Who is best to negotiate the payoff of student loans?

Asked over 2 years ago - Phoenix, AZ

I have several student loans that total about $30k. I have never been in default and have been paying on these loans for 10+ years. The interest rate is 8.75%. I think I have paid over $30K to date on these loans. I am interested in finding a lawyer to negotiate a lump sum payoff that is less than the roughly $30k balance. Any suggestions or other things I might consider in doing this?

Attorney answers (4)

  1. Robert H Nagle

    Contributor Level 10

    Answered . I'm not the guy who can help you directly, but try calling Cindy Hynes at McCarthy Law, 602-456-8900.

  2. Michael J Corbin

    Contributor Level 20

    Answered . Honestly, you are probably not going to get anywhere "negotiating" a payoff amount less than what you owe with federally guaranteed student loans (the vast majority are of this variety). A totally private loan? Maybe. But not a federal loan. You could certainly consolidate and lower your rate, but not negotiate a lower payoff.

    This answer is not to be considered a response to a specific legal issue in a specific jurisdiction - it is to be... more
  3. Theodore Lyons Araujo

    Pro

    Contributor Level 20

    Answered . It is almost impossible to negotiate the student loans away. Good Luck.

    Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and... more
  4. Kevin Mark Bischoff

    Pro

    Contributor Level 8

    Answered . If you have not already consolidated your loans, try calling your lender and asking about consolidation. Sometimes by consolidating you can get a better rate, which could in turn lower your monthly payment.

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