What Should I Do with My Student Loans
Hello and thanks for viewing my question.
2 Years ago I started school at Everest College (worst mistake I made). I attended school for 1 year before realizing the mistake I had made in search for an education and better career.
I got stuck with $15,000 debt to Sallie Mae and Express Loan Servicing.
I was also on the phone with Express Loan Servicing and they put me into forbearance for one year...
Before I call Sallie Mae I wanted to ask you guys a question.
I owe $15,000 and from all the research I have done finding out that school loans will follow you to the grave literary and that I have to take care of them sooner or later.
Choosing later I realize that there will be a lot of interest accrued and therefore I have decided to do it sooner.
Is there any way to negotiate in bringing the loan down if I pay it all at once.
I tried asking the woman on the phone from Express Loan Servicing but she told me that whatever I owe I have to pay off all at once or via payments.
Do I need a lawyer to contact them, would they negotiate with the lawyer on my behalf?
What are my best options. I even thought about maxing out all my credit cards and paying off the student loans than declaring bankruptcy for those credit cards or trying to settle them.
I am just stuck here and need to make a decision soon about what I shall do.
Any help is really appreciated.
Thanks a bunch:wallbang::wallbang::wallbang:
Re: What Should I Do with My Student Loans
Sometimes a student loan creditor will agree to a reduced payoff, particularly if the loan is delinquent. If they're not presently willing to negotiate a reduced payoff, that's the present reality - they are under no obligation to settle for less than you owe.
I doubt that you'll find a bankruptcy lawyer who would advise you to pay off your secured debt with unsecured debts, and to later attempt to discharge those unsecured debts through bankruptcy. I believe that a bankruptcy lawyer's suggesting that approach would be in violation of federal law. But there's nothing per se wrong with refinancing your debt.
Re: What Should I Do with My Student Loans
Im not sure if you would need a Lawyer to contact them, but you should speak to a lawyer to talk about your options of handling this. they have more knowledge in what to do than anybody on this board would. You should be able to work something out for a reduced payment, the go abouts of that i do not know. good luck though!