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Under bankruptcy law, a debtor must include a list of all of their assets and liabilities in their bankruptcy filing. That would include liabilities normally exempt from discharge in bankruptcy, such as student loans, some taxes, child support, and so on. Therefore, if a bankruptcy lawyer filed your bankruptcy petition, he or she almost certainly included your student loan accounts. As you hinted at, student loans are usually not discharged in bankruptcy. They are if not discharging the debt caused an "undue hardship" on the debtor. The definition of an undue hardship is evolving. From the date a person files a bankruptcy until the date of discharge, creditors must suspend collections activities. This is called a bankruptcy "stay." The bankruptcy discharge will inform creditors the amount they will receive from the debtor's estate. Here, it appears Sallie Mae notified you it would comply with the bankruptcy stay for your debt. I can't explain why it gave you notice, but not your spouse. That's a question for Sallie Mae's bureaucracy to answer. The answer may be very simple -- maybe the account number for your spouse's Sallie Mae account in the bankruptcy filing was off by a digit and the clerk at Sallie Mae was lazy and didn't bother to search for the account on your spouse's first and last name. Or, perhaps the account number was accurate, but the Sallie Mae clerk entered it incorrectly. Who knows

The important question is, "Has Sallie Mae suspended collection activities on your spouse's account" If not, consult with your bankruptcy lawyer about this issue loan prequalification calculator

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Around 6-7 years ago, I cosigned a Sallie Mae loan for my roomate in the amount of $15K and a second one for around $3K. In 2006, I broke off communication with him as he moved back to the UK due to not getting a job in the US.

Well, there’s been times that sallie mae has contacted me about him being late on payments, so I would send him a facebook message or email and let him know. He was always late, but made sure it got paid somehow. Well I received another call last month from the recovery dept. of sallie mae saying that the full balance of $37,000 was needing to be paid. I really and honestly had no idea about this amount.

When I expressed my concern for that high of an amount, the lady told me the SEVEN loans and their amounts. I said “there’s no way I signed for that amount!” so she gave me the number of the fraud dept. to call and request the documents. I have called them and am awaiting them in the mail as we speak.

Meanwhile, another lady called me wanting the money he owes, which a portion i legitimately cosigned for, and said that the time has expired to go over these documents and that it can’t be claimed as fraud.

I had no idea on the amount of TOTAL debt and apparantly these documents may not have been sent to me originally. How can this be true I am a victim of identity fraud because he had my pertinent information. Also, having a signed contract that he would pay this, I know I can legally sue him since he did not take care of his loans. Is it possible to sue in the UK from the U.S.

Does Sallie Mae cosigning loans have any timetable to claim fraud

I figured in this case I’d contact the folks at The Dhami Law Firm and ask them for their opinion. Here is they had to say.

“We receive a remarkable number of enquiries each month from cosigners of defaulted student loans, and while the cosigners are generally family members or significant others, we have seen cases like yours before. We are not offering legal advice and you should speak with your own attorney before deciding on a course of action, however.

READ  What is the Best Way to Get Off a Sallie Mae Student Loan as Cosigner

You raise a number of issues we would like to touch upon:

When you cosign a loan, you’re actually assuming responsibility for its repayment. The lender can attempt to collect from you and sue you in court to obtain a judgment, which will allow them to garnish your wages or file liens against your property. In some states, a lender must attempt to collect from the primary debtor before pursuing the cosigners, however it’s not a requirement in all states.

You can only be pursued for amounts that you have actually cosigned for, so reviewing the loan contract(s) that Sallie Mae or its collection agent claims you signed is critical. While you have already requested these documents, you can also request a “payoff” from Sallie Mae, to get a better sense of what is happening on each of the loans. You may also wish to send Sallie Mae or its collection agent a debt validation letter requesting a copy of the loan contract(s) they allege you signed.

The party who claims you owe the full balance is simply attempting to collect on the account displayed on their computer screen, and is likely uninformed as to the exact amount you personally owe. Don’t take it personally. Keep track of which phone numbers they are calling from, the time and date of each call, and any threats they may be making. While it appears your debt is currently in the hands of Sallie Mae, they’re likely to hire a collection agent in the future, and you may have recourse under the Federal Fair Debt Collection Practices Act to stop the harassment and obtain up to $1000 plus attorney’s fees if violated.

If you can confirm your signature on the loan documents has been forged or your identity otherwise stolen to cosign or otherwise guarantee loans beyond the one you originally cosigned, Sallie Mae itself has no control over the statute of limitations for such fraud or theft, or your rights in this regard.

READ  I'm on a Fixed Income and Can't Afford to Pay on Cosigned Student Loan

If you suspect fraud or identity theft, you must report this to your local police. Reporting will provide important evidence of such fraud if Sallie Mae or its collection agent names you in a future lawsuit. The statute of limitations for fraud and specific provisions for identity theft vary from state to state and under federal law, and it is unclear based on the information provided whether or which state or federal laws would apply. It is important to document the fraud immediately upon discovering it and report it to both the police and Sallie Mae.

You mentioned suing your former roommate. While it would be inadvisable to engage in litigation in the UK given the expense and complexity involved, you can file a civil suit in the US naming him in the UK. You will need to ensure you can either serve him with the summons and complaint or otherwise meet the international service of process requirements, however.

You should also be aware that if the old roommate doesn’t do something to the student loans, whether it’s consolidation, rehabilitation, or otherwise get them out of default, Sallie Mae and/or its collection agent are likely to file a lawsuit in state court and name you as a cosigner. At this stage, you’ll have an opportunity to request a copy of all loan documents as well, and to use defenses such as identity theft or lack of evidence of your indebtedness. In the event you are sued, you should immediately consult your attorney.”

Please post your responses and follow-up messages to me on this in the comments section below.

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If you’ve missed numerous payments on your Sallie Mae loan and the loan is now in default, you’ll need to take steps to bring your overdue loan current. You can contact Sallie Mae directly by calling 1-866-913-6089 to discuss your repayment options and try to set up a more affordable payment plan.

Sallie Mae offers several options for those who can no longer afford their student loan payments and may be able to offer you terms that bring your monthly payment down. Just remember that extending the life of your loan and reducing monthly payments will end up costing you more in the long run.

How a Student Loan Becomes Delinquent

When you miss one or more student loan payments, your loan will become delinquent. But if you don’t make your monthly student loan payments for 270 days, the loan goes into “default” status. At this point, the Federal government has the right to hold on to any federal tax refunds you are supposed to get, and can also garnish up to 15% of your net income. Whenever your loan falls into a default status, it will also be noted on your credit report and will reduce your credit score.

If you do end up having your wages garnished, you have the right to appeal the wage garnishment and request a hearing. You will need to fill out a “Request for Hearing” form about your wage garnishment and send it to the U.S. Department of Education Debt Collection Services Office (DCS) for review.

Options for Managing a Sallie Mae Loan in Default

You have three options when your student loan becomes delinquent or is in default.

1. Contact the lender and negotiate repayment terms.

2. Consolidate your student loans to reduce the monthly payment and get a better interest rate.

Remember that you can only consolidate student loans that are no longer in default status, so you will need to find a way to make at least three consecutive monthly payments on time in order to bring your account back to a healthy state.

If you aren’t able to negotiate repayment terms with Sallie Mae and a student loan consolidation loan program doesn’t seem to be the best choice, consider the benefits of a rehabilitation program.

How Loan Rehabilitation Can Help a Sallie Mae Loan in Default

Loan rehabilitation programs are designed to fix your credit and have all negative information about your defaulted student loan removed from your credit files.

When you sign up for a loan rehabilitation program, you will be required to make between nine and 12 payments on time in an amount that you can afford and that has been agreed to by your lender or the Department of Education. This process helps to restore your credit and helps to bring your account up to date.

Another reader’s question:

Q: I have student loans of $66,000, including $20 in penalties, fees and interest. My salary is $1,500 a month. My required student loan payments are is $415 a month. I want to get them out of default. Any advice

A: I know those student loans seem overwhelming right now, especially given your modest salary. But there are some steps you can take to improve your situation.

Start by going through the process of rehabilitating your student loans to clear up your student loan default. Read this article which explains everything you need to know about fixing defaulted student loans.

Also read this post about smart ways to pay off student loans.

Both of these items will give you great ideas about how to best tackle that student loan debt home equity loan payoff calculator

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The only private loan currently available to US students at foreign schools is the Smart Loan from  Sallie Mae. This option is available to all students, although some students may require a co-signer. Loans are based upon credit history and interest rates will vary.

As Federal Loans generally have more favourable terms and conditions than private loans, we suggest that you check interest rates, compare terms and conditions and thoroughly investigate the possibility of taking out a Federal Loan before applying for a private loan.

To be able to process your Sallie Mae loan, we ask that you first complete a Free Application for Federal Student Aid (FAFSA).  For information on how to complete your FAFSA, please view this video.

When completing your FAFSA you will need the UEA's Federal Direct Loan School Code, which is G10915. Please note, we can only access your Student Aid Report (SAR) if you have included our School Code as one of your choices.

Once completed, the US Department of Education will process the information and send you a SAR which can be viewed, printed and retained for your records. Please check all information provided to make sure that it is accurate.

How To Apply for a Sallie Mae Smart Loan

You can apply online on the Sallie Mae website.  Once completed, please send a copy of your e-signed Promissory Note to the UEA Financial Aid Administrators. You should not apply for a Sallie Mae Smart Loan more than 180 days before the disbursement date (i.e. for a loan disbursement in September, do not apply before April) as the loan will become invalid.

We will then certify the amount you have requested and been approved for, providing it is below your Cost of Attendance (COA). Please note that before we can certify and process a private loan you will also need to have completed and sent in a signed and dated  'Private Education Loan Applicant Self-Certification' form.  An e-mailed scanned copy will be acceptable.

Once your private loan has been certified, Sallie Mae will send you a letter of confirmation which, if required for visa purposes, will be sufficient proof that you have a private loan.

Helpful information on Sallie Mae Loan Application and Solicitation Disclosure can be found on the Sallie Mae website. 

Receiving your Loan

Sallie Mae will send the University a USD ($) cheque in a minimum of two instalments, usually in September and January. The University will process the payment, deducting any tuition fees and University accommodation fees due for that period. Any funds left over will be disbursed to you by cheque in GBP (£).  You will be notified when to collect this from the Finance Office.

During the disbursement process, your Sallie Mae Smart Loan will be converted to GBP (£) and currency conversion costs will apply. Therefore, the actual amount the University will receive for each disbursement will vary, as it will be dependent on the exchange rate on that date personal loan calc

A Review of Sallie Mae Student Loans

The Smart Option Student Loan® for Home Bank by Sallie Mae®

For borrowers attending degree-granting institutions

Now you can pay for college the smart way with three great repayment options and competitive interest rates!

This loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans. 

The Smart Option Student Loan features and benefits:

To learn more, please get started here amortization schedule for auto loan

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