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Thread: Student Loan Reduction

  1. #1
    Junior Member
    Join Date
    Sep 2006

    Default Student Loan Reduction

    I am writing because I do not know what else to do.
    In 1996 I graduated college in Atlanta, GA. I moved to NYC to get better jobs. I got my degree in Fashions design, but due to the low pay, I was quickly forced to forget my dreams and go for better paying jobs in order to cover costs of student loans.

    I DO NOT want to discharge, I want to get an Income Sensitive Repayment plan...

    I was fine, until in 2000 I hadspinal surgery that left me in bed for about 6 months. Then came 9/11 incidents, I lost my job, my apartment- was evicted and became homeless in the streets.

    Due to my living instability, I was unable to keep my jobs for long. Finally I was picked up by my parents (I'm now 34, so imagine the embarrassment) and taken to their home in Lajas, Puerto Rico. I have been here a few months and have very few job prospects-and most pay the minimum at best. I have no mode of transportation and have no property or bank accounts. I am looking to just take anything at this point. I have been unemployed for almost 2 years. I have NOT defaulted yet, and am currently in deferment.

    Regardless of this, Sallie Mae- my lender, refuses to work out any type of affordable repayment deals AND they refuse to release the loan to another company. The payments fluctuated from 150- 350 to 548 to 738 to an unbelievable 1700 dollars!!! all within a period of 3 years, during my main hardships. I immediately contacted Senator Clinton's office and they listened, but I became just another name on the list for them to add to their campaign...and as of yet, nothing is been done to help the people with the real problem.

    I DO NOT want to discharge, I want to get an Income Sensitive Repayment plan- there are many that I can apply to, that discharge your loan in 25 yeras.but Sallie Mae refuses. Can I take then to court? Can I try to have the interest discharged? Can someone help me? How do I go about this in Puerto Rico? Can anyone share any tips?

    It is a Consolidated Unsubsidized Loan
    Original Balanace 36,000
    Balance now $80,000
    -Was consolidated at a 9% rate in 1999
    -My graduation date 1996

  2. #2
    Join Date
    Sep 2006


    There is a great forum for student loans at they might be able to help you there. LynnMN is very knowledgable, if not so nice, but she knows her stuff.
    I am not an attorney, and don't play one on TV. Any information given is a description only and should be verified by your attorney.

  3. #3
    Junior Member
    Join Date
    Jul 2007

    Default Student Loan

    Hey Alice thanks for the link on the forum for student loans. It was great help and very informative for me as I am currently seeking student loans. Do you have any suggestions for me in applying for student loans? I need to have them approved before fall semester for books and tuition.

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