Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Does Sally Mae have to accept any payment I send them? - Several years ago a student loan that was cosigned by my grandmother went into default. For various reasons, she then later went into bankruptcy. The loan was erased from her credit (I have no idea how, as I now understand that Sally Mae loans are not excused in bankruptcy). Long story short, we stopped payment. We honestly thought it was forgiven as we received no letters from them or bills or anything. Several months later it was discovered that the debt which was originally going to be paid off for me as my inheritance from my grandfather was now entirely my responsibility, and I was then unemployed. It went into forbearance (I believe it's called that..) but I could not pay which lead to total default on the loan. Whenever I get the gumption to call them and try to arrange something I am told that they will only accept a lump sum of $13k or have it broken down into four payments. To be frank, I AM employed and doing well, but I do not see myself ever having that much disposable liquid cash at one time. I was recently told that there is some new(er) law that would require them to accept any partial payment I sent. If this was the case I could structure my own repayment and just send them a check every month. Is this possible, or must I listen to the commission-hungry collection representatives I speak with every time I call? This debt will carry with me until the grave unless I do something about it NOW. Please help me out here. My only other option would be to take out another loan to pay them back and begin payments on that loan. Only problem with that is NO ONE WILL GIVE ME A LOAN!!!! I realize I've made some very poor financial decisions in the past. I was younger and stupid. Any constructive advice or suggestions on this matter would be much appreciated. Thank you. -