Well I hope I set the record straight for everyone. Sallie Mae lies to students. Sallie Mae harasses students. Sallie Mae adds needless interest to one's debt. They have paid Congress to write statues to cover their ass when they go to court. Students do not have any legal rights. The bankruptcy route is a sham. No other debtor has to tell their life story to get a debt dismissed. After you pay twice what you borrow to Sallie Mae, you owe twice what you borrowed. They are protected from everyone and answer to no one. America better wake up, because if interest rates go up to where they were in the 1980's we have a lot of people in a whole lot of trouble. Get student lending back where it belongs. Low interest loans for students.

Yes, you are right. I am in default with a CAREER TRAINING LOAN WITH SALLIE MAE. I AM NOW IN COLLECTIONS WITH SOME OF THE MOST RUDE PEOPLE. They wont talk to me but yet say to call and work something out. They hang up on me constantly and are so rude. My loan started out as 14,000 and now 25,000 in just 4 years. I am seeking legal advice to see what could be done. What do you think will happen?

This is what will happen. First check your loan and see if anywhere on the promissory note it states it is insured against default by the Department of Education or Department of Health & Human Services. If either is the case you are screwed. Sallie Mae loves to threaten to do things to you just to accumulate excessive interest. Why? Because after they bother you enough you will either not pay or they will try to get you to sign a new loan with what they call better rates. It will be the same o same o. Do not pay them if you have a federal insured loan. Let it go to the government. The government must allow you to make 12 payments based on your present income. After that refuse to sign another promissory note. Tell them to put you on an income contingent loan repayment plan. After 25 years any loan balance is forgiven, but you may have to pay tax on the balance left with the IRS. Points: Never sign another student loan again with anyone, especially since Sallie Mae is a student lender with many faces. Contact your congressman, senator, attorney general's office. Tell them to take you to court.
Document every time you tell them to take you to court. They will want to delay. Why? Because they get paid by the federal government if you don't pay. Start calling them and stating when are you going to take me to court. Your purpose is to get it to the government with the least amount of accumulated interest. They are thieves. Always remember that. Trust know one. They pay everyone off. Now, if you have a private loan, your screwed too. They changed the laws (paid off congress) to make private loans not discharged in bankruptcy unless show hardship. With only 4 years of loans under your belt I doubt a judge would think you would qualify. They look at how much have you paid back, how old you are, how much you make, any hardships(sick,). Lawyers will not take student loan cases. If they do, they are ripping you off. Easier to represent yourself in court. You either have a case or not. Sallie Mae makes their money off of threatening you so they can delay. Best thing: tell them take me to court. Not going to pay this.
Worst Case scenario: garnish 10 percent of your wages. take your irs refund
put a lien on home. Probably never a car because they depreciate.
How to avoid all of it: become self employed. Always owe tax, no refund
Hang in there, the laws are changing.
If more people just told Sallie Mae
to "take me to court" and report them
if they don't. You would be surprised how quickly this whole situation with student loan lenders would change. They have made their money on intimidation and threats and delays. Hope this helps. Good Luck

I took out a "federal" student loan, in August of 1991, from a local bank (which was later sold by the bank to Sallie Mae). A short time later, I was diagnosed with two heart conditions (both of which will only continue to worsen and will eventually be fatal) I have had long periods of paying on this loan and periods of deferments and forbearance during the worst times of my health issues. My original loan was for $8200.00. They now say I owe over $33,000. At NO TIME was Sallie Mae understanding. Their representatives were rude and very threatening to the point of telling me I could end up in jail if I didn't go along with their payment demands. I owe tens of thousands of dollars in medical bills to over 76 different medical entities, even after copayments, insurances, and additional payments. On one of the calls from Sallie Mae, I was told that,given my health, that they could put a lein of sorts against my life insurance for the event of my death to which I replied..."there is no life insurance for my kids or my funeral, so have at it".
Now for the question....Is there anything I can do?

Original loan amount was about 20k and because of many issues that affected my ability to meet the minimum payments and a default my loan is now nearly 130k after 15 yrs. I was informed that the interest rate on the loan is 30% and since I make 36k/yr gross. The interest on the loan right now exceeds my gross monthly income. They have garnished my wages for the $400 per month and I figure that by the time I die... I should owe them more than 10mil. Taking away bankruptcy brings back slavery as there is no human way possible for me to ever even pay them the interest... and hey 30% is a reasonable interest rate, don't ya think? I gave up trying to make good on my debts when it became impossible to do so.

Everyone thinks that today's graduating seniors in high school should continue their education by attending college. Well, how are they suppose to do that and survive after they graduate college? My 20 year old son just graduated from Spencerian ( a branch of Sullivan) with a 2 yr degree. He had to borrow from Sallie Mae to attend this college. Now after he has graduated he is required to pay back his loans at over $400 a month. Mind you, he just got a job in August 2007 doing what he went to school to do, he has been out of school since March 2007, and he is making $10 an hour, which averages, after taxes to be $1200 a month. He pays rent, gas, groceries, and utilities, so tell me, How is he suppose to survive? I am at my wits end. When we signed for these loans, we had no idea what the interest rate would be nor what kind of payment he would have to make. SUCKERS, I guess we were that!!! Still, taking advantage of young eager children who have the desire to do better and make a life for themselves by furthering their education is not something that should be acceptable and shouldn't be allowed to happen. GET A COLLEGE EDUCATION, YEA RIGHT!!! Who can afford one in this day and age----The Very Rich or The Very Poor (financial aid). If there is anyone who has any suggestions on what we need to do, feel free to let me know!!!

Thanks to Oprah, Obama camp claims biggest crowd yet

Thanks to Oprah, Obama camp claims biggest crowd yet

Thanks to Oprah, Obama camp claims biggest crowd yet

Thanks to Oprah, Obama camp claims biggest crowd yet