Getting It Gone. Paying Off Student Loan?
February 25, 2014 5:46 PM Subscribe
I have somewhere around $60,000.00 of student loan debt. Its all one loan consolidated with the US government but managed by a private company called Ed Financial. I would like to try negotiating a pay off for less than what is due. Details and further questions inside.
posted by anonymous to Work & Money (13 answers total) 9 users marked this as a favorite
Before I met my husband I was really poor and I had a lot of student loan debt. I paid everything I could over the years, and used income contingent plans and graduated payment plans, to keep the loan in good standing and keep my credit intact, but I never made enough to get on top of the loan and stop it from just getting bigger and bigger.
Then I met and married my husband. Suddenly, my student loan monthly payments skyrocketed because he makes a decent salary and we filed our taxes jointly. We no longer qualify for payment plans and the monthly payment amount is a killer.
My husband is about to get a sum of money (less than total amount I owe, unfortunately) that we would like to try to use to negotiate a pay off if possible.
Does anyone have any advice for the best way to try to do this? Would it be a good idea to go through a credit counselor or a financial adviser or something? Should I just contact the company that is managing it and ask outright? Is there any hope at all that they might negotiate with me? Right now my husband makes a good income, but I still don't make that much. Horrible as it is to think about, there exists the possibility that my husband could leave me, and then the lender would be right back to trying to get blood from a stone (i.e. me). Maybe this would be enough incentive that they might negotiate for a lump sum now? Or is that just wishful thinking on my part?
Any help is so vastly appreciated. I have had this debt all of my adult life. Summer of next year will be 25 years that I have had my loans.
And PS for those of you who are considering taking out student loans, PLEASE think very carefully before you sign. I was 18 when I signed for mine and I had NO IDEA what I was about to do to myself. My student loans have negatively affected every aspect of my adult life. Its the one and only thing I ever regret doing.