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Entrepreneur Forum > Other Ways to Make Money > Credit Cards and Banking

negotiate discounted student loan payoff?

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Topic: negotiate discounted student loan payoff? (Read 248 times)

pookytx

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Joined: Mar 2009
Posts: 4

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pookytx is from United States

United States

Mar 13, 2009, 05:31:05 PM

My current salary is $20.5 K. I have $15,802.42 total owing in student loans, ($7,500 in principal), and almost $10 K in credit card debt.

Since I am a musician and writer, and I want to continue with these activities, I stand a good chance of remaining fairly poor. I\'m in a NYC, whose job market is extremely tough right now. I\'m also considering some kind of skills retraining (either a masters or certificate program) that will improve my ability to make money. Basically, I want to clear the decks so that I can move forward with a lower overhead.

I\'d like to be able to pay off the principal only. I think the lender\'s incentive is clear: better to have a bird in the hand than two in the bush.

Does that clarify the situation any?

Ken M

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Joined: Jan 2009
Posts: 21

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Ken M is from United States

United States

Mar 13, 2009, 08:32:26 PM

Hi pookytx,

One of the problems you have is that student loans don't go away on their own...even if you declare bankruptcy, you are still liable for the student loans. You would probably have a better chance of negotiating with the credit card companies.

If you are still in school or a training program, you might be eligible to defer payments on the student loans. You can get more info on that at http://www.student-consolidation-loan.info/deferment-forbearance.html

Good luck,

Ken

studentcredit

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Joined: Oct 2008
Posts: 25

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Jan 21, 2010, 08:47:40 PM

you should consult an expert in debt settlement, there are attorneys out there that can serve as your mediator to your creditors. They can negotiate with the company on how you can pay off your debts.

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