loan when you are unable to pay. They are:
-cancel or discharge (end your obligation to repay) the loan,
-renew or consolidate the loan into a new loan, or
-temporarily stop making payments."
That portion is not applicable and virtually impossible to attain... for the "living" anyways. (I'll leave that there- pretty extreme circumstances) Everything else is accurate and current according to the law firm.
I really, really hope you're able to rebound quickly...
Peace.
We are all caring people out here trying to help each other. And for once I have a place to go to advice and engorgement in taking care of issues head on. I'm calm and I'm not giving up. thank you all so much.
I do have another question about loans.
in the mail this week along with this SM issue I have a private loan not being reported on my credit. They are ask for a payment. it's called a Salier loan. it' from 1997. How long can they try and collect on this loan. It's so old I can't remember if I paid it or not.
I do have another question about loans.
in the mail this week along with this SM issue I have a private loan not being reported on my credit. They are ask for a payment. it's called a Salier loan. it' from 1997. How long can they try and collect on this loan. It's so old I can't remember if I paid it or not.
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