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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]OP, before you listen to all these people telling you to default you need to look at your loan agreement. Many of these agreements contain provisions for penalties, fees, etc. that will be added to the amount you owe if you default. It's possible they'll be willing to settle if they resort to suing you (even more likely if they sell the debt to a collection agency) but usually creditors want to cash out (i.e. one or a small number of lump sum payments rather than a drawn out obligation) which it doesn't sound like you'll be able to do. Also, I assume you're a licensed nurse so it will be very easy for them to find you. You said there were several loans with varying APRs, it might be helpful if you list them out along with the amounts outstanding to see if you can prioritize paying down the high ones. Alternatively, you may also want to talk to a bankruptcy lawyer, many offer free consults.[/quote]
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