Need help with student loans....

[indebt00]

I have Sallie Mae loans. My lawyer said to pay them outside of the bk and he submitted it that way. We will wait to see if the trustee approves....

ok...went to make a pmyt to SM today....and can't get online...call them. its the bk. since we are bk no payment is due and its on hold??? I am sure the CSR was only looking at the status of my account on his screen.

so do I continue to pay or wait to hear from them? I am confused

should I just mail the payment in so I stay current? if it does go in the bk then that is money I will have to pay to my bk pymt (pymt would go up).

did you guys have any experiences with Sallie Mae??

[simon2020]

I'm in the same boat as you. I'm paying outside of the plan but like you I am locked out of seeing my information online. I called Sallie Mae and they said until they recieve a release from the trustee, I can resume paying them again. I have not sent them a payment yet.

[jkb]

You don't have to make any payments while you are in BK - for all 5 years - however, interest in accumulating. Sallie Mae will not send you any notification or let you know how much has been paid into your account while you are in BK. I have been making payments to the highest interest rate loan and letting the others ride. I figure I'll be better off at least paying something into that one. If you know what your interest rates are, pick the highest and send a note in w/ the payment stating to apply payment directly to principal. They will do that. Just keep excellent records so you can account for everything if there is a question when you finally get copies of statements in 5 years!

[indebt00]

ok...I am just going to wait and see what the trustee approves.

thanks everyone.

[indebt00]

another question....

if the trustee approves the payment outside the plan...will Sal Mae send me statements then? will they then expect payments? or do they just think I am in deference for 5 yrs?

thanks !!

ps...talking on them on the phone is a little less helpful....foreign operators reading from scripts...kwim?

[woeisme]

I had Nelnet instead of Sallie Mae, but what happened once the BK paperwork went through is that they sent my loan into automatic "default" status based on the BK filing, even though I was up to date with payments. This meant that the government guaranteeor agency now had to pay Nelnet the full amount of my loan, and I now owe to them instead of to Nelnet. This may be what is happening with Sallie Mae, they may be seeking to get their entire loan paid off by the government since you "defauted" even tho you plan to pay, and then you will owe the $ to the government agency instead, as in my case. Then the government said they won't send me statements because by law they are not allowed to ask for the $ while in BK due to the automatic stay, so any payments are considered voluntary. Luckily my trustee still allowed them as part of my plan.

[sassiebaz]

So, what does that mean for getting new student loans?

[Billssuck]

I don't have Sallie Mae but I consolidated my student loan payments with a company called Xpress Loan Servicing. Just like you, they have stopped sending me statements and have filed a claim with the trustee. And like you are trying to do, my payments were approved outside of the plan as an expense. Since this is only the second month for me, I have talked with my lawyer and he has said to continue to make payments and to contact them (which I haven't yet) to resume sending statements. The two months I have sent in on my own payments they have cleared my account and I just need to call them to start the statement process again...hopefully it is as simple as that...I need to get off my butt and do that. On that note...I am going to call now.

[jkb]

Sallie Mae will not send any statements to you while you are in Chapter 13. No payments are expected during this time either, although interest in keep accumulating. Again, you can pay them if you wish, just keep good records b/c Sallie Mae or NelNet will send you statments until after the 13 is discharged.

[zeezee]

Anyone know if Wachovia is the same about loans as Sallie Mae? I have both SM and Wachovia school loans...

[Billssuck]

Boy i was wrong!

I don't have Sallie Mae but I consolidated my student loan payments with a company called Xpress Loan Servicing. Just like you, they have stopped sending me statements and have filed a claim with the trustee. And like you are trying to do, my payments were approved outside of the plan as an expense. Since this is only the second month for me, I have talked with my lawyer and he has said to continue to make payments and to contact them (which I haven't yet) to resume sending statements. The two months I have sent in on my own payments they have cleared my account and I just need to call them to start the statement process again...hopefully it is as simple as that...I need to get off my butt and do that. On that note...I am going to call now.

Well I called Xpress Loan Servicing and like others posted, they were paid off entirely by the guaranteor of my loan which is Great Lakes Higher Education. I then proceeded to call them and I was forwarded to three different places to talk about my loan and the BK. Anyhow, once they paid it off with Xpress Loan Servicing, they then sold my loan to a collection agency (Education Management Center something, something, something....). I called them and never got a real live person to talk to. So...it looks like I'm in default status too but now I'm unsure to who or whom to make my monthly payments that were approved by my trustee or to just not pay them at all. I'm gonna have to call my lawyer now about it...dang! I really hate the interest accumulating this entire time...that just doesn't help someone start fresh after completing a chapter 13!

[$$only4ever]

We have a loan with Sallie Mae, too. The trustee included the student loan in the plan but allowed us to pay payments also. Sallie Mae suspended our online access, but I have continued to send monthly payments to them. For almost five years I have kept a spreadsheet of every payment made, how much is going to interest and principal paid and the unpaid principal balance. It is a pain, I have to call them every month and go through their song and dance, but it will be worth it. They will be paid off when my plan is completed and I am discharged.

Just keep in mind, Sallie Mae is notorious in not posting the trustees payments and of course, they really do not want you making any payments for 3-5 years so they get fat and happy off of the interest. We had alot of problems with them in the beginning, but now that the trustee is in the National Data Center, I can see every payment that he has sent to them. About 6 months ago, I had some missing payments. I sent them a copy of the trustee's payment history, and just like magic, they reapplied the payments the same day that they received my fax. I watch them like a hawk. You may want to spot check periodically to make sure that all payments have been received and credited.

[flower04]

I don't have either one of those lenders but I am the in the same boat. We can't even pay on our loans if we wanted to during our 13. They will continue to accrue interest and we will have to work things out at the end of the 3 years.

[simon2020]

Sallie Mae told me "No can do - we can't send you any information!!"

I don't have either one of those lenders but I am the in the same boat. We can't even pay on our loans if we wanted to during our 13. They will continue to accrue interest and we will have to work things out at the end of the 3 years.

Hey flower -- I think I may be in the same boat with you as well as others on the board.

Long story short about my plan: 100% payback, Student loan to be paid outside of the plan. Was on forebearance for 1 year and the 12th month ended this past June.

*******************

I just got off the phone with Sallie Mae and asked the customer service rep for a current copy of my statement and a line item transactions of all payments to date since 4 years ago.

He looks up my account and basically tells me well since you filed for bankruptcy, your account is ON HOLD and until we receive your "discharge" papers from the court, we cannot release "any" information to you.

So I asked - "that means my interest is accruring correct?" and he paused and said yes, you are correct.

********************

Well, then I guess I am on hold for the next 4 1/2 years (being paying my trustee for 6 months so far).

Is anyone else in this situation too?

A previous post said she was sending payments anway to keep the interest form piling up. Should I still send in something to Sallie Mae??? Or just do nothing even if my plan stated student loan to be paid outside of the plan?

[Mi Bankruptcy]

Send a payment. If they process it then don't worry about it. Just make sure you keep copies of all of your cashed checks.