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LegalKnowledge
LegalKnowledge, Attorney
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My wife has defaulted on over $100,000 in student loans. Neither

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My wife has defaulted on over $100,000 in student loans. Neither her or her cosigner are able to pay them. I am the only one that has a decent income. Is there anyway to make her student loans go away without paying all this money.
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.

Good morning. I certainly understand the situation and concern. In a situation like this, you can try and settle with Sallie Mae, if you have the ability to make a lump sum payment. If the loans are over $100,000, they would likely discount the total amount of the loan if you could offer an amount and pay it in full. If you can not afford a large, lump sum payment, then your wife or the co-signor would have to contact SM and arrange to be set up on a payment plan. If things can not work out, SM will likely sue on the debt, obtain a judgment and then go after the wages of either your wife or the co-signor. Both parties, who signed on the loan, are legally obligated to pay it. SM is not just going to let this go and will continue to pursue the large amount owed. I know you said above that you want to make this go away without her having to pay all this money but unless she has a legal defense to raise to the debt owed, the money will need to be paid. It will be a matter if it is discounted and paid with a lump sum, if a payment plan is worked out or if they will sue and obtain a judgment and then look to enforce it.

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