I got this letter in today:
“Our records show that your payment on the student loan(s) starred(*) below is overdue. Please send your check today. We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit bureau report.“
“What’s going on?” I thought, “I’m not supposed to have to worry about this until after graduation - I still have another year and a half!” I was pretty upset and thought that Sallie Mae was trying to slide one past me. But then it occurred to me, in Sallie Mae’s eyes, I did graduate, or at least left school. This past fall semester I took some time off from school to work on a business and didn’t really give much thought to my financial aid. In fact, that was the one semester that I figured I really wouldn’t need to think about loans - I wasn’t even going to school. Come to find out, Sallie Mae likes you to check in with them every once in a while.
I called them up and explained my situation - that I was returning this semester as a full time student and desperately needed them to delay my payments until after graduation. Luckily, it only cost $50 in fees to waive my potential delinquency and get me back on delayed payment plan. My advice to all those who are taking or planning to take a semester off from school - CALL SALLIE MAE and let them know about it, otherwise you could find a nice big bill right on your doorstep.
