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  1. #1
    Join Date
    Dec 2011
    Posts
    2

    Default 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?

  2. #2
    Join Date
    Feb 2010
    Location
    CT & IL
    Posts
    5,273

    Default 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
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    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.

  3. #3
    Join Date
    Dec 2011
    Posts
    2

    Default 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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