Student Load Negotiations
 

Has anyone had any success negotiating with a student loan provider for a lump sum payment? My brother recently passed away and I'm the sole heir. No sympathies please as we weren't all that close. Anyway, there's plenty of money in the estate to take care of my wife's student loans but thought I would try to negotiate with the lender to see if we can get the payoff down a bit.

There are two lenders and the total is around $90K (it makes me sick to my stomach that it's that much). Interest rates are around 6.5%.

TIA

Tried it.

Doesn't usually yield much success.

I don't know about student loans, but it sounds like you've got some good leverage to negotiate some things with your wife.

Student loans, unlike most other types of debt, are not subject to discharge in bankruptcy. Meaning that lenders have very little reason to agree to take less.

Good luck, but don't hold your breath.

Student Load? I thought this thread was going to be something different...

If you are current on payments and have no delinquency history, I don't think it's all that likely. Through some stupid decisions and a shoulder surgery, I fell behind on some of my loans years ago. I was able to negotiate away interest and collection penalties and pay only principal remaining with a big lump payment, but they weren't writing off any of the actual $$ that was lent. Good luck!

obama phone

I would hit up the bars around college campuses.

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You'd probably have better luck negotiating for a cheaper wife.

That could be true, 90k could buy a nice wife I bet

If they're over 18 go for it, especially if your wife is on board.

They'd both luv him long time.

usually to get a lump sum settlement granted you need to default on the loan for a few months so that the lender becomes desperate to recover any of the money.

Once you miss a few months if they are anything like credit card companies they will settle for less than what is owed

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