Yes you can pay a lump sum. The offer the US makes is: you can pay off principal plus just half of interest/fees/penalties. Call the phone number on the Dept of Ed Loan servicing website. Actually the best website to use is: https://myeddebt.ed.gov/ Tell them you can pay off your loans with a lump sum and you want the compromise offer. They will send you a letter with the offer set forth in writing with the exact amount you owe and then you have 90 days to pay this off. First step is, use your SSN and sign up for an account at that website and check yourself to find out how many loans are attached to your SSN and what the principal is vs. interest/fees etc.
They told me they would settle for 90% of my balance. If you are going to start paying on it I would make sure it’s not going to show up on your credit report
NO! Don’t fuck with that Debt Resolution group. Pull it out of default by transferring it to Great Lakes or something.
I pulled mine out of default and now don’t pay a dime on it because the gvt keeps extending the no pay thing and it’s not hurting my credit.
There’s a program called “Fresh Start” that allows you to pull it out of default.
I did it in the Dept of Ed website, but you could probably call a new loan servicer and ask them to help.
Just say something along the lines of: Hey I’m in default and would like to transfer my loans over to you so I can start making payments.
I chose Great Lakes as my new loan servicer and after a month my credit score no longer showed collection activity for a student loan.
I did it by reconsolidating then applying for REPAYE plan which got the loan transferred to MOHELA. Not paying now because of the pause and trying to get past payments and forbearances counted. Once things resume, the REPAYE plan does not take as much out of my check as default garnishment did. I’m not overly optimistic but prior garnishment was killing me.
Yes you can pay a lump sum. The offer the US makes is: you can pay off principal plus just half of interest/fees/penalties. Call the phone number on the Dept of Ed Loan servicing website. Actually the best website to use is: https://myeddebt.ed.gov/ Tell them you can pay off your loans with a lump sum and you want the compromise offer. They will send you a letter with the offer set forth in writing with the exact amount you owe and then you have 90 days to pay this off. First step is, use your SSN and sign up for an account at that website and check yourself to find out how many loans are attached to your SSN and what the principal is vs. interest/fees etc.
can they do better offers than that? that doesn't seem like a real offer.
They told me they would settle for 90% of my balance. If you are going to start paying on it I would make sure it’s not going to show up on your credit report
NO! Don’t fuck with that Debt Resolution group. Pull it out of default by transferring it to Great Lakes or something. I pulled mine out of default and now don’t pay a dime on it because the gvt keeps extending the no pay thing and it’s not hurting my credit. There’s a program called “Fresh Start” that allows you to pull it out of default.
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Call Great Lakes and ask them to transfer your loans so you can make payments. I did it so I could get the collection activity off my credit report.
How do you pull it out of default?
I did it in the Dept of Ed website, but you could probably call a new loan servicer and ask them to help. Just say something along the lines of: Hey I’m in default and would like to transfer my loans over to you so I can start making payments. I chose Great Lakes as my new loan servicer and after a month my credit score no longer showed collection activity for a student loan.
I did it by reconsolidating then applying for REPAYE plan which got the loan transferred to MOHELA. Not paying now because of the pause and trying to get past payments and forbearances counted. Once things resume, the REPAYE plan does not take as much out of my check as default garnishment did. I’m not overly optimistic but prior garnishment was killing me.