Private College Student Loan

How can i deal with these sallie mae student loans?

I have some private student loans through sallie mae a total close to $140,000.00 they have gone into default and ive tried to contact them to try and come up with a solution for repayment but they want $1900 a month regardless....needless to say I have never had a job where i could even spare close to that amount of money per month me and my wife have 6 kids and I recently lost my job so what do I do to get this resolved...consolidation wouldnt help me since i still probably couldnt afford the payment and these guys dont seem to want to work with me on anything, i even offered $50 a month just to show im willing to try and they still told me no, anyone have any suggestions?

Public Comments

1. Once a student loan goes into default you have zero bargaining power. You can't do a consolidation because you're in default.
2. As mentioned, since you've defaulted on your loans you can't say you'll pay $50 a month. They won't care. If you owe $1900 a month they will expect you to pay $1900 a month. They do offer something called UPromise where if you sign up money you spend on purchases can be put towards your loans. So say you spend $100 a week at the supermarket so your six kids can eat, with UPromise a percentage of that will be put in your UPromise account & can be applied towards your Sallie Mae loans. You don't really have any options since you've defaulted. If you hadn't defaulted you could've been signed up for an unemployment deferment for six months where the interest would continue to build up but you wouldn't have to pay. Unless you know a rich person who'd be willing to lend you $2,000 a month to pay your debts you really have no options. No one will give you $2,000 a month to pay off your debts because they know they won't be re-paid, whether a bank or just a friend of yours. Sallie Mae would've been more than willing to work with you if you had paid at any time. $140,000 is probably twice as much as you originally borrowed which means you've never paid. And again since you've defaulted they don't want anything from you but money. Once you go back to work they will garnish your wages. So if you go back to work & earn $1500 a month you may be working for free, sorry to say.