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Hello. I have a question about a student loan from Sallie Mae that I defaulted on in 2005. The loan amount was for 1200 dollars(with interest it eventually became 2600) and was charged off from Sallie Mae and sold to different collections agencies. My question is when will this fall off my credit report? I live in the state of NJ. The best part is that I took out this loan to go to school,changed my mind and withdrew from the school before classes started and the school never sent the money back to the company. Anyways, I would just like to be done with this mess. I received a call from a collection agency willing to settle the loan amount for 500 dollars. What should I do?
Defaulted Sallie Mae student loan
Welcome to the forums!!!
It would be better for you to consult with a financial counselor in this regard.
Go and settle your dues once and for all, but do remember to get a discharge letter signed by the respective collection agency. If it does not oblige with one, then don't pay a dime to them. Instead, take a credit counselor's help after that.
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