What are some actions that people have taken against private student loan lenders like Sallie Mae? They are the worse when it comes to private loans. I am trying to see how I can best eliminate that debt. I only borrowed $29,000 and now I owe $70,000.
Hello:
As far as I know, the only way at present to reduce or eliminate the private loan debt (with Sallie Mae or now, Navient), is to apply for an “Income Driven Repayment” plan. As you would expect, the process requires an applicant to jump through several hoops, and the outcome appears to have little rational basis. Nevertheless, it’s there and can at least be tried.
The true solution to this whole problem is to get the financial industry out of higher education entirely. There are other ways to do much better for all.
Greg Summers
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