What is the name of your state? PA
I posted last night but after trying to sort out some more research I have some other questions:
1) Is a private student loan really protected in bankruptsy like a federal one? Even other posts on this forum don't make this clear. It seemed to be based on whether Sallie Mae is related to a non-profit in any way but I can't find out where those ties would be mentioned on their website.
2) Why was I getting invoices from Sallie Mae last month for a loan that has been in default for YEARS if they sold my private loans to a creditor? Still have no paperwork from the actual creditor.
3) They have told me that they need at LEAST 1,300/month which is half our monthly income for 5 people. Should I send them SOMETHING (we could do maybe 100/month now and more once the federal loans are re-habbed) to keep them from coming after me more strongly while I work on increasing my income and ability to pay? This wouldn't even dent the interest each month though Would it matter to them that I'm making the effort?
4) I guess I just need to know what the difference between the private loans I took out and the federal ones and whether there is really ANY way to start fixing this. The creditor says there isn't, but each person at that company seemed to tell me different things. Will the interest just ramp up indefinately unless I pay off the whole balance at once?What is the name of your state?
I posted last night but after trying to sort out some more research I have some other questions:
1) Is a private student loan really protected in bankruptsy like a federal one? Even other posts on this forum don't make this clear. It seemed to be based on whether Sallie Mae is related to a non-profit in any way but I can't find out where those ties would be mentioned on their website.
2) Why was I getting invoices from Sallie Mae last month for a loan that has been in default for YEARS if they sold my private loans to a creditor? Still have no paperwork from the actual creditor.
3) They have told me that they need at LEAST 1,300/month which is half our monthly income for 5 people. Should I send them SOMETHING (we could do maybe 100/month now and more once the federal loans are re-habbed) to keep them from coming after me more strongly while I work on increasing my income and ability to pay? This wouldn't even dent the interest each month though Would it matter to them that I'm making the effort?
4) I guess I just need to know what the difference between the private loans I took out and the federal ones and whether there is really ANY way to start fixing this. The creditor says there isn't, but each person at that company seemed to tell me different things. Will the interest just ramp up indefinately unless I pay off the whole balance at once?What is the name of your state?