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Old 03-25-2019, 10:04 AM  
osumatt osumatt is offline
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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
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Old 03-25-2019, 03:27 PM   #46
Valiant Valiant is offline
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Hopefully you are a hot female teacher. If not chiefsplanet will not forgive the student load.
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Old 03-25-2019, 03:40 PM   #47
luv luv is offline
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Originally Posted by tk13 View Post
I'm by no means an expert (welcome to ChiefsPlanet), but from what I understand, doing this will do a lot of damage to her credit score. It's supposedly easier to do with private loans than a federal loan, so it may depend on who you're working with.
I know, with credit cards, you want to maintain some percentage of debt being used as long as it stays under 30% of your total available credit. However, federal student loans are a whole other ball of wax. As someone else stated, they are not subject to discharge under bankruptcy, so there's probably little reason for them to want to lessen the amount you owe them significantly, because they'll lose all of the collectible interest. For this reason, defaulting on these loans is not worth it because it will do nothing but damage your credit rating.

Quote:
It's also my understanding that if any of your debt is actually forgiven, it becomes taxable income that will ding you next year on your return. But I'd be happy for someone with more tax knowledge than me to correct me on that. Either way I'd make sure to ask someone the tax implications if you actually pulled it off.
If you settle for less than you owe, you will receive a 1099 for the amount that was forgiven that you must claim as income. I'm not a tax expert, but I know this from past experience.
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Old 03-25-2019, 05:08 PM   #48
Buehler445 Buehler445 is offline
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Originally Posted by Amnorix View Post
Sounds like a good plan, except, possibly, for paying down the home mortgage faster. Depending on the rate, that may not be a terribly exciting thing to do. Once you factor in the tax deduction (assuming you're not capped by SALT), the effective cost of a home mortgage at prevailing rates is very low.

I'd be maxing out 401(k) deductions, IRA deductions, etc., before I'd be worrying about paying down the mortgage faster.
The Standard Deduction is now 24,000 for MFJ. It’s unlikely, not impossible though, that mortgage interest will make a material impact on his tax liability.

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Originally Posted by luv View Post
I know, with credit cards, you want to maintain some percentage of debt being used as long as it stays under 30% of your total available credit. However, federal student loans are a whole other ball of wax. As someone else stated, they are not subject to discharge under bankruptcy, so there's probably little reason for them to want to lessen the amount you owe them significantly, because they'll lose all of the collectible interest. For this reason, defaulting on these loans is not worth it because it will do nothing but damage your credit rating.



If you settle for less than you owe, you will receive a 1099 for the amount that was forgiven that you must claim as income. I'm not a tax expert, but I know this from past experience.
It depends on how they structure it. Renegotiation does not necessarily equate to debt forgiveness.
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Old 03-25-2019, 05:51 PM   #49
cooper barrett cooper barrett is offline
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What kind of education does a gal get when she spends $100K?


Just a little food for thought...


How does her student loan fare in a divorce in your state??

Were you married/ living with her when she borrowed the $$$$?

Did she borrow more than the cost of the education? Did she borrow money to pay her rent, car, living expenses? Did you live with her, benifit in anyway from the money she borrowed?

Does your wife hold a professional or non professional degree. Will she be making money because she has $100K education or is she an expert in socialist policies, fine arts, or communication technologies?

Depending on how you answer these questions could come to the rational that her student load debt is actually 1/2 yours or possibly none of it. You may actually be able claim her professional degree as a marital asset.
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Old 03-25-2019, 05:57 PM   #50
carcosa carcosa is offline
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I remember blowing a few students loads in my dorm room!!!!!!!!!!!!!!!
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Old 03-25-2019, 06:10 PM   #51
BryanBusby BryanBusby is offline
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Originally Posted by carcosa View Post
I remember blowing a few students loads in my dorm room!!!!!!!!!!!!!!!
Go on
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Old 03-25-2019, 06:28 PM   #52
Bob Dole Bob Dole is offline
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Originally Posted by cooper barrett View Post
Were you married/ living with her when she borrowed the $$$$?
Didn't matter in my divorce. All the loans were before we got married and I got stuck with half.
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Old 03-25-2019, 06:32 PM   #53
cooper barrett cooper barrett is offline
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Originally Posted by Bob Dole View Post
Didn't matter in my divorce. All the loans were before we got married and I got stuck with half.
What state, I looked into OK law
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