# does Sallie mae settle?



## mrsamazing (Feb 9, 2012)

H has one loan with Sallie Mae. Its coming due since he is working and not in school. We have restarted paying last month. We owe about 12k. I will come into about 18k in the next couple of months and wonder if any one has had any luck settling with them.
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## Homemaker_Numero_Uno (Jan 18, 2011)

You can only have your loan written off if you can show that the school that approved it approved it without basis. That is, the school should have known that given the amount of loan and terminal degree pursued, that paying off the loan would have been impossible. One example, blind diabetic student who in first 4 years of college had a college-provided tutor, who witnessed several seizures including diabetic coma. School approved loans for graduate school to pursue a legal degree. Blind lawyers will not make as much, especially after expenses. Blind diabetic lawyers who have seizures that cause permanent brain damage even less so. In this case you would qualify to have student loan forgiven in a bankruptcy. But because it's the govt they don't settle, and the govt knows all about your income, as well as your bank accounts, which you need a social security number to acquire. you probably signed some paperwork that gave them the right to pry into your assets. so unless you are like the blind diabetic seizure ridden atty who got social security, be prepared to pay up in full with your newfound cash. If you are able to type the question to ask it, in this case the answer is no.


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## keko (Mar 21, 2012)

I didn't settle but I was able to make monthly payments very low.


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## diwali123 (Feb 17, 2012)

I don't know about SM but most lenders won't settle until you are in default which would ruin his credit. If I were you I'd try.
I don't know that I would pay it off. Coming out of school he needs to build his credit. Put some money in an account and have it auto debit every month. Every month he pays on time raises his credit score and you don't have to think about it.
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## mrsamazing (Feb 9, 2012)

some good thoughts. Thank you. Any other insight is still welcome.
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## CLucas976 (Jun 27, 2010)

I have had nothing but hell with Sallie Mae.

They went against my wishes, sent my first bill only to my email, and immediately started calling my mother, instead of me, for back payments (on only the first bill, which was $70 or something stupid like that).

Trying to change my address, it would have been easier to remove my own foot with a plastic fork.

Trying to talk to them about anything HA.

They set up a payment plan with my close friend. She can't afford the full monthly of what they want ($450-$500 a month) so they promised her it would count as payments, set an amount, and withdrew it for a year from her account automatically. They just let her know that she's behind on payments over 600 days somehow, and they were going to take action on it, but offered to settle for $25,000 one time payment. 

They attempted a similar offer with my mom for $30,000 one time payment.

I just cannot stand them. I've kind of settled for, pay them and shut them up. But I always recommend people to go with some other form of student loan company before dealing with sallie mae, I've just yet to have a pleasant experience with them its always difficult beyond difficult and usually requires 4 phone calls.


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## diwali123 (Feb 17, 2012)

I believe you can consolidate and have the loan changed to the department of education direct loan system but I could be wrong.
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## KittyKat (May 11, 2008)

Go to another financial institute. Get a loan to cover the SM loan at a lower percentage rate. 

I really don't understand people who have a 10g loan through SM with a percentage rate over 10% (heck, even over 6% with good credit), when you can take out another loan with a better percentage rate. 

However, if this is your only bill and you will have the money to completely pay the loan off, I would pay it and be done with it.

Always pay off the load with the highest percentage rate first.


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