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Reply to "I owe $125,000 in private student loans to one institution. How to get them to settle?"
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[quote=Anonymous][quote=Anonymous]What is the interest rate on the loan? Can you negotiate that rather than trying to negotiate forgiveness of some of the loan amount? According to my calculations, $125,000 amortized over 25 years at 5 percent interest, results in payments of $730.74 a month. Not great, but much better than the $1,800 a month you are paying. If the original lender won't negotiate on the interest rate, do you have someplace else you can borrow the money at a lower interest rate to pay off the original lender? If you are a nurse, is their a credit union associated with your employer? Your income should be secure so it seems like someone should be willing to lend you the money at a reasonable interest rate.[/quote] It is more than one loan - like 10 different loans variable interest rates for each loan, ranging from 5 - 14%.[/quote]
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