Settle Private Student Loans?
No the loan isn't in default.
No the loan isn't in default. Good point on the tax part, hadn't considered that before. We refinanced the house a year ago and got a great rate, and last I checked both myself and my DH had great credit scores. Though I know that doesn't guarantee anything. Now I'm wondering if you've ever heard of Sallie Mae settling on private student loans. It seems that there is pretty much no chance of settling on federal loans, but I haven't had much luck finding info on that with private.
Is your loan in default?? If
Is your loan in default?? If so you will need to work with the collection agency who is handling the account. You do not need an attorney. Personally I would recommend find out first IF you can get the equity loan (cause if your loan is in default you will probably be denied or your interest will be sky high) If you can get it, make an offer to the CA. Keep in mind you are going to take a major hit at tax time....the waived portion of the loan is taxable income and you will receive a 1099.