JohnnyCakes

fiancee can`t afford 180 a month to Sally Mae how does she lower it?

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My fiancee can only work part time now due to our baby daughter being born,with that she can`t afford to pay Sally Mae 180 a month and has missed at least 4 payments in a row.She would like to make smaller monthly payments? any info or any help and suggestions? She has consolidated and forbearanced it all ready. She could afford to pay $50 dollars thanks

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My fiancee can only work part time now due to our baby daughter being born,with that she can`t afford to pay Sally Mae 180 a month and has missed at least 4 payments in a row.She would like to make smaller monthly payments? any info or any help and suggestions? She has consolidated and forbearanced it all ready. She could afford to pay $50 dollars thanks

If she has used up all the deferment/forbearance options, paying $50 per month is going to result in her defaulting. Are you helping her pay the loan?? When will she be returning to work full time?

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it will probally only be part-time as she now takes seizures. I myself am disabled and live on a fixed income. no help from me unfortunately money wise, maybe even at a $100?

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Johnny,

As was asked before, have all of her forbearance and or deferment options been used yet? She really needs to call Sallie Mae and get this taken care of. Avoiding SM won't make the debt go away.

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You can get an interest only payment schedule where you only make payments on the interest.

The drawback is that the loan is still there and it becomes the never-ending payment. However, in tough times, that may be a temporary solution.

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