Anyone Sucessfully Negotiated Down a Student Loan?

[CrusherCurtis]

^If that's the case, then I'm disgusted.

[markseven]

Your right I didn't realize that...then not likely they will simply tell you, you want a reduction in the rate refinance it. Let us all know if your successful at that though. If they agree to that they wouldn't send you a 1099 due to the reduction.

Yep, I'll report back if/when something happens.

a guy in work just got nabbed by a colection agency for a student loan from 20 years ago. they want 106,000 and wont talk deal for 9 months paying 600 a month. i would like to know how much they paid the government for the note. maybe 10,000 or less.

^If that's the case, then I'm disgusted.

Prolly $.10 on the dollar...

[iamsam]

I have only managed to negotiate down the required monthly payment on my loans, not the principal. The reason I needed a lower monthly payment is simply because I can't afford any more right now, straight out of school and into my new job, I need to catch up on a crap ton of medical bills for the wife and kid. The monthly payment will go back up soon though, which is fine by me if I can afford it, the higher monthly I can pay the better, that means working down the principal faster, thus paying less in interest overall.

I have two loans, SallieMae and FedLoan. I had to take all the loans I could in school to support the family, but I consider myself lucky that I only owe like $35k.

[Jorgen]

I guess I don't get the initial question? Are you asking to have them remove or reduce deferred interest that accumulated while in school or are you asking them something else?

[mcr_driver]

No but I once talked a hooker down to a ZJ for a nickel. I figure both are just as relevant to a college student/graduate.

[markseven]

I guess I don't get the initial question? Are you asking to have them remove or reduce deferred interest that accumulated while in school or are you asking them something else?

Yes, that is what I am hoping for.

[markseven]

Not looking good...

[Cletonius]

You're pretty much stuck unless you want to get that 1099C.

My wife has a couple through Sallie, we did the income based repayment. You send them your tax return and tell them about your monthly bills. They then figure out what you can afford. In our case its $10/mo.

With income based repayment, if your payment is really low like that, you pay for 20 years and then you're done, regardless if you paid the thing back or not. The catch is that they adjust your payments every year or so.

Check out the government debt section on creditboards, there's lots of awesome information.