Archive for Sallie Mae

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


Americans Now Owe More Student Loans Than Credit Card Debt

Posted in Economy, Higher Education, Student Debt, Student Loans with tags , , , , , , , , , , , , , , , , , on August 10, 2010 by debtprisoner

Americans owe some $826.5 billion in revolving credit, according to June 2010 figures from the Federal Reserve. (Most of revolving credit is credit-card debt.) Student loans outstanding today — both federal and private — total some $829.785 billion, according to Mark Kantrowitz, publisher of and

Link (via Huffington Post)

American College Debt: The Beast That Swallows Its Young (video)

Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans, Videos with tags , , , , , , , , , , on March 18, 2009 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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