Private College Student Loan

Can I get a Sallie Mae student loan forgivien?

My original student loan amount of $46,000 has blossomed into $146,000 over the past 15 years. I read that part of it can be forgiven by teaching underprivileged children. Are there any new programs or plans in the works for settling student loans?

Public Comments

1. student loans are not negotiable other than maybe trying to get a lower interest rate. All loans have to be paid back in full even if the person that has the loan declares bankruptcy
2. im guessing it was an unsubsidized student loan. Either way, check out volunteer organizations (such as peace corps or americorps or others) and see if they have some kind of program to help get rid of some of the debt. Plus while you are in service, you may be able to get your lender to stop interest from accruing. But with 146,000 in debt, if you can't afford to pay that back, then i suggest looking into filing for bankruptcy, but thats not the best choice really.
3. See these sites for loan repayment modifications and/or loan forgiveness programs (none will forgive 100% of your loan, but some will forgive up to 50% of your loan - joining the military): http://www.finaid.org/loans/ibr.phtml http://studentaid.ed.gov/PORTALSWebApp/students/english/PSF.jsp
4. Only your lender will be able to let you know about the programs available to you for getting your loan forgiven because there are different types of loans. (Federal vs Private). I'm assuming the loan is in default, since it's been 15 years and you haven't even come close to paying it back (most federal loans are repaid on only 10 years) you owe much more on it than when you started. In that case defaulted student loans are not eligible for any type of forgiveness program. Better start paying quick or you'll owe a heck of a lot more than that.