In the past I was able to pay my student loan with them for four straight years until I became unemployed. It was very hard for me to decide to not make my payments, but I decided it was more important for me to eat.

Loan to learn has an unusual policy concerning deferment or forbearance compared to what my options have been with Sallie Mae and the federal government (these loans I put in deferment as soon as I was unable to make payments). They review requests case by case, and decide within six months if they will award you forbearance for up to six months. Loan to learn has been very inflexible, and despite telling them repeatedly that I am unable to make the payments at the amount that they are, they have insisted in threatening to turn me over to collection agencies. They did give me a forbearance for 3 months last summer, but even with a new job, I was still unable to make payments afterwards. But I made payments to them at amounts I could afford—I had read in a newspaper article that paying any amount was better than not making any payment at all.

Now they are threatening to take my account to their lawyer unless I can pay over a thousand dollars today. Not only do I absolutely not have the money, but neither does my cosigner (my father), who I refuse to take money from for this, he has enough on his plate since my parents filed for bankruptcy two years ago.

I have no idea what to do. I don’t understand this situation at all. Your help would be appreciated.

Thank you,
Gabbie

Gabbie,  I am sorry to hear of your situation.  There is great information about private student loan collection here: http://www.studentloanborrowerassistance.org/collections/private-collections/

Heather - 20 August 2012 03:07 PM

Gabbie,  I am sorry to hear of your situation.  There is great information about private student loan collection here: http://www.studentloanborrowerassistance.org/collections/private-collections/

Im not getting any information with this link..