Archive for direct loans

Starting Life With Student Loan Debt

Posted in Economy, Media Appearances, Student Debt, Student Loan Default, Student Loans with tags , , , , , , , on October 6, 2010 by debtprisoner


How To Consolidate Your Loans Into Direct Loans — And Get Them Out Of Sallie Mae

Posted in Sallie Mae, Student Debt, Student Loans with tags , , on March 16, 2009 by debtprisoner

The reasons for switching from Sallie Mae to Direct Loans are many, but let’s start with the first one: Direct Loans will FORGIVE the loan balance after 25 years of payments… even if you are on an “Income Sensitive Payment Plan”.

Now, 25 years may seem like a long time to have such a massive amount of non-dischargeable debt (some chiropractic college graduates have as much as $200,000!!), but Sallie Mae will NEVER forgive the loans. In my opinion, this is basically a debt prison that you can’t ever get out of.

If I ran up a bunch of credit card bills and later filed bankruptcy, these debts would be forgiven from my credit reports in seven years time.

But college loans are NON-DISCHARGEABLE. Fair, huh?

STEP 1: Get A Password

The first step to getting out of Sallie Mae and into Direct Loans is to get a PIN number.

You can do this by going to and filling out some basic information (name, social security number, birthdate, etc.).

By the way, the number for Direct Loans is 1-800-557-7392. Operators are available from 7am-7pm, EST.

From my experience, the folks at Direct Loans are much nicer to work with than anyone at Sallie Mae.

Once they send you a PIN, you can get a list of all your loan debts and total up the damage.

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