Home > Ask The Get Out of Debt Experts > How Can I Settle My Sallie Mae Student Loan Debt? – Roxanne

How Can I Settle My Sallie Mae Student Loan Debt? – Roxanne

“Dear Steve,

Have consolidated Federal Student Loans in 1999. Was locked in at 7.5% interest rate. One of these loans is a Federal Subsidized and other is Federal Unsubsidized.

I have been current on my loans and my balance is over 80,000. I would like to know how I can get them to take a discounted payment in order to pay off my balance in full. They told me that since these are Federal Loans there is not discounted payoff available.

My loans are in process of being transferred to Sallie Mae. Can you tell me how I can offer an amount that is less than the full balance due that they may settle on?

Roxanne”


Dear Roxanne,

It is unlikely they will entertain any settlement offer. There is no reason for them to settle for less since they have the full power of the law behind them if you don’t repay your contractual amount due.

If you fall delinquent they can add a big balance as a collection fee, intercept your tax refunds, report you delinquent on your credit report, and garnish your wages.

Please post your responses and follow-up messages to me on this in the comments section below.

morehelp1
Choice1
Choice2
Choice3

Big Hug!

Get Out of Debt Guy – Twitter, G+, Facebook

If you have a credit or debt question you’d like to ask just use the online form.

Get Out of Debt Free Hotline
debt settlement helpstudent loan help

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt. You can unsubscribe at any time with just one click. After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

I promise to keep your email safe and secure.

Get My FREE Get Out of Debt Guy Newsletter

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt. You can unsubscribe at any time with just one click. After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

I promise to keep your email safe and secure.