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osumatt · 03-25-2019, 10:04 AM

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

O.city · 03-25-2019, 10:05 AM

Tried it.

Doesn't usually yield much success.

**Rain Man** · 03-25-2019, 10:07 AM

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

Yosef_Malkovitch · 03-25-2019, 10:07 AM

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.

**chiefforlife** · 03-25-2019, 10:08 AM

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

blake5676 · 03-25-2019, 10:10 AM

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!

**TribalElder** · 03-25-2019, 10:10 AM

obama phone

Titty Meat · 03-25-2019, 10:11 AM

I would hit up the bars around college campuses.

**TribalElder** · 03-25-2019, 10:11 AM

ghak99 · 03-25-2019, 10:12 AM

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

**TribalElder** · 03-25-2019, 10:13 AM

Quote:

Originally Posted by ghak99

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

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

ntexascardfan · 03-25-2019, 10:13 AM

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

ghak99 · 03-25-2019, 10:14 AM

Quote:

Originally Posted by TribalElder

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

They'd both luv him long time.

**TribalElder** · 03-25-2019, 10:17 AM

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

**loochy** · 03-25-2019, 10:21 AM

I have a suggestion - vote for Bernie in the next election!

03-25-2019, 10:04 AM
osumatt Starter osumatt's Avatar Join Date: Jun 2001 Location: Tulsa, OK, USA	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
Posts: 87

03-25-2019, 10:05 AM	#2
O.city In Search of a Life O.city's Avatar Join Date: Jul 2009	Tried it. Doesn't usually yield much success.
Posts: 81,220

03-25-2019, 10:07 AM	#3
Rain Man NFL's #1 Ermines Fan Rain Man's Avatar Join Date: Jul 2001 Location: My house	I don't know about student loans, but it sounds like you've got some good leverage to negotiate some things with your wife.
Posts: 141,338	3 0

03-25-2019, 10:07 AM	#4
Yosef_Malkovitch The Lurkiest Yosef_Malkovitch's Avatar Join Date: Aug 2000 Location: Wichita, KS.	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. Last edited by Yosef_Malkovitch; 03-25-2019 at 10:12 AM..
Posts: 2,747	1 0

03-25-2019, 10:08 AM	#5
chiefforlife Colorado Chief Fan chiefforlife's Avatar Join Date: Feb 2006	Student Load? I thought this thread was going to be something different...
Posts: 5,589	6 0

03-25-2019, 10:10 AM	#6
blake5676 Veteran blake5676's Avatar Join Date: Oct 2013	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!
Posts: 1,181

03-25-2019, 10:10 AM	#7
TribalElder Arrowhead Trail of Tears TribalElder's Avatar Join Date: Oct 2012 Location: KansasCity	obama phone
Posts: 29,138

03-25-2019, 10:11 AM	#8
Titty Meat Inmem 2.0 Titty Meat's Avatar Join Date: Aug 2007 Location: My house	I would hit up the bars around college campuses.
Posts: 75,113

03-25-2019, 10:12 AM	#10
ghak99 MVP Join Date: Jan 2007 Location: Missouri	You'd probably have better luck negotiating for a cheaper wife.
Posts: 8,198	1 0

03-25-2019, 10:13 AM	#12
ntexascardfan Starter Join Date: Nov 2009	If they're over 18 go for it, especially if your wife is on board.
Posts: 816

03-25-2019, 10:17 AM	#14
TribalElder Arrowhead Trail of Tears TribalElder's Avatar Join Date: Oct 2012 Location: KansasCity	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
Posts: 29,138

03-25-2019, 10:21 AM	#15
loochy Hey Loochy, I'm hooome! loochy's Avatar Join Date: Oct 2008 Location: PooPooKaKaPeePeeShire	I have a suggestion - vote for Bernie in the next election!
Posts: 40,456