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Turned down for consolidation of private sallie mae loans
October 24, 2016
1:17 pm

I am a consigner for my son. He has 85,100 in private loans through sallie Mae and 34,000 in federal loans (just did IBR form today) AND I have a 28,000 parent plus loan. Sallie Mae will not budge with extending the loan. I tried consigning at four different lenders to consolidate and was turned down. I honestly don’t know where to turn. We have super medical bills as my husband has spina bifida and amputations. We both work but he would like to retire. My son does not even make enough a month to make the sallie Mae payment. He just does not have the income right now and I don’t either. If the payments were lower we could. 1000/month just for the sallie Mae. I have my own student loans as well. I feel stuck, I am going to lose my home and everything I worked so hard for. I could just run away, I’m physically sick daily, I know it needs to be paid, and if the payments were lower we could. And the interest between the 4 loans is 8.7-10.5%.

October 24, 2016
10:08 pm
Forum Posts: 351
Member Since:
May 3, 2014
sp_UserOfflineSmall Offline

I’m sorry to hear of all of your student loan struggles. I think there are a couple articles here that might be of some assistance.

The first is an article about prioritizing budget and debt issues when you are dealing with medical debt and student loans: https://studentloansherpa.com/student-loans-medical-bills-credit-cards-attack/

The second article is a strategy to get Sallie Mae to lower your interest rate when you cannot afford the monthly payments: https://studentloansherpa.com/step-step-guide-lowering-sallie-mae-interest-rate-payments/

Hopefully these will offer some help to managing your current issues.

Best wishes!

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