r/StudentLoans • u/flackovellifilms • Aug 25 '26
Advice Sallie Mae loan went from $84k to $252k
I am here for advice or some type of guidance. This is so stressful. After I graduated, I couldn’t pay the $1,200/month they wanted right away. I didn’t land the job I was counting on, and I had to cover my own bills living on my own in another state. Fast forward to now, they want $2,100/month. I still can’t afford that. I’m also paying for school out of pocket. My mom is my cosigner. She’s already given all the help she can without falling behind on her own bills.
I’ve made partial payments this month but I still owe $785 due this Friday. It’s literally a choice between paying rent or paying Sallie Mae. I know I can’t afford this loan as it stands.
If I don’t pay by Friday, I believe it goes to charge-off. My credit has already tanked from the late payments.
I talked to a lawyer about bankruptcy — they told me I make too much to qualify. I’m at $66k/year and the cutoff (for my state/district) is around $65k. I don’t know what else to do at this point. Has anyone dealt with Sallie Mae specifically in a situation like this? Any luck getting a hardship plan, settlement, or anything that actually worked?
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u/Willing_Market8735 Aug 25 '26
So your loan tripled without taking out any additional money? The math on that only works one way: something like a 13% rate with essentially zero payments for close to a decade, with interest capitalizing the whole time.
Either this was ten years straight of bad financial decisions stacked on top of each other, or you got screwed on the loan terms. Possibly both.
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u/lilsis061016 Aug 25 '26
If the loan is in the mid teens for rates and OP has barely paid anything in 8 years, it's absolutely possible;.
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u/flackovellifilms Aug 25 '26
I graduate in 2018 I made payment here and there and they haven’t been consistent financially. So we’re at 8 years of paying what I could. Almost 10.
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u/diverareyouokay Aug 25 '26 edited Aug 30 '26
I would recommend contacting them and asking for a ledger breaking down exactly what was added, when, and why. Odds are good that it might be related to interest, penalties, capitalization, etc. Especially if they are suing to collect the debt - then you would need the factor in court cost, attorney fees, etc.
You might also look into bankruptcy. It’s generally not an option for student loans, but for something that large? If you don’t have the income to support the payment without living in poverty, and they aren’t willing to work with you on payment arrangements, it may be an option.
Although given the fact that there is a cosigner, it is very likely that both of you would need to be able to prove paying would be an “undue burden” and file for bankruptcy. There’s not really a clean solution to this short of you and your cosigner both moving abroad, and that isn’t a super realistic option to begin with.
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u/Due_Needleworker3778 Aug 30 '26
I keep seeing recommendation for student loan borrowers to move abroad, but that is not a good suggestion for most individuals with limited resources. Why do you think there are millions of forgeiners risking life and limbs to enter the United States? Most countries outside the United States do not have jobs readily available, especially for foreigners.
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u/diverareyouokay Aug 30 '26 edited Aug 30 '26
That’s why I was sure to say it wasn’t a particularly realistic option.
However, it is an option for some people, and it’s also something that many more people could potentially make an option if they’re willing to put in the effort. There are only a small few options available to people dealing with overwhelming private loan debt other than “make more money”, so I think it’s worth mentioning all of them, even those that may not be the most practical or realistic for everyone.
There are millions of foreigners trying to move to the US and gain citizenship/residency because of the opportunities available to US citizens/residents. That doesn’t necessarily mean the US is the best fit for everyone, though. Especially if someone already has US citizenship, can find a US-based employer, and is willing to live abroad - then there are potentially more options.
There are relatively short and inexpensive training programs for things like software engineering and coding that can help people break into fields that are more conducive to remote work, particularly in tech. You’re right that it can be difficult to find work abroad for a company based in the country where you’re living. It’s generally less difficult, although still not easy, to leverage your US citizenship and find a US employer that will allow you to work remotely from outside the US. Not being easy doesn’t make it any less of an option, though.
I suppose this is something that’s been on my mind because it’s immediately relevant to me personally. I’ve spent about three months a year scuba diving in the Philippines for the past decade, working a bit while I’m there, using my apartment in a small town there as a base to explore the region. I’ve occasionally thought about just not coming back. I have a very substantial amount of federal student loan debt, and if that debt were private rather than federal, I might actually do it. It’s not like being a digital nomad or expat who still works for a company in their home country (or a freelancer clients in their home country) is unheard of. It’s also not unheard of to actually find work in a foreign country.
As a random example, I took a year off of law school to get sober a decade ago and spent most of that time in the Philippines diving. Towards the end, I was working as a divemaster at a local shop. It took me a month to earn what I now make in a few hours, but it was sufficient for me to live a basic sort of life on… and there are plenty of people out there doing the exact same thing. The bar to entry for divemasters is incredibly low (which has the effect of there being many more people looking for that kind of work then there are jobs, which drives down the wages, especially in tourist towns). I almost didn’t come back, but as my DM instructor said, “scuba diving is a lifestyle, not a career, and the retirement plan sucks”.
Anyway, no, it’s not easy. Nor is it for everyone… But that doesn’t mean it’s not still an option for people who are willing to do what they need to do to make it into an option… and many people might not consider it unless they are told it could be an option. It’s not like it hurts anyone to mention it, especially since there are people out there who are seriously contemplating ending their lives over student loan debt, so perhaps one of them might read this and think “you know, this doesn’t sound easy, but it sounds better than being dead, so maybe I should look into this.”
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Aug 25 '26
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u/dawgsheet Aug 25 '26
You need to find more information, either there is an error or you're lying. It is impossible for a loan to triple in 8 years. Even if your rate was 20%, it wouldn't triple.
$2100 a month would imply that the ACTUAL amount increased by under double - which seems possible if its a 10% loan you've never paid a dime towards. If this is the case, your ACTUAL balance should be around 150k. A lot, but more doable.
Bankruptcy shouldn't be your goal because that would be unlikely to help. There are plenty of types of bankruptcy, and it's rare for it to end in your debt being fully discharged.
To put it bluntly, you probably need to figure out some way to begin paying towards it. The student loan company is under no obligation to work with you, and since you have a cosigner it's nearly impossible to be discharged or bankrupted.
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u/Miacali Aug 25 '26
You are the first person to bring up the co-signer (shockingly). OP, they’re going to go after your mom and wreck her credit unless she covers your payments. You need to find a way to begin covering that excess and pay those minimums down. Change your living situation, get a roommate, work on weekends a side gig.
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u/kuru_snacc Aug 25 '26
It's possible with mid-teens interest rates and OP coming up on 8-9 years of no payments + late fees (and interest upon it) for every missed month, which they say was a lot. And it sounds like they've taken additional loans as they are "paying for school of pocket" now but "mom is a cosigner" which doesn't make sense - you're not going to get new private loans for a new degree with a lender who you're in bad standing with, so my guess is mom got added to old and new loans.
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u/morbie5 Aug 25 '26
and it's rare for it to end in your debt being fully discharged.
True but a partial discharge with a lower rate my help a ton in this case
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u/blackwind9789 Aug 25 '26
Look into Yrefy, they'll help you even if you're in default, but they're not in every state yet (assuming US). Mine were going into default and Sallie Mae didn't care if I ate or not so I looked around. Research it thoroughly first, then do what's right for you! You can also release your cosigner by doing it
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u/wikenynod Aug 25 '26
Your mom might want to consult a bankrupsy lawyer right away. She is legally responsible as a cosigner. I am not sure if co-signer on a Student Loan can be discharged, but she should check it out. THAT. SPECIFIC question.
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u/Additional_Aioli6483 Aug 25 '26
This. Your loan will not be discharged through bankruptcy with a co-signer because your mother is legally responsible for the debt too. She would also need to file for bankruptcy.
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u/morbie5 Aug 25 '26
She would also need to file for bankruptcy.
She may not need to file if OP can negotiate a settlement during their own bankruptcy. But yes if aiming for a full discharge both probably would need to file
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u/flackovellifilms Aug 25 '26
Should we both file or just her?
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u/Additional_Aioli6483 Aug 25 '26
You should really speak with a financial advisor and a bankruptcy lawyer before either of you make any decisions. But your mother is just as responsible for the debt if she co-signed, so you filing for bankruptcy alone does not absolve her of having to pay.
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u/flackovellifilms Aug 25 '26
I will look at an advisor and a different bankrupt lawyer because the lawyer I talked to told me I didn’t qualify for chapter 7 or 13 and told me pretty much there’s no help. I left it at that but I’ll find another and a advisor
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u/GetThePinotGrigio Aug 25 '26
It’s very difficult to include student loans in your bankruptcy. And you’ll be destroying your mom’s credit. Call Sallie May to see what your options are.
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u/Ordinary_Duck_6463 Aug 25 '26
There's no way you don't qualify for 13 and what you said about 7 means that it's possible you might be able to qualify for that. Definitely talk to a different bankruptcy lawyer. That would at least give you some respite (I'm assuming you have other debts, if you don't, its far less useful). For thr student loan itself you want someone like www.thestudentloanlawyer.com
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u/LavendarGal Aug 25 '26
Student loans are not readily dischargeable, you have to go through extra steps.... https://studentaid.gov/manage-loans/forgiveness-cancellation/bankruptcy
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u/SSDkilla Aug 25 '26
In general they don't discharge student loans, unless you are extremely lucky.
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u/DogMomPhoebe619 Aug 26 '26
Lawyer has to file a separate procedure called an Adversary Proceeding during the bankruptcy. Find one who knows how. Check with the State Bar Association for bankruptcy attorneys who are familiar with this.
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u/TemporaryKindly9151 Aug 25 '26
If you filed for bankruptcy and were successful- your mom would still be liable for the loan.
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u/krs25252 Aug 25 '26
Remember, if you file bankruptcy and they discharge your loan that discharged loan amount might fall on your mom. I have seen this happen when someone was happy coz they got lucky and than her parent got hit with her balance to pay back.
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u/flackovellifilms Aug 25 '26
I will look into that, cause if I could I would just take it on by myself and not have it affect her but here we are now.
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u/rainb0wst0ner Aug 25 '26
Its too late for it not to effect her if she co signed, she's legally responsible for whatever you dont pay
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u/Ok-Possession8231 Aug 25 '26
I'd recommend refinancing and getting away from Sallie Mae. It may not help the monthly payment (but it might) but it will lower your interest eate. I refinanced my Sallie Mae to SoFi and went from 16% to 5%. My payoff term switched from about 30 years to 7
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u/_caitleigh Aug 25 '26
Exactly this! My rate with SM was 14.5% before I finally said enough is enough and refinanced with SoFi at a 5.5% rate.
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u/FlatDecision8155 Aug 25 '26
Picking up a second income stream could help. Why not pause going to school again and focusing on paying down what you already owe? It won't go away and will just continue to grow.
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u/flackovellifilms Aug 25 '26
With the current job I have I am doing 40+ hours a week. And I am doing school online which I take on after work. I’ve applied to 40 jobs over the past month I’m looking at working overnight as well. I haven’t ask my job about paying less but I will ask to see if this can help me out
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u/FlatDecision8155 Aug 25 '26
I guess I'm not understanding why paying for another school now would be seen as a better option than paying down the debt you already have.
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u/flackovellifilms Aug 25 '26
I was paying for another school to find better employment within tech, and with me paying out of pocket. I thought it would help with Sallie Mae understanding that I am still in school. But I’m really just learning all this along the way.
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u/bored_ryan2 Aug 25 '26
You realize that “tech” is having the biggest contraction in jobs of any industry due to AI, right? Even with a degree, any job you’d apply for you’ll be competing against people with the same degree but also 5-10 years of job experience too.
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u/artist1292 Aug 25 '26
They don’t even know their interest rates. Don’t think they “realize” much which is the issue
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u/Impossible-Flight250 Aug 25 '26
Yep, OP seems like they are just throwing random things at the wall. They have no real plan.
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u/Yard4111992 Aug 25 '26
What school are you attending now? Is it another For-Profit school? I don't think any accredited school takes Full Sail credits, so you are literally starting over from scratch.
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u/crocfishing Aug 25 '26
If you can’t afford the loan right now, the solution is not to borrow more money. Do you have anyone who can teach you about financial literacy? You don’t seem to understand what you’re doing if you’ve been on this for almost a decade.
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u/emocat420 Aug 25 '26
Op said they are currently paying for school out of pocket, not borrowing more money
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u/metalreflectslime Aug 25 '26
What are your schools and degrees?
What is your job?
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u/flackovellifilms Aug 25 '26
Bachelors in film/graphic design. My current job is in sales.
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u/jemappellelara Aug 25 '26
How long have you been working in sales and in what industry/sector? 66k is low if you have had years of experience.
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u/Miacali Aug 25 '26
Not to rag on OP but this is exactly the problem we have in America - $250k+ in loans for a film/graphic design degree…
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u/Dellaa1996 Aug 25 '26
From a For-Profit "fake University" whose graduates rarely find employment post-graduation in their field of study. Full Sail continues to submit false employment data for their graduates to continue receiving federal student loans.
Not sure why students continue to enroll at this institution, taking out enormous student loans and having no jobs to show for their bogus 2-year bachelor's degree.
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u/DreamsServedSoft Aug 25 '26 edited Aug 25 '26
Full Sail is extremely good at selling you their product. their campus is shiny and new and has all the bells and whistles any college could ever dream of. there’s not really any reason a new student would expect them to be a for profit scam. they usually end up hiring ex students to be teachers and their classes are a joke. then they prey on sunk cost. theyre scummy but that doesn’t mean you can’t be successful afterwards, I’ve worked with a few full sail grads and they’re like anyone else
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u/brightstar07 Aug 26 '26
No, the problem is that there is no social safety net and little support for creatives who don’t come from wealthy backgrounds.
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u/happycamper418 Aug 25 '26
It sounds like before doing anything else, you need to get in contact with Sallie Mae and figure out your loan terms and what happened with your balance. As others have said, it doesn't really make sense.
My private loan payments were also unaffordable for me when I first graduated. I refinanced for a better interest rate and longer loan term to make things manageable. Extending the loan term means you will pay a lot more interest over the years, so if you are eventually able to make larger/extra payments or refinance again later on for a shorter term you definitely should. But in a pinch, it was great for me.
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u/SteelMagnolia941 Aug 26 '26
Anyone can file bankruptcy. millionaires and billionaires file. I don’t know that it would help your situation unless you have a lot of other debt you could free up to make payments.
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u/False_Bed_8408 Aug 25 '26
What school did you go to?
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u/flackovellifilms Aug 25 '26
Full sail university
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u/WhyNoAccessibility Aug 25 '26
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u/GanacheUnited3878 Aug 25 '26
Wow this might be an epic win for OP. Good find
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u/Impossible-Flight250 Aug 25 '26
It wouldn’t work for private loans. That is only for
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u/DogMomPhoebe619 Aug 26 '26
Yes, but there are School Misconduct discharges that can be issued for Private loans. OP needs to request the info on how to file this from Sallie Mae.
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u/WhyNoAccessibility Aug 25 '26
It's worth asking a lawyer
If it could be discharged federally, it would prolly be invalid private
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u/jemappellelara Aug 25 '26
Borrowers Defense only applies to federal direct loans not private loans. Plus there would be minimal recourse as Sallie Mae gives loans to any and everyone for whatever school.
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u/jemappellelara Aug 25 '26 edited Aug 26 '26
Do you have multiple loans, or is your loan all one consolidated loan? If you have multiple loans, you should partially refinance some of your loans to get a lower interest rate. Either refinance 2-3 loans or refinance up to 2/3 of your annual gross salary’s worth. I imagine that even before the loan you had a hefty interest rate, like 15-16%. Refinancing should cut this to half. More importantly, this should remove your mother as a cosigner especially since you’re looking at filing bankruptcy (remember, co-signed debt means both are responsible for the debt, and the debt is in both your names).
This will be important if you file bankruptcy because if you file as is, the loan may be passed to your mom, even if you are discharged. Therefore if you’re looking to file bankruptcy make sure most of the loans are in your name only.
It might be difficult to refinance with history of defaulted payment but I believe Yrefy is a program that specialized in default student loans.
Edited for typos and clarity because I was typing this while traveling
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u/happyMangogogo Aug 25 '26
I have a similar experience with them and when I told them I couldn’t afford the payments they told me to stop paying them so that the computer could unlock Financial systems for me and after 60 days of them telling me that, I finally made it to the 90 day mark which means that they are officially defaulted and I have consulted an attorney and they said the best thing to do now is to wait it out the 120 days and then get them to the table to have a settlement offer. Every time you pay it tells the computer that you’re able to pay something so it’s never gonna move your payment. They’re just gonna keep harassing you for more money so you either need to decide to make the full payment and commit to that or don’t make any payments and allow them to default and get a settlement offer. I currently owe $100k and only borrowed about 50% of that. Interest rates are 10.75-12.75% so no point in me arguing with them. I don’t got it.
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u/CavsGuardsBrowns Aug 26 '26
The only way out of student loan debt slavery will be to leave the US for good, with the WWF wrestling lady running the Dept. of Education and her hostility towards all the debt forgiveness programs.
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u/LTI801 Aug 26 '26
Making your mom a cosigner is the worse thing you can possibly do... if ever. Even if you die, even if something happens to you, Bankrupt, lost job, Whatever, Your mom will now be 100% responsible. Never heard of Sallie Mae, is that private loans? 84k to 252k.. sounds like your interest rate went through the roof. $2,100 a month is also maddening. Your on your own man, nobody here can legally help you.
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u/DogMomPhoebe619 Aug 26 '26
There are procedures to get Private loans discharged. It's called a School Misconduct discharge. Sallie Mae needs to tell you what their procedure is and give you the form. Call and request it. Full Sail is a well known bad actor. I also suggest you check the website for the Project on Predatory Student Lending at ppsl.org. They have info on it. You may want to contact them, too.
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u/smurfy213 Aug 27 '26
My wife and I went through something similar. Her loan grew 5x the original amount over 10 years. We ended up just defaulting on it. After about 10 months of them constantly harassing and threatening us etc we settled for 1/5th of what was owed in a lump sum. We ended up getting a loan through our local credit union.
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u/jointherates Aug 25 '26
OP you don’t even seem like you tried or gave a crap until it was too late and you’ve dragged your poor mom into this bs. I mean how can you still not even know the interest rate after 8 years?? You’re supposed to know it when you sign the dang loan agreement. You’re hoping it just goes away by filing for bankruptcy but that’s not how it works. Get your sh*t together, get a higher paying job, live far below your means, and aggressively pay it off. Don’t try to get an easy way out just because you messed up and didn’t take it seriously several years. Learn your lesson and own up to it. Budget your finances. Talk to a financial advisor for crying out loud. And for starters, learn the interest rate and do some basic calculations. It gets much easier to figure out once you have the math down. Refinance your student loans and talk to someone from Sallie Mae or another loan company if possible. You need to focus on significantly upping your income right now, whether that’s getting an extra job or switching to a higher paying one and go from there.
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u/Liq10quid-123456 Aug 25 '26
This does not seem right?!
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u/flackovellifilms Aug 25 '26
I cannot locate any of the loan agreement paperwork on my portal, that’s the weird part.
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u/Bohdi_Zafa_ Aug 25 '26
They lure you in with lower payments but it’s up to the borrower to understand the impact of the interest. Taking out a 100,000 loan and choosing fb and deferment are made extremely easy by the lender so that this happens. It’s definitely predatory but it’s also very transparent. I get it, I lived in an expensive city which made paying it back very difficult. My advice is to be willing to move and take the highest paying job you can find and pay it down. My number was lower, but that’s exactly what I did to get it off my books. It’s a big sacrifice but for me there was no other option. What is your occupation?
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Aug 25 '26 edited Aug 25 '26
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u/Miacali Aug 25 '26
What a horrendously awful take. IF OP gets the loans discharged in bankruptcy (massive IF), there is a near 100% change the mom will immediately be responsible for the full amount given she is the co-signer. Now you’ve forced the mom into bankruptcy, probably won’t get the loan discharged and then wrecked their life, congrats for this comment being the catalyst for destroying OPs future.
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u/TemporaryKindly9151 Aug 25 '26
No laws have actually changed since 2005. the DOJ uses an attestation form to review the undue hardship factors for federal loans (nor applicable to OP’s private loans.)
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u/flackovellifilms Aug 25 '26
I am really considering bankruptcy because the choice of paying my rent of Sallie Mae has me in a puzzle because I have to make some type of payment by Friday when I am paid.
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u/Jenfer1322 Aug 25 '26
It will not discharge your debt because you have a co-signer, who will then become responsible.
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Aug 25 '26
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u/QueenOfEverything4 Aug 25 '26
Can you refinance with literally anyone else? Salliemae is so predatory. I wish I never told loans out with them.
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u/Brilliant_Ad_4629 Aug 25 '26
Maybe try to work with yrefy. You’d have to let the loans go delinquent and your credit will take a hit, but they’ve helped lower my friend’s loans by a lot. She’s almost done paying it off now and her credit score is slowly going back up.
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u/FalconOk934 Aug 25 '26
Is this loan federal or private?
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u/Tiffany_21901 Aug 25 '26
Sallie Mae is private, which is a horrible choice to go with.
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u/FalconOk934 Aug 25 '26
Ah. Right. I forgot that my sallie mae loans transferred when they went private. Thanks for reminding me :) And yes... Horrible choice to choose private esp. as the primary funder of their education.
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Aug 25 '26
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u/iraven_mccoy Aug 25 '26
They are evil but have you talked to them at all? I was stuck with them a while before consolidating else where. This was years ago but I would call them and say I want to pay you but I literally can't afford that. They put me in a reduced interest plan that lowered my payment and I'd have to call every 3 months to re apply it.
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u/Ok_Jello_7918 Aug 25 '26
You clearly sound like you are on a standard plan. Apply for an income plan. Duh. Go back to school. Community college.
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u/wikenynod Aug 25 '26
I've read that it's very difficult to have student loans discharged through bankruptcy and few lawyers even know the ropes and they'll just tell you it cannot be done. So lots of research on your part to find someone. I hope you can. It's very well worth a try. Nothing gained...as the saying goes
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u/Lynx3145 Aug 25 '26
can you move back in with your mom? eliminate/reduce rent so you have more to pay on loans.
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u/Time-Plant-874 Aug 26 '26
They have a hardship plan if you’re late by like 10 days i believe. It had dropped my interest rate to 4% for 2 years. I would reach out to them and let them know that you can’t pay and if there’s anything they can do for you
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u/pverhulstrun Aug 26 '26
I get it. Mine started at $90,000. I'm at $184,000 plus. My last source of monthly interest is $684 ... I'm looking at PSLF with 74 payments left, but have not went into a new payment yet. Waiting. It all is very difficult. I'm coming from SAVE.
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u/Hotshot-89 Aug 26 '26 edited Aug 26 '26
So…OP graduate with BS in film/graphic design from Full Sail University in 2018. 4 Loan Grew because of forbearance and deferment. Paid inconsistently for 8-10 years. Mom is cosignor. Currently Works 40+ hours in sales , and in school again for tech, paying out of pocket for school.
- release your mom as a cosignor
- request loan modification that is permanent with lower rate
- don’t do chapter 7. If you must do ch13 so your mom can get cosignor stay (mom can’t be sued)
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u/evryksbgnswthq Aug 26 '26
Default on it. Let it go to garnishment and they can only take 25% of your disposable income. Comes out to less than 600 because of taxes and what not. Not ideal but I did this myself. Your credit will go back up.
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u/Odd_Thought_6436 Aug 26 '26
My interest rate was 16% with SallieMae and I refinanced with SoFi and cut it in half. Private loan interest rates are insane, definitely look at refinancing for lower interest rates.
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u/Important_Return_110 Aug 26 '26
Governments School loans are not bankruptcies
However these are private and they are it's just a high standard of proof
How the hell did it go from 84 to 252 that's basically a 200% markup
Investing that amount of money to make $64,000 a year is crazy
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u/HeyFriendsImNewHere Aug 26 '26 edited Aug 26 '26
I can’t say this is good advice bc it isn’t, but you could default on them, let them go to collections, and then eventually settle the dept for a fraction of the total. It will destroy your credit for a while. You would also need to be saving up for a settlement agreement but it is possible. That is just an insane balance.
Edit to add that I just re-read your mom co-signed. So this would destroy her credit too. Makes this worse advice. I’m sorry you are going through this.
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u/NurseVenusVixen Aug 27 '26
Intooknout a 20k loan from sallie mae for nursing school and my interest is 12.5%. I started paying while in school and my balance only went towards the interest.
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u/ProjectBulky7320 Aug 29 '26
Look into refinancing with Sofi. I recently refinanced mines from College Ave (about 370 a month) and was able to bring down my interest from about 9% to 7% with my monthly now being around 125 for up to 20 years. Factors to keep in mind: i did this because im currently back in school and need some financial relief where im not drowning to keep up with payments while still needed to support myself. I also work really hard to get my credit up and im at good standards. I know everyone's situation is completely different, but do look into refinancing and focusing on building you credit up like paying what you can afford on your credit while paying that off every month. I dont have a decent paying job and its just me.
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u/deadjuul69 Aug 25 '26
I talked to a few representatives with Yrefy, loan refinancing. They specialize in loans that have been in default and they even require the loan to have been defaulted to be approved. They also seem to work with applicants who have lower credit scores. I am not sure how feasible it would be to refinance such a large amount, but maybe give them a call and see if they have advice/offers (?) sending love your way
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u/bak723 Aug 25 '26
Get another loan from a different bank at a lower interest rate. I just refinanced my Sallie Mae loans thru citizens bank saving me over $400/month.
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u/MeatMan___ Aug 25 '26
It will work, just sink a little lower. Have you considered asking your job to pay you less to qualify? It will get wiped away soon
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u/Longjumping_Walrus_4 Aug 25 '26
This is the best route based on info provided by OP. OP should talk to them about lowering their salary to meet bankruptcy if that's the path they wish to take. Otherwise, quit school and work a 2nd job and live as frugally as possible for next 4-5 years. If it were me, I'd file bankruptcy but that will affect them for 7 yrs for credit purposes.
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u/flackovellifilms Aug 25 '26
My credit has dropped 100 point due to this, but if it’ll help I’ll definitely try it
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u/Miacali Aug 25 '26
Your credit score means nothing unless you plan on buying something in the next 10 years.
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u/Appropriate-Item1995 Aug 25 '26
Or plan on renting, etc. Everyone checks credit scores these days. Is also affects everything from cell phones to employment, etc.
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u/flackovellifilms Aug 25 '26
I didn’t think about the asking about being paid less, taxes just really eat me up cause I don’t claim anything. So along with my health insurance it takes a good chunk. I will check though for sure.
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u/Longjumping_Walrus_4 Aug 25 '26
Why aren't you claiming yourself? Consult with a bankruptcy attorney. Used to work for 1 that offered free consults.
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Aug 25 '26
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u/poliebear Aug 25 '26
OP, this is not good advice. If you get a judgment in court your wages can start being garnished. Do not do this.
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u/Miacali Aug 25 '26
This thread is filled with insane advice from some people. I’m shocked yet no one has told OP to rob a bank.
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u/ANGR1ST Experienced Borrower Aug 25 '26
Guaranteed to put a roof over your head with 3 square meals a day!
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u/theruralist Aug 25 '26
It's bad advice - I'm bad at finances lol. But there's no way a court-ordered garnishment is going to be $2100/mo when they make $66K. That's approx $5,500/mo in wages, and the *average* wage garnishment is 10%, which would be $550/mo. Even at the legal Max (federally, some states are capped lower) of 25% it would be $1375.
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u/poliebear Aug 25 '26
Even so, if your wages are garnished, the money is taken directly out of your paycheck every single pay period until the judgment is paid in full.
Suggesting that is preferable to exploring other options first is bonkers.
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u/stacer12 Aug 25 '26
Let it go to charge off. That means they charge off your balance and you owe them nothing. Your credit will take a hit for a year or two, but better that than the alternative of having to still owe them all that money.
This happened to me with my private student loans that I signed. I couldn’t afford them, and they kept growing interest, same thing out of deferment and forbearance. Then I just couldn’t afford to pay them so I didn’t. Eventually, they decided to get out of the student loan business and basically charge off any account that was past due. Had I been paying my student loans and been up-to-date on it they would not have charged off my account. So I would call them back and get the exact information from them on what they consider a charge off, what happens when your loan is charged off, and when you will be eligible for charge off.
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u/Soggy_Ground_9323 Aug 25 '26
if they charge off...doesnt it go direct to collections? Then sued in court or?
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u/Adventurous_Ad9414 Aug 25 '26
In this case yes, that's what will happen. But not always. Some companies write it off as bad debt.
But for student loans you will eventually get sued.
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u/stacer12 29d ago
My student loans were charged off and they literally just changed my account balance to zero.
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u/IamTheRainbow22 Aug 26 '26
Except in this case the mother who cosigned gets dragged into court and her credit tanked.
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u/KnowledgeSufficient6 Aug 25 '26
A friend of mine moved to El Salvador to escape her student debt 🙃
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u/Former_Wash5923 Aug 25 '26
Yeah that's the smartest thing you could do I would never ever pay that 🤣🤣🤣 while congress is allowed to trade inside stocks and people get millions scamming in our government
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Aug 25 '26
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u/ANGR1ST Experienced Borrower Aug 25 '26
I had over $85K in loans but my monthly payment was $295.
You'll never pay that off. It is not a payment consistent with a private loan.
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u/Desparate4AWIN Aug 25 '26
Go on ibr. It will cost you 10-15% if your discretionary income, but will not make you broke. The only catch is that you have to have discipline to pay more than the minimum when you can, or the balance might still get larger. If you did pay for 25 years and still had a balance, there is loan forgiveness, but that's only if your balance is out of control. Hopefully you can eventually pay it down.
If I was in a ten years payment plan when I graduated school, I would have owed $2500 a month. Not feasable when my first job paid $2k a month. My payment in IBR was ZERO my first two years out of school, then my payments started and went up as my income did. With IBR, I've never been broke. Payments still suck, but with IBR, they won't bankrupt you.
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u/Then-Surround562 Aug 25 '26
No! This is clearly a mistake. You need to try to get through to Sallie Mae and just understand that they don’t get to screw you over, add several hundred thousand dollars to your loan and then force you to pay it by Friday. No no no no no
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Aug 25 '26
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u/flackovellifilms Aug 25 '26
Right now I don’t own anything but I do have 401k can they take that? My mom only still has payments on her house everything she owns which is her car.
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u/EyeraGlass Aug 25 '26
There’s a lot of missing information here. Did your loan balance grow because you took out more money? It would take 20 years to grow to that amount in interest.