Settling the student loan
We can settle student loans with a one-time payoff. Â This option is available for both public and private student loans. However, it is more commonly used with private loans because better options are available to repay public loans.
With a settlement, you can expect to pay the entire settlement within 90 days.
Examples of the settlement options usually available include:
1
Waive collection charges. The collection costs get eliminated. (Essentially, collection charges are hefty late fees added to your loan balance.)
2
Pay the principal balance of the debt plus half of the accrued interest. As long as you pay the entire loan and any collection fees, the lender will lessen your interest cost by 50%.
3
Pay 90% of the current principal and interest. Thus, the loan balance is discounted by 10%
With a settlement, you cannot stretch out settlement payoffs over months or years. Any discounts by settling a student loan are usually very modest. While settling a student loan is less attractive than other options, it is worth considering if nothing else is available.
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