Question about SallieMae (Student Loan)
Has anyone had any experiences with SallieMae (Chase) reducing your student loan due to financial hardship?
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they will allow you to defer it due to unemployment or even financial harship in the blink of an eye.
you might be able to refinance and get lower terms.
but as far as just getting a lower payment under the same loan terms i doubt it, but you should call them and ask.
remember that you can save money during the deferment which can then be used to help pay the payments in full afterwards. $0 deferment for 12 months, then say your standard $100 payments for the next 12 is actually only $50 a month average.
also, when you are in deferrment i think you can put the money toward the account anyways to help you keep it in there instead of spending it. and i think that would even go toward your payments when they become due.
just an idea.Last edited by bkfiler; 01-15-2006, 07:41 AM.Im not an attorney or a trustee. You cant trust me either though!
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Thanks for the reply. It's safe to say then that the faster I pay it off the better?Comment
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the better for what? i missed something. you go from wanting to reduce your payments to wanting to pay it all off?
please explain again.Im not an attorney or a trustee. You cant trust me either though!
[x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
[x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
[x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
[x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!
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They will in some cases relieve you of some of the total balance, however you'd have to prove your hardship. For example, being completely unable to find work in the field of your degree, and unable to pay the current bill amount based on whatever else you can make working other jobs.Comment
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You *may* be able to get them to do some work with the late fees & such, but as far as principal balance, good luck. Are your student loans consolidated? If not, that would be a good way to go. The only way to get rid of student loans anymore is death, total & perm disability, and in rare, I mean, rare cases, BK gets rid of them. There's no time limit anymore, I recently read a case where the guy was well into retirement and living on social security, he was tracked down, and they can garnish his social security now. (In years past ss was untouchable) Good luck.I'm not a lawyer or legal expert, just offering advice on what I may have gone through and/or have knowledge of. Good luck!
341-done
Last date for objections: 02/21/06 - done
Discharged: 02/24/06
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