For the real policy wonks and numbers nerds: A detailed explanation of why Sallie Mae's recent study about student borrowing is skewed and erroneous. Keep a close eye on how many future stories still go on to quote it as gospel!
I am looking for anyone who can share their advice and experience on negotiating partial loan forgiveness with Sallie Mae. Here briefly is my situation:
I am the co-signer on a $60K Sallie Mae student loan where the primary borrower has defaulted.
I want to negotiate a simple settlement with Sallie Mae (SLM): I am asking them to forgive some of the loan principal (20% or more), and in return I will pay off the rest in full. My goal is to reduce my loss, and end any loan liabilities with SLM.
It seems SLM cannot proactively work with me, they only have procedures in place for working with defaulted loans. I made the loan current with 2 payments, thinking this goodwill would make negotiation easier, but to no effect. The only advice I received from them was to let the loan go 120 days into default, then they will work with me. This sounds risky to me.
My question to everyone is: How do I best negotiate with Sallie Mae? What can I reasonably expect Sallie Mae to do for me? How would you advise I proceed? PLEASE SHARE YOUR ADVICE AND EXPERIENCES!
Thank you!
Here is my small business: cash until payday
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