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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]Agree with PPs abut defaulting on private student loans. That may be your best option and there is a statute of limitation on private student loans. More importantly however, its only once you've defaulted that they will be willing to negotiate with you. Just remember that once you default/stop paying the clock for the statute of limitations starts. If you enter into agreement with them and/or send in any payment - then the clock resets and you start all over again. So figure out your strategy first and be prepared to stick with it through thick and thin. Also research the statue of limitations in your state (DC/VA or MD) or wherever you are so you know if you are dealing with three years or 6 years.[/quote] Excellent advice. [/quote]
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