I received an inheritence, is it possible to negotiate a settlement on student loans in the USA?
>>1257318
dunno about the us but here you can walk into their office put cash on the table any time in any frequency and immediately decreases your loan.
Any thing is possible. The banks will have tremendous recourse with these loans. I doubt its in their interest.
Call. see if it is. It doesn't hurt to ask.
>>1258327
banks will most certainly try anything.
today went to a bank
>hey anon don't you want to replace your student loan (which can go on indefinitely) for a fixed run loan replacement loan?
>uummm why would i want to do that?
>well you know to know when it will end lots of people doing it.
>so they replace a 5% amortizing loan where you can freely decrease the debt any time with a 15% loan where you can't?
...
>>1257318
If you've already defaulted, they will generally settle for around 60-70% of the value of the loan.
If you haven't defaulted, then they might give you a payoff amount of around 95%, but mostly it'll be the full amount.
They hold all the cards since loans can't be discharged. If you've payed up to this point, there is no reason for them to lose money on it. Defaulting would ruin your credit for up to 10 years, and you'd still owe them the full value plus interest.
>>1258650
credit is already ruined by them
>>1257318
Not sure why everyone is responding like they are....
There is NO settlement for government student loans. You must pay the entire thing including interest as for however high it gets.
They have IBR and they have things like military service or portion of income payment where you can clear out the loan that way.
But there is NO settlement program. like if you owe $100k and offer to settle the loan by writing a check for $99k, the government will not settle, it will only cut down the loan.
And even after filing bankruptcy a student loan is still a debt owed to the government.
> MFW When I have a $50k loan and really hope some fuck in Washington can fix this.
>>1258836
>credit is already ruined by them
Actually, your credit was ruined by you, unless they held you up by gunpoint before you signed for the loan.
>>1258997 is correct though in regards to federal loans. The best you'll generally get is a repayment plan on "terms that you can afford," but you'll still owe the normal value. There are super rare exceptions for hardship discharge, but unless you are dying of terminal cancer or something, that isn't going to happen.
Private loans however is purely up to the company as I said previously. They'll mostly accept an offer of 60-70% of the outstanding debt if paid-in-full, much more likely since you already tanked your credit.