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Thread: Student Loan Reduction

  1. #1
    Junior Member
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    Sep 2006
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    3

    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
    Moderator
    Join Date
    Sep 2006
    Posts
    1,335

    Default

    There is a great forum for student loans at http://www.debt-consolidation-credit...play.php?f=182 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
    Posts
    1

    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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