I have approximately 72K in private student loans. I have checked the national student loan data system and have not found any of my loans listed. Because of this, I assume they are private student loans. I lost my job in the mining industry 4 years ago and defaulted on my loans about a year later. I have not had any wage garnishments, but my credit has taken a hit. I would like to try and settle my debt for somewhere between 45K to 55K. Is this possible and if not, what would be realistic?
Student loans are backed by the government and even private ones are. You can try settling student loans but it likely won't work. I have had one client in the past 8 years as a lawyer settle some private student loans, but in my opinion he was lucky and he had a written contract, and it was with a collection agency. If they are with the government and they have them then your chances of settling are likely very small. If you are going to try this get an attorney to get a good iron clad contract for a settlement agreement.
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