Sallie Mae is charging me $50K of interest on a 17K loan from 1994, what can I do more or less it?
I borrowed 17K from them in 1994 for school and over the years it have gone up to 67K, that's $50K in interest (9%)! The loan was within defferment most of the time due to economical hardship (I have be laid off 5 times from computer companies over the years). I refuse to pay packet the monthly payment of $800+ for 10 yrs. What can I do about these crooks? Should I hire a advocate? If so, does anyone know a good lawyer that can oblige me out?
Answers: Unless you file for bankrupcy, I don't think in that is much you can do. They have charged you a high, but court interest rate.
Yes, it's a lot of interest, but you have to income interest of not only the principal, but also of the accrued interest, too, which is why it escalates so much. Hiring a legal representative is expensive, too, so don't add to your debt. If you are financially unable to income it, you can ask them for a loan forbearance program. It may (or may not) work, depending on your financial situation.
With the new bankruptcy law, virtually no student loans are dischargeable. However, if your circumstances are such that the repayment of the loan is unduly burdensome a bankruptcy court may give you nouns.
More information can be found on the various BK links found at
rentownsolutions.com/bankruptcy.html
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Answers: Unless you file for bankrupcy, I don't think in that is much you can do. They have charged you a high, but court interest rate.
Yes, it's a lot of interest, but you have to income interest of not only the principal, but also of the accrued interest, too, which is why it escalates so much. Hiring a legal representative is expensive, too, so don't add to your debt. If you are financially unable to income it, you can ask them for a loan forbearance program. It may (or may not) work, depending on your financial situation.
With the new bankruptcy law, virtually no student loans are dischargeable. However, if your circumstances are such that the repayment of the loan is unduly burdensome a bankruptcy court may give you nouns.
More information can be found on the various BK links found at
rentownsolutions.com/bankruptcy.html