What difference between PRIVATE and GOV'T student loan

[Scream2Death]

is gov't student loans ONLY under sallie mae?

i have another student loan under Great Lakes Education(no sallie mae on it)

[Flamingo]

If you did not fill out government paperwork as to your loan and your loan was through a regular bank/lending institution, you have a private student loan. My daughter receives Stafford Loans and we get bombarded this time every year with all sorts of private institution loans trying to hook us to make up any difference the Stafford Loans do not cover.

[Scream2Death]

thanks for the quick reply, i think my great lakes education loan had some white/black federal documents in it......

[Phillymanhere]

I'm pretty sure Sallie Mae loans are government-backed (guaranteed) loans.

[bk4sky]

I'm pretty sure Sallie Mae loans are government-backed (guaranteed) loans.

correct.

[CindyLou]

Sallie Mae also manages private loans. The easiest way to find out is to call and ask.

[BKParalegal]

In regards to BK, it doesn't matter a student loan is a student loan is a student loan.

Good Luck

[RedLight]

You are right. I have a few federal student loans as well as a private student loan. Both get treated the same for BK purposes.

[Phillymanhere]

So private student loans are the same as government-backed student loans as far as bk is concerned?

I understand the law disallowing bk for gov-backed loans, as the gov will is on the hook for any loan not paid off ... but I would think that purely private student loans (with no government guarantee) would be allowed under bk ...

But this is incorrect, you're saying?