National Student Loan and Credit Report Debt Attorney

Can a Private Student Loan be Settled for Less than What’s Owed?

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Student Loan Debt Reduction through Attorney Negotiation

Yes, it can!  With over $1 trillion in student loan debt, it is easy to imagine that this burden weighs heavily on many new graduates. Of the $1 trillion in student loan debt, private student loans make up approximately $136 billion of the total debt. This may seem disproportionate to the Federal loans but what the average consumer does not realize, private student loans do not offer the same benefits if you default on your loan.

Due to lack of jobs, many new graduates are defaulting on their private loans. Quickly, graduates with these types of student loans realize that they have almost no options when it comes to payment assistance. Many do not realize that reduction on these private student loans is an option. As this article from Fox Business News points out, settlement can benefit you greatly if the circumstances are right.

This article discusses the implications that settlement will have on your credit score. So many people are stuck on having a high credit score. What they don’t realize is, if you have high student loans and your debt to income ratio is high, no one is going to lend to you. From this perspective, your credit score is useless. The best way to increase your credit score and gain lending options is to get rid of your debt. Reductions through a settlement on private student loans can be a great option.

Can a Private Student Loan be Settled for Less than What’s Owed? was last modified: September 20th, 2016 by Kevin Fallon McCarthy
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