Sallie Mae woes

Discussion in 'Teacher Time Out' started by TamiJ, Jan 3, 2011.

  1. TamiJ

    TamiJ Virtuoso

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    Jan 3, 2011

    Does anyone here have student loans through Sallie Mae? I do, and the time has come to begin paying on my loans. The monthly amount wouldn't be bad if I were in the US earning USD, but I am in Mexico making pesos. There is no way I can afford my payments. I have been stressed for the last week, but there is an income-sensitive option for the 1st 5-years of the loan, so I am going to fax them the application for that and my financial information to show them just how poor this teacher really is. Does anyone have experience with them? Are they pretty flexible?? I am so worried I won't be able to get the payment down. *GULP*
     
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  3. mopar

    mopar Multitudinous

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    There is a federal law about what percentage of your salary (or something like this) that they can expect you to pay monthly. So, they should be pretty flexible!
     
  4. TamiJ

    TamiJ Virtuoso

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    Thank goodness for that! I have lost my appetite, been unable to sleep, and have been an emotional wreck for the last week. I called them and got a forbearance for a few months, which will give me time to send them the information and hopefully get this all settled. I have just been so sick about all of this. :( Thanks for your reply!!!
     
  5. TamiJ

    TamiJ Virtuoso

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    You don't happen to know what percentage that might be, do you? I am looking online and have yet to find it.
     
  6. mopar

    mopar Multitudinous

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    This website explains the different repayment options:
    http://studentaid.ed.gov/PORTALSWebApp/students/english/OtherFormsOfRepay.jsp

    The option that I think would best benefit you is the Income Based Repayment plan. If you scroll down this website talks about eliminating your debt after 10 years (if it is not already paid off) and has a calculator to calculate your payments.

    Good luck!
     
  7. TamiJ

    TamiJ Virtuoso

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    Thanks so, so much!
     
  8. TamiJ

    TamiJ Virtuoso

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    Wow, I checked the income calculator, and if that's any indicator, then I can get my payments to be affordable. Thanks for including the link.
     
  9. mopar

    mopar Multitudinous

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    No problem! Good luck getting them down to where they should be! And remember...anything not paid after 10 years for education people should be forgiven!
     
  10. Peachyness

    Peachyness Virtuoso

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    Oh, Tami! HUGS! I know how you feel. After working two years as a part time classified teacher and with my hubby who's going back to school for his credential, money has been really tight.

    I have heard about the percent thing that mopar mentioned. Definitely look into it. I may need to also....
     
  11. Chrissteeena

    Chrissteeena Companion

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    I hate student loans!

    I hope you have luck getting them down to where their affordable. I have my loans through Wells Fargo and I'm fighting with them now to get them to approve my paperwork for an unemployment deferment.

    They don't seem to comprehend … "I've been out of work since August, I've drained my savings paying you for the last few months and I have NO money left":mad:
     
  12. TeacherApr

    TeacherApr Groupie

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    There are LOTS of different options as far as a payment goes. Look on the website and call them.

    You can also google "IBR" and get a payment that fits you. If you pay it for 10 yrs (as long as you are in a job like teaching, social work, etc) the balance will be forgiven.
     
  13. Ms. I

    Ms. I Maven

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    I've had a loan through them. I transferred the balance onto a 0% int credit card, so I don't have that high int w/ Sallie Mae.
     
  14. Liljag

    Liljag Companion

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    You should call Sallie Mae first and explain that you are working internationally. Remember that because you are earning money internationally, a lot of the rules that apply to those working in the US will not neccesarily apply to you (such as loan forgiveness of the balance after 10 years if you are a teacher..this applies only to those working in US federal schools not international ones). Also see about payment options. You may end up having to call them every month and literally have them take the payment over the phone plus pay a surcharge for this service every month ..although they might have gotten rid of this service and may just require that you pay through a US banking account or wire it via Western Union. You could always just transfer the balance to a card/take out a personal loan to transfer it if this is an option.

    It should not be anything to worry too much about..just pay it off as fast as you can.
     
  15. TamiJ

    TamiJ Virtuoso

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    Ok thanks. I will be transferring money to my sister via paypal, and she will be paying the bills for me monthly.

    Thanks everyone, and I will keep you updated on my Sallie Mae nightmare!
     
  16. lnm130

    lnm130 Companion

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    I had no idea about this ten year loan forgiveness?! Really?
     
  17. TamiJ

    TamiJ Virtuoso

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    Thanks so much Peachyness. I truly appreciate everyone's advice and comments on this. I cannot tell you what an emotional wreck I was last week. I feel so much better now, though.
     
  18. loves2teach

    loves2teach Enthusiast

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    You should call them... I did that last month and was able to reduce my payment in half and they did everything over the phone. Easy peasy!
     
  19. TamiJ

    TamiJ Virtuoso

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    Over the phone? I called last week and they gave me a forbearance effective this past sep and ending Feb. You didn't have to show income or anything? I plan on faxing them my work contract on Monday....How were you able to do it over the phone? Maybe I should call them again... :)
     
  20. smalltowngal

    smalltowngal Multitudinous

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    Well, I can join in this. I got a letter from Sallie Mae saying that I haven't paid them. WHAT???? I've made a payment every month since it began! Ugh! Gotta call them and straighten this out!
     
  21. TamiJ

    TamiJ Virtuoso

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    Are you serious!!! Call them ASAP and clear this up. Let us know how it goes...
     
  22. smalltowngal

    smalltowngal Multitudinous

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    I sure will.
     

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