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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]Neither federal student loans nor private student loans are dischargable in bankruptcy. I'm not aware of any statute of limitations on collections on defaulted private student loans. Do you have guaranteed Federal student loans (federally backed loans issued by a private lender, often with a fixed interest rate), or truly private student loans with no Federal backing (not through the FAFSA, often variable rate)? If the former, please look into income based repayment. If the latter, you have few options other than negotiating with the company. But I don't think its a lost cause -- they'd rather get something easily now than something later through costly bankruptcy proceedings. If truly private, what company offered you unsecured loans at 17 without a cosigner, and when? I'm genuninely curious.[/quote]
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