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Sallie Maepublic service loan forgiveness

1
M Review updated:

I was thrilled to hear that the government announced a loan forgiveness program for borrowers who work in public service (schools, public hospitals, libraries, etc). If your loan is paid in good standing for ten years and you are working in public service, the balance of your loan after 10 years is forgiven. That would take me into retirement.
Then I called Sallie Mae. They told me that since I consolidated my federal loans with them, I was not eligible for the program. The loans now belong to Sallie Mae which is a private company.
EVERYONE consolidates their loans through Sallie Mae. They present themselves, falsely, as a government agency, but are able to "opt out" of a government loan forgiveness program.
That's bait and switch and that's illegal.

Responses

  • L
      Oct 19, 2009

    I had a similar thing happen to me. I am a teacher, certified to teach math/science/special ed which are all teacher shortage areas. There are loan forgiveness programs that will forgive up to $17, 500 for teaching in these areas, when I filed my request with Sallie Mae, they denied it because I had consolidated my loans with them. I even asked before consolidating with them if it would affect my forgiveness program and they assured me that it would not.

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