When I posted about asking Sallie Mae to forgive the remainder of my student loans, I said that I knew it was a long shot. I was right. Of course.
I got an email this week from them, politely turning me down. Well, not politely actually…just matter-of-factly.
Here was their response:
Dear Charity M.,
Thank you for your inquiry and for your business with Sallie Mae.
While we empathize with your situation, Sallie Mae is unable to accept any reduced amount as payment in full for your account. Federal law does not provide for settlement of a federal student loan for less than the outstanding balance, except in specific cases of death, total and permanent disability, and in some cases of school closure. In addition, the law does not provide forgiveness of the obligation due to financial hardship. These provisions are not a matter of our own policies, but are established in law by the federal Higher Education Act of 1965, as amended. By signing the promissory note, you agreed to pay in full the principal and valid interest that accrues on the account.
If we may be of further assistance, please visit our website at http://www.salliemae.com. Or, you’re welcome to call us toll free at 888-2-SALLIE (888-272-5543). We’re here to help you Monday through Thursday, 8:00 a.m. to 9:00 p.m., and Friday 8:00 a.m. to 9:00 p.m., ET.
Marisol, Your Sallie Mae Email Representative
That’s sort of what I figured their response would be, but I just had to ask. If I never asked, then I would never know what they would say.
Now I know.
Time to start cutting more coupons I guess!