I have a $25K TERI guaranteed law school loan, days from defaulting. Is there any room to negotiate on the total amount due after default, ie. to agree to a lum sum payment of a smaller amount, like what happens with credit cards?
Anyone with experience with this?
Anyone know a lawyer who can negotiate this?
With federally guaranteed loans there is no hope because the federal government takes over the loan and they are in no rush to settle, but perhaps TERI would rather get something now than have to collect.