Many people suffering with student loan debt burdens often are told they have no recourse by their loan servicer. As one of the largest loan lenders in America, Sallie Mae is often one of these servicers playing hard ball with borrowers in financial hardship. Since it is extremely difficult to have a student loan debt discharged in bankruptcy many of these loan servicers know they can be stingy with offering debt relief help, some even turning people away with the answer “there is nothing we can do.”
Just because Sallie Mae says you don’t have options doesn’t make it true. In fact, they may tell you that private loans are impossible to have modified; again, false. The truth is that private loans do face more challenges and have fewer options for debt relief, but options still exist. There are cases in which a private loan borrower has been able to defer, consolidate, and even settle a private student loan. Working with a student loan lawyer is your best offense when negotiating with a private loan lender.
Also, not all loans serviced by Sallie Mae are private. Sallie Mae does service some government-backed, or federal, loans; which is why it is important to know what type of loan you have and who your servicer is when looking for student loan debt relief. The U. S. Department of Education has some great programs for alleviating the financial burden of student loan debt payments. From lowering payments through income-based programs to loan forgiveness, there are several ways you can find a help.
Find out more about the U. S. Department of Education student loan programs at https://studentaid.ed.gov/repay-loans