How To Get My Sallie Mae Loan Forgiveness?

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By Rakib Sarwar

Sometimes we may want to further our studies in education but are often limited due to various reasons, one of them being lack of funds. They can hinder our career progression and opt to take student loans. Student loans are taken so that they can fund the college degree, or vocational studies and will be repaid after securing a job. One of the student loans taken is a Sallie Mae loan.

What is A Sallie Mae loan?

A Sallie Mae loan is a loan taken by students and their guardians or parents, especially graduate, undergraduate students to further their studies for college education, and they’re given time up to 20 years to repay the loan. However, the loan interest rates are low to allow borrowers to repay the loans fast and avoid default. A default means you have failed to repay your debt and it has consequences.

They also have a rate reduction program that can help you get a lower Sallie Mae interest rate, hence lowering the monthly repayments you make.

The amount loaned is a summation of the school fees to be paid to the institution for the college education.

What is Sallie Mae’s Loan Forgiveness?

People often try to get the benefit of Sallie Mae Loan Forgiveness. Unfortunately, Sallie Mae loans can’t be forgiven. However, you can use methods to get the loan cleared under certain circumstances.

  1. Federal student loans can borrowers can use public service loan forgiveness (PSLF) or teacher loan forgiveness to wipe away their debt.
  2. They can access student loan forgiveness with federal student loans under income-driven repayment.

How to Get My Sallie Mae Loan Forgiveness

PSFL (Public Service Loan Forgiveness) is a tool that helps people get rid of their loan debts and helps people with low income. You may also get your remaining balance forgiven under the PSLF Program. This program works for people who have made 120 monthly payments on their Direct Loans. You may also want to consider a deferment if you are planning on going back to school. During deferment, you will not have to make any loan payments. But, if you have a Federal Direct Loan, your total loan cost will increase. If you have student loan deferment needs, contact your servicer.

One of the best sources for determining your federal student loan repayment options is The Office of Federal Aid. You can also learn about various repayment plans that are available to you. These plans can help you manage your payments and make them more manageable. These programs consider your earnings and the length of time you would like to keep paying them.

To qualify for this, you must be a Federal Direct loan customer to be eligible for the PSLF program. The two-key requirement for this is that You must be employed full-time and must have a qualifying employer (a government or non-profit organization or another eligible employer). The other requirements are:

  • Must have a direct loan.
  • Must join an income-based payment plan.
  • Must make 120 eligible payments under the IDR program.

Is Sallie Mae Loan Forgiveness Real?

Forgiveness is limited to federal student loans. Even so, the choices are limited. There are provided federal loan relief programs for those entering public service or teaching. But other than that, it is extremely difficult to cancel student loans because the cancellation requirements are strict.

What Happens If I Can’t Pay My Sallie Mae Loan?

If you’re not able to pay your student loan in installments, Sallie Mae offers two repayment options:

  1. Graduated Repayment Period.
  2. Fixed Monthly Payment.

The Graduated Repayment Period allows you to make interest-only payments for 12 months. After that, your monthly payment will be based on a fixed amount.

If you are thinking of Forbearance or deferments, they will not lower your interest rate or damage your credit score. They can also help you manage your loan balance.

If you can’t afford your monthly payments, there are limited repayment options. You could look into student loan refinancing through a different private lender. But, if you’re not sure, then you should try to refinance through a public institution.

You can either keep making your payments as agreed or start missing them but they will take a hit on your credit score. If you don’t make a payment, your student loan is considered delinquent, and damages your credit score. It may incur late fees and you may lose benefits. Failure of making payments will result in your student loan being considered as default.

Can You Negotiate With Sallie Mae?

If you have been keeping up with your Sallie Mae student loan payments, then you need to be in default to negotiate. If you have student loan debts with Sallie Mae, I would not recommend settling them on your own. Instead, you should contact Navient to see if they can help you. Since student loan debts are private, those who seek Sallie Mae’s student loan relief can’t rely on the advantages of federal programs.

When you default on a Sallie Mae loan, it can be very distressing. You might even face a lawsuit from the company. That’s where a debt lawyer can come in handy to help you settle the debt and help you come up with a plan to settle the debt or represent you in court.

You can also contact a certified student loan counselor, certified credit counselor or a professional debt negotiator with hands on experience. Some experienced counselors have negotiated with large private lenders such as Navient, KeyBank, Sallie Mae, Wells cargo among others.


While loans are there to help us in times of need, we need to carefully evaluate our decisions and reasons for taking the Sallie Mae loan. You may consider getting the rate reduction program to lower monthly repayments. This will reduce the total amount to repay as compared to when you don’t take it.

Be sure to refrain from settling the debts on your own or by hiring settlement companies that don’t specialize in private student loan settlements as you can get in real trouble. Contact known counsellors to help you.

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