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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15584
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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New Student Loan legislation is pending, but I dont see anything

Resolved Question:

New Student Loan legislation is pending, but I don't see anything addressing Sallie Mae existing loans. My daughter has huge student debt and has not done anything about paying it back. Very frustrating for me and I sat her down multiple times to try to get a handle on it. She finally landed a decent paying job and now she can pay something. She was waiting tables for 2 years after she graduated, then got a job in sales. Started as a trainee about 9 months ago and now has her own sales route with a wine distributor. We talked about bankruptcy, but student loans don't do well with that option.

Please recommend some online resources and books where we can plan a strategy to tackle her issue.
Submitted: 11 months ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 11 months ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

If these are Federal loans, you will need her to complete the new Federal program lowering student loan debt,

WALLSTREETESQ :

if these are private loans, it will be difficult to lower them, and a bankruptcy would not help her in any way, except discharge all her other debts if she has any,

Customer:

Yes, Thanks. She does not have much unsecured debt. Mainly $3000 left on her car.

WALLSTREETESQ :

If she can qualify for the pay as you earn program, her monthly payments will be:



  • based on your income and family size;

  • adjusted each year, based on changes to your annual income and family size;

  • usually lower than they are under other plans;

  • never more than the 10-year standard repayment amount; and

  • made over a period of 20 years.

Customer:

Sallie Mae is the worst. Her non payments affected my credit so bad that I settled some of my own unsered debt in order to help her.

WALLSTREETESQ :

That is unfortunate she needs to file for the new federal program, or try a consolidation


Customer:

I'm thinking if she get's on track. I can pay the loan payments for what I cosigned. (went from $20,000 to almost $40,000 due to her defering . Then get off the loan after 2 years of on time payments.

WALLSTREETESQ :

She can try a consolidation through the link above

WALLSTREETESQ :

that is good,

Customer:

Would I have to cosign?

Customer:

Also would the pending legislation lower the rate?

WALLSTREETESQ :

She can apply for the pay as you earn program at the link above

WALLSTREETESQ :

In terms of you having to co sign, I am not sure,

Customer:

Sallie Mae?

WALLSTREETESQ :

you may not have to as this would be a new application

Customer:

Yes. The pay as you earn is what I tried to get set up a couple of years ago. She just did not complete the forms right. Did not follow up when we did the form for SSI info. Very frustrating....

WALLSTREETESQ :

you should complete it for her, and see if it can be done online,

WALLSTREETESQ :

that is the only current program that can help her

Customer:

The organizations want the student to do validate with their pin. She would not give it up. Did not feel comfortable and very upset because of all the collections calls.

WALLSTREETESQ :

You have to explain it to her, if she will not cooperate, there is little you can do,

WALLSTREETESQ :

if you have any further questions please do not hesitate to ask.

WALLSTREETESQ :

If satisfied with our service please provide us with positive feedback, thank you

Customer:

With the new legislation is the direct loan pay as you a good option if she is making more money. I'm guessing she will be in the $50,000 range this year. But the student loan payments are crushing . The private loan payments will be the bigger share of the payments. So I don't know what to recommend. Guess I'll have to get all her income and payment options on paper. I'm guessing if she lowers the payments for the direct loans she can pay more on the Sallie Mae and be able to consolidate if there is a change. Would you recomend waiting to consolodate the private loans until the new legislation is worked out. I can help with paymetents. now.

WALLSTREETESQ :

yes, it is a good option, it will be based on her income, and monthly expenses,

WALLSTREETESQ :

so it should be lower, they also extend the payment to 20 years as well

Customer:

Thanks. You are my favorite expert. You always help me. Have a good day.

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15584
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you

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