Unforgiving Sallie Mae student loans...

Transfer Students UC Transfers
1

<p>I'm not eligible for Federal student loans so I looked at others, like Sallie Mae.</p>

<p>Will Student Loans ruin my life like these people??????</p>

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<p>"How much will you have paid them when you're finished?" Stahl asked.</p>

<p>"Over a quarter of a million dollars. $262,383 to be exact," Brown replied.</p>

<p>"For an original loan of what?" Stahl asked.</p>

<p>"$60,000," Brown said"</p>

<p>She never defaulted and got an illness at one point.</p>

<p>[Sallie</a> Mae's Success Too Costly? - 60 Minutes - CBS News<a href="published%20a%20few%20years%20back,%20yet%20still%20informative">/url</a></p>

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<p>24 year old thinking about bankruptcy and suicide due to student loan debt.</p>

<p>[url=<a href="http://www.expertlaw.com/forums/showthread.php?t=74698%5DOwe"&gt;http://www.expertlaw.com/forums/showthread.php?t=74698]Owe&lt;/a> 100,000k to Private Student Loans (Sallie Mae)](<a href="http://www.cbsnews.com/stories/2006/05/05/60minutes/main1591583.shtml%5DSallie"&gt;http://www.cbsnews.com/stories/2006/05/05/60minutes/main1591583.shtml)&lt;/p>

2

<p>How much do you need? Anyone can get a Stafford Loan for 5,500 to 7,500 dollars depending on your seniority.</p>

3

<p>Ruin your life? Aren’t private loans dischargeable in bankruptcy?</p>

4

<p>I need at least 40,000 to cover my next 2 years.</p>

<p>KGzotU-
Apparently, Sallie Mae’s “private” loans aren’t completely “private” because they are federally funded. (Even more recently, as they signed a contract with the Dept. of Education) So I’m thinking about canceling my Sallie Mae request and applying to private banks instead.</p>

5

<p>Ehhhhhhh that sounds scary. I think I can get a subsidized loan so hopefully that will be enough and I won’t have to borrow from SM/other private loans.</p>

<p>Thanks for the info though.</p>

6

<p>What’s the deal? You make too much money? I feel like more information is needed.</p>

7

<p>Obviously, it’ll depend on how much you pay off each month. If you just pay the minimum, yeah, it’s going to take a while and interest is going to pile up.</p>

<p>And I also know that you can’t file bankrupcy on student loans. (And wouldn’t recommend it anyway, just in case . . . you know, you ever want to buy a house or a car.)</p>

8

<p>@FeeFee34: Private student loans are generally dischargeable in bankruptcy, but apparently Sallie Mae has some chicanery going on. I think the OP’s concern, per the postings, is that he could be unable to pay the loans back due to some circumstance and never be able to either catch up or get it discharged. Sort of depressing stories linked.</p>

<p>Anywho. Tough question. I guess it makes it even more important to determine whether the cost of the degree is going to be offset by your increased earning potential.</p>

9

<p>Rwasko-
Are you asking me?
If you are, the deal is that I’m not eligible for financial aid because I’m not a PR or citizen yet. (Paperwork confirmation keeps getting “delayed” for some reason they don’t care to explain)
My parents make about 50,000 a year (together). I used to make around 15,000 but unemployed at the moment.</p>

10

<p>“Tough question. I guess it makes it even more important to determine whether the cost of the degree is going to be offset by your increased earning potential.”</p>

<p>Well said.</p>

11

<p>I am sorry. That sounds really crappy. I mean I think your situation is unique and unfortunate. Not matter what get your degree. Even if you have to wait to get your paperwork.</p>