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Can You Settle a Student Loan Debt While in Good Standing

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  • 12-23-2011, 09:29 PM
    ryuker16
    Can You Settle a Student Loan Debt While in Good Standing
    I have about $50k left on my student loan and about $15-20k in cash on hand(I saved!).

    I'm leaving my overseas job and going back to America. Given the poor state of the US job market, I'm worried my $15-20k will dry up before I can find gainful employment.

    I'd rather just try to borrow another $10-20k from my parents and negotiate to settle my Debt in lump sum rather than pay over 10-20 years.

    My loan is with citibank who says they don't officially do this with student loans. Has anyone managed to negotiate an upfront, lower payment of cash to settle a debt instantly?

    Do I have to enter default and wreck my credit score before I can even bring them to the negociating table?
  • 12-23-2011, 09:35 PM
    davidmcbeth3
    Re: Can You Settle a Student Loan Debt While in Good Standing
    Do you owe 50K on principle? Then that's what you have to pay off. If you swing paying 25-40K towards it you'll be saving a ton of interest, maybe.

    Student loans are different than others as you cannot wipe them away, even under bankruptcy...so companies have zero incentive to do what you want.

    Quote:

    Quoting ryuker16
    View Post

    Do I have to enter default and wreck my credit score before I can even bring them to the negociating table?

    Where did you get this idea???? Its a bad one for a student loan.
  • 12-23-2011, 09:42 PM
    ryuker16
    Re: Can You Settle a Student Loan Debt While in Good Standing
    I was just considering my options. I don't want to borrow 10k-20k from my parents just to have lower monthly payments. I'd rather just knock it out of the park. I really fear being jobless(well, at least not having a "real" job) for a year like some people I know.
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