i have a federal loans with sallie mae my accounts have always been in good standing.
In 2005 I co-signed on private loans with sallie mae for a family member the family member had to file ch7 and the loans are now mine.
My min payment has went from $77 to 1077 there is no way for me to afford this based on my income. I have submitted my paystubs along with other bills to sallie to show that i cannot afford a payment that high i stated i can only pay $350.00 they said the least they can take is $915.00.
My fear is that they will garnish my wages because i cant make the full min payment if they do that that will leave my daughter out on the street i have pleaded with this company but they want agree to $350.00.
If anyone has some advice or has been this i would like to know it i start sending the 350 which is below there min of 1077 with they ganish my wages.
Does this company have to right to ganish wages if i make a payment below the min?
is there anyone else dealing with this i want to pay them i cannot afford the min
SOMEONE PLEASE HELP ME I AM LOST
Do u think i need to get a lawyer involved will that change things?

Wow this is a really hard situation to be in. Unfortunately, the role of a cosigner is to take responsibility for the loan if the borrower is unable to make payments. It seems to me like you might need someone to represent you since fighting with the company has not gotten you very far. Unfortunately, they will be expecting their money and you are responsible for it.

I am in the exact same situation with 2 different lenders. I have been looking at consolidation info (not that I can consolidate until the loans are all in good standing)and don't see how I could possibly pay the minimum monthly payments that are now due. - The payments are 3 times what was projected when I co-signed and I wasn't aware of my need to step up until the loans were in default for 3 months. I have gotten a forebearance on one batch through citibank but the other batch has been denied 3 times for ridiculous reasons. Collection agencies are calling, etc. I want to do what's right - and continue to pay my own debts - any advice appreciated.

Thank you for your post - I'm glad to know I'm not the only one.

Hi Kimmy,

The best I can recommend for you is to try and negotiate something with the lender. As a co-signer, it is your responsibility to keep an eye on the loans you put your stamp on... so I doubt the lender, a judge, or a court would take the situation seriously if you said that you weren't aware until they were far in default.

Otherwise, you need to start making some sort of payments on the loans to get them closer to being in good standing before the cascade effect starts to ruin your credit further than it probably already has. Need to be REALLY watchful of any loan product.