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No you cannot settle student loan debt for less than what you owe. Student loans are federally backed, and will find that student loan lenders will not settle for less than the principal balance that you owe them. The best they can do is offer a deffered payment plan or a forbearance.
What else can I help you with?
The student loan settlement student loan settlement student loan settlement student loan settlement student loan settlement student loan settlement.?
There are many places to research student loan settlement. You can look at various places on the web or at many banks. Looking for loan settlements can be difficult start by checking www.wellsfargo.com/student
What is student loan forgiveness?
Student Loan Forgiveness is when a student can't pay a loan that he owes and so the government has money to pay for that loan if he/she is unable to make the payments on it.
How might one make a student loan application in Canada?
A student in Canada would need to apply through a student loan company. There are some available out there willing to help any student with their student loan applications.
If you settle a student loan for a compromised pay off does that hurt your credit score?
This truly depends on the type of student loan to which you are referring, the amount and aging of the debt as well as the status of the loan. A settlement will satisfy the debt for civil law purposes but the loan was not paid as agreed and the loan granter doesn't have to change that status even if it is paid by settlement. The settlement will allow you to lower the amount of debt which will enhance you score. However, this may be offset by the comment that it had not been paid as agreed yet settled. ALSO, very important to get everything in writing INCLUDING the fact that the settlement amount satisifies the entire obligation and the loan holder AGREES TO REPORT THE SETTLEMENT TO ALL REPORTING AGENCIES. Student loans are notorious for old and erroneous reporting. Make that part of the deal. Follow up with your credit bureau to make sure it is done. A settlement is doing the right thing for the future but the true effect may take months or years to show in a FICO or credit report. You are actually lucky to be offered a settlement. They are at the discretion of the lender and often difficult to successfully negotiate. Good luck.
Is student loan reportable as income?
No, a student loan is NOT reportable income. Besides, it wouldn't make sense that immediate debt be considered income.
What is a student loan?
what is a student loan grant?
Why is my student loan reporting a credit limit?
The credit limit is the initial amount of your student loan. It helps keep your student loan from skewing your debt to credit ratio which can lower your credit score and make it more difficult to get credit.
what is a student loan grant?
what is a student loan grant?
How can I return unused student loan money?
To return unused student loan money, contact your loan servicer and request to make a payment for the amount you want to return. They will provide you with instructions on how to do so.
What are the advantages of a Standard student loan?
What is a "Standard" student loan?
How can I find a student loan?
You can find a student loan by researching and applying for federal student loans through the Free Application for Federal Student Aid (FAFSA) website, or by exploring private student loan options from banks, credit unions, and online lenders. Make sure to compare interest rates, terms, and repayment options before choosing a loan.
Can you get a student loan if one of your parents is in default on their student loan?
Yes.
