Okay, I'm only going to relate what happened to me. The scenario may or may not apply to you. Your mileage may vary. All the usual disclaimers apply.
*Note to moderators: If this is not the best forum for this post, please move this to the appropriate forum. I was unsure as to where to post this.
As you can see from my signature below, I filed June, 2003. 5 year chapter 13 plan. In my 4th year, I got a job that pays significantly more than I had ever made in my life. Since I had filed "old law," and I was more than 36 months into my plan, I was able to pay off my chapter 13 early. I paid it off 9 months early.
This is about my experience with Sallie Mae.
2 years into my bankruptcy I had called Sallie Mae. The woman I spoke with (I don't have this documented, this is from memory) said that due to my bankruptcy I was in forebearance and they could not talk to me but would send me info if I wanted to pay. I was considering making payments at the time. I made sure they had all of my current information at the time. (This is important.)
Fast forward 2 years.
I was discharged in November, 2007.
Early part of December, I call Sallie Mae regarding my student loans. The following conversations happened in the timespan of less than an hour as I called the other companies that I was referred to one right after the other.
Sallie Mae said they didn't have them because I was in default - I think he said - and so another company had my loans. I call that company. I don't recall who that is right now but if I remember I'll amend this post. When I called that second company, they said that ANOTHER company had my loans and to call them. (It was ECMC. Their website: http://www.ecmc.org/ ) So I call ECMC and I was told by the woman from collections that my loan was in the process of being bought back by Sallie Mae. Oi. She said I should hear from Sallie Mae soon.
I never heard from Sallie Mae.
2 months later, it is now the last week of February. I called Sallie Mae asking what the deal was. I was told that I was in default.
Good lord. Ok, I immediately told the gentleman from Sallie Mae that I had been waiting for them to contact me and I was contacting them because I hadn't heard anything. I had just come out of bankruptcy and I want to get started on paying with my student loans.
Turns out, they DID send info. Since I was signed up for electronic mailing, they had an old email address of mine (see above when I had given my "current" info at that time 2 years ago.) I immediately updated all of my information with him.
And you know what he said?
"Since you have been in a financial hard \ship, I will go ahead and grant you another 2 months of verbal forebearance. You are now considered current in your loans. You will not owe anything until April 14th when you will make your first payment. Sallie Mae will now report you as being current to all three of the credit bureaus."
I was dumbfounded. I couldn't believe what I was hearing. I simply said, "Ok."
He then proceeded to read some other information to me and I agreed that I understood the terms. Information will be mailed to me. Although I did get the information electronically to my current email address. I now have access to my loan information from the SallieMae.com website - and I can pay electronically if I wish to do so.
Uhm. Wow. So. That's my status. April 14th I start up payments again to Sallie Mae.
Note: interest HAS BEEN accruing on my loans and has been CAPITALIZED. I now owe just about less than double of my original loans. (In a way I want to weep. I make enough money that I could probably have paid off the original loan in a year!) Ah well.
At anyrate, that is my status with Sallie Mae as of this moment.
*Note to moderators: If this is not the best forum for this post, please move this to the appropriate forum. I was unsure as to where to post this.
As you can see from my signature below, I filed June, 2003. 5 year chapter 13 plan. In my 4th year, I got a job that pays significantly more than I had ever made in my life. Since I had filed "old law," and I was more than 36 months into my plan, I was able to pay off my chapter 13 early. I paid it off 9 months early.
This is about my experience with Sallie Mae.
2 years into my bankruptcy I had called Sallie Mae. The woman I spoke with (I don't have this documented, this is from memory) said that due to my bankruptcy I was in forebearance and they could not talk to me but would send me info if I wanted to pay. I was considering making payments at the time. I made sure they had all of my current information at the time. (This is important.)
Fast forward 2 years.
I was discharged in November, 2007.
Early part of December, I call Sallie Mae regarding my student loans. The following conversations happened in the timespan of less than an hour as I called the other companies that I was referred to one right after the other.
Sallie Mae said they didn't have them because I was in default - I think he said - and so another company had my loans. I call that company. I don't recall who that is right now but if I remember I'll amend this post. When I called that second company, they said that ANOTHER company had my loans and to call them. (It was ECMC. Their website: http://www.ecmc.org/ ) So I call ECMC and I was told by the woman from collections that my loan was in the process of being bought back by Sallie Mae. Oi. She said I should hear from Sallie Mae soon.
I never heard from Sallie Mae.
2 months later, it is now the last week of February. I called Sallie Mae asking what the deal was. I was told that I was in default.
Good lord. Ok, I immediately told the gentleman from Sallie Mae that I had been waiting for them to contact me and I was contacting them because I hadn't heard anything. I had just come out of bankruptcy and I want to get started on paying with my student loans.Turns out, they DID send info. Since I was signed up for electronic mailing, they had an old email address of mine (see above when I had given my "current" info at that time 2 years ago.) I immediately updated all of my information with him.
And you know what he said?
"Since you have been in a financial hard \ship, I will go ahead and grant you another 2 months of verbal forebearance. You are now considered current in your loans. You will not owe anything until April 14th when you will make your first payment. Sallie Mae will now report you as being current to all three of the credit bureaus."
I was dumbfounded. I couldn't believe what I was hearing. I simply said, "Ok."
He then proceeded to read some other information to me and I agreed that I understood the terms. Information will be mailed to me. Although I did get the information electronically to my current email address. I now have access to my loan information from the SallieMae.com website - and I can pay electronically if I wish to do so.
Uhm. Wow. So. That's my status. April 14th I start up payments again to Sallie Mae.
Note: interest HAS BEEN accruing on my loans and has been CAPITALIZED. I now owe just about less than double of my original loans. (In a way I want to weep. I make enough money that I could probably have paid off the original loan in a year!) Ah well.
At anyrate, that is my status with Sallie Mae as of this moment.
