How Can I Settle My Federal Student Loan for Less? – Ella

“Dear Steve, I owe about $55K in student loan debt. I am interested in doing a lump sum pay off at a discounted rate. When I spoke to my lender, Total Higher Education/Great Lakes, they said this was impossible since the loan was through the government. After reading a bit more, it seems that a … Read more

Should I Payoff My Student Loans? – Sarah

“Dear Steve, I have about $19,000 in government-backed student loans at 2.25%. When I graduated, I was advised to NOT pay off the full debt right away and “take advantage” of the low interest rate. So, I have been paying slightly more than the minimum each month ($100) and have only knocked the principal down … Read more

Being Sued for a Federal Student Loan? Don’t Panic. Read This!

A friend asked me recently what really happens to people who are being sued over a defaulted federal student loan that was referred to the Department of Justice by the Department of Education. So I had to do what I typically do with these types of questions and spent hours and hours pouring over lawsuits … Read more

Your Searches and Speed Round Answers

I was looking through the recent search phrases on the site this morning and thought I’d take a whack at answering some of them quickly so I’m trying a new approach, the speed round. What happens if you do not answer a debt collectors who is an attorney? If you mean answering the phone, you … Read more