Student Loan settlement advice
Date: Tue, 09/30/2008 - 18:09
I will be receiving a sizeable amount in the future, in the neighborhood of 12,000$ and wanted to know if there was a common formula to determine what SallieMae would settle for.
How do I determine the settlement they'd agree to, and just as importantly what is the best method to use to inquire/request this settlement?
Thank you in advance.
If your loan is current, they wont settle period. If it is
If your loan is current, they wont settle period.
If it is a federal loan, it is guaranteed by your guarantor. There is no incentive for the to settle.
If it is a SM private loan, they still will not settle until the loan has defaulted.
it has to be a federal loan if he's gotten forebearance for 6 ou
it has to be a federal loan if he's gotten forebearance for 6 out of 8 years. like Soaplady said, they won't settle but find out from your guarantor what happens if you pay a one time, lump payment of that amount. you may not have to make any payments for a long time or your monthly payment will be lowered so significantly that you should be able to afford it and not default.
Whatever you do, don't default!
ooops...missed that deferment part. Yup has to be federal. So
ooops...missed that deferment part. Yup has to be federal. So just call SM.....you can put a large payment on it and then maybe they will reamoratize the remaining balance for you. But sallie mae absolutely will not settle.