I defaulted on my 70k student loan(mostly unsubsidized) 10 years ago, and currently, 4 collection agencies are after me for 140k. Rather than paying 2k every month for the next 20 years or so, I’d rather settle for principal + 50% or less interest(no penalties). I'd appreciate any personal experience or advice regarding settlements.
After leaving school, I had trouble finding the right job. And when I did, I had already started a family with a lovely wife and 3 children. I regret everyday that I hadn't worked this out in the past as the burden is not only affecting me, but my whole family now. My parents recently found out about this and they are willing to dig me out of this hole via personal loan/premature inheritance. My questions are:
1. Is this the right time to do this? I read about the new bill that intends to forgive after 10years of 10% income......is there a realistic shot at this bill being passed?
2. Is this achievable by myself? or should I hire a specialist(lawyer, etc) if so, how much would it cost? I'll appreciate referrals.
3. I know that the govt won't settle for less than the principal, but would they take something like 85k-95k if my principal was 70k ten years ago, and amount due (principal+int+penalties) is 140k? I read the another post stating that avg settlement is 90% of amount due.....which comes out to 126k...
4. Are there any requirements or contingencies in order qualify for a settlement, such as income level and source of settlement money? I'm an independent contractor whose income has fluctuated from $15k-$75 in the past 6 years. In 2010 I made 47k and in 2011 I made 75k(before taxes). would these figures hinder my chances?
Thx to all for reading my story, and I really hope that our govt will focus more on saving us rather than rich benz-owners who foreclose their houses.......
I am in 68K debt myself. However I am looking to get myself out without the help of the U.S. government as I cannot rely on them. I am going to do volunteering to help the needy in hopes people will donate to my cause. I will do special video blogs where I interact with homeless and help them out whenever I hit milestones.
Please visit my blog for more info at
http://corybusiness.wordpress.com/2013/04/18/student-loan-nightmare/
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I'm looking for similar advise as I'm being sued by Sallie Mae.
I can't give you any facts about settling with the lenders...however, you may be interested in contacting Joshua Cohen the student loan lawyer or Adam Minsky who is also a lawyer specializing in student loans. Google them, or join the ForgiveStudentLoanDebt.com Facebook group and I can direct you to them.
The 10 years at 10% income bill (H.R.4170) probably won't pass this year. Most bills have a less than 9% chance of passing and this one came out in a presidential year where the focus is mostly on not raising the interest rates on stafford loans. We need to keep fighting for it to pass though. Click the red and blue boxes on the left column to get more information about H.R.4170.
Thanks Kaserz.....I just signed up for the 10/10 petition. It'd be a dream come true for millions of americans, who are burdened by the student loans. But i'm still surprised I can't find any settlement stories online.....