With funding and direction from guarantors, like USA Funds, Sallie Mae provides an extra measure of default prevention effort to assist borrowers who have fallen 60 days or more behind in their loan payments. Since 1997, Sallie Mae has partnered with thousands of colleges and universities to develop successful default prevention strategies for students. These efforts are complemented by the important role guarantors play in providing borrower assistance and advocacy services to students. Last academic year, Sallie Mae’s company-wide default prevention efforts successfully averted default on nearly 93% of seriously past-due education loans.
Because of these default-prevention efforts, 2.6 million customers resolved their delinquencies and returned to current status in academic year 2008–2009. That translates into approximately $37 billion in savings for U.S. taxpayers in terms of potential loan defaults that were averted.
Learn more about our default prevention efforts (PDF, 706KB).
"I was able to get back on track, which is what I wanted all along."
A series of setbacks temporarily derailed Mary's nursing aspirations. Eventually, she became unable to keep up with her student loan payments. "It wasn’t something I planned," Mary says. "It was a very frustrating situation for me and my family."
Mary was contacted by Sallie Mae: "They were wonderful," says Mary from Texas. "They worked with me to set up a payment arrangement so that I was able to get back on track, which is what I wanted all along." Read Mary's story (PDF, 396KB) .
“We are nearly debt free now ... nothing could feel better.”
While working and attending Harding University, Lee Ann met and married her husband, Joshua. A year later, the couple had their first child. Lee Ann left college to care for her baby and husband, while Joshua got a bachelor’s degree in business.
But there were times when they fell behind on Joshua's student loan payments. Regardless of why a customer is experiencing repayment issues, Sallie Mae's goal is to help them avoid delinquency or default. See how Sallie Mae helped Lee Ann and Joshua from Arkansas (PDF, 375KB).
"I was pleased to find out how easy they were to work with. [Sallie Mae] gave me the assistance I needed to get back on track.”
“I kept coming up short,” says Dane from Kansas. “So eventually Sallie Mae called me. I was pleased to find out how easy they were to work with. They gave me the assistance I needed to get back on track.”
After reviewing Dane's options, Sallie Mae helped him apply for deferment. The plan provided a temporary payment reprieve for Dane — and the time he needed to get his finances in order. Two months ago, he successfully paid the entire remaining balance of his student loan account. See how Sallie Mae helps customers like Dane (PDF, 400KB).
“It definitely feels like a huge burden has been lifted off my shoulders, giving me one less thing to worry about”
Lauren’s advice for others who may find themselves facing repayment difficulties with their student loans is simple: “If you keep in contact with the people you owe and show them that you’re making a concerted effort to live up to your responsibilities, it’s more likely they will take the time to understand your situation and work with you to develop a plan,” she says. See how Sallie Mae helped Lauren in a tough job market and a depressed local economy. (PDF, 304KB).
How Sallie Mae helps students and families save, plan, and pay for college
"We ... knew how important it was to begin planning as early as possible.”
"At first, you get the initial shock when you see six-figure numbers come up and wonder how in the world you will be able to meet those goals," explains Karen of Indiana. "But then you start seeing how it can actually work for you, and it’s much less frustrating and frightening."
"[Sallie Mae's Education Investment Planner is] a great resource,” she adds. “Best of all, it provides so much additional information on scholarships, grants, financial aid and other things parents need to know but may not think about when it comes to paying for college." Learn about Karen and Tim's college planning (PDF, 354KB).
Read more from customers like Karen and Tim (PDF, 3MB).
[With Upromise by Sallie Mae] "we’ve been able to put money for our kids’ college education just through normal, everyday shopping. Nothing could be easier." —Joe, Massachusetts
"I joined Upromise when I became pregnant with my first child," Molly says. "Every little bit helps and it’s an easy way to get something back for my children’s college." —Molly, Minnesota
Hear more from these and other happy Upromise members (PDF, 423KB).