Debt Negotiation: Cut Your School Loans in Half or More
 
Debt Negotiation: Cut Your School Loans in Half or More

School loan debt can seem like a shock when you first graduate from school and find yourself not only starting a life and looking for a job, but also faced with immediate and sometimes multiple payments toward all the money you borrowed during your academic career. If you drop out of school for any reason, you are also faced with the same dilemma, which can feel unjust and complicate whatever you are already going through. There are ways to deal with student loan debt that can be easy on your credit and help you get on your feet and start your financial life solid and successfully.

Debt negotiation is a form of debt management that allows for you to work with your creditors and find an acceptable pay off amount that can reflect good credit practices and satisfy the debt at the same time. Debt negotiation services are offered through many different types of financial businesses and institutions, but with a little help you can learn to negotiate with creditors on your own and find success. Follow a few simple rules to negotiate away from of your student loan debt and find relief from financial pressure.

1- Understand what debt negotiation is
It's important to know exactly what debt negotiation is in order to be successful when negotiating about your school loans. Debt negotiation is a way to talk with creditors and offer a settlement amount for less than the current balance to pay off the debt in full. This is a controversial form of practice on the creditors end as they lose out on all the interest you would have paid over the life of the loan, but they are guaranteed the money when in the future you could default.

2- Take a look at your current loans
Make a list of all your current student loan debt with the following information for each: current balance, current monthly payment, interest rate, creditor and creditor's contact information. The contact information is the most important thing to know because you want to make sure you are going to be able to speak with an actual person and not a call center employee or other individual who is not authorized to speak with you. Also, the balance is your bargaining chip, so it's important to know what that balance is.

3- Talk to the right person
The key to successful debt negotiation is to make sure you are speaking with someone who is authorized to negotiate with you about your account and can take a settlement offer. If you are speaking with someone other than a supervisor or account manager then you are wasting your time and may not get anywhere with the creditor. When you are first intercepted by a live person, ask for a supervisor until you get someone who says they are authorized to negotiate a settlement offer with you.

4- Keep your options open
When negotiating with student loan creditors you may hit a wall of resistance and find that they are not open to a settlement offer or lower the amount of the loan at all. Do not be completely discouraged and give up, instead refocus your attention and ask them to lower the interest rate, at least then if you have to keep paying on a higher interest rate. This can shorten the length of your loan and reflect positively on your credit.

When you are looking for a way to get your school loans under control don't discount some of the more strategic methods or worry that only an expert can handle them. Debt negotiation can come from anyone and is most credible when you, the account holder, are the one trying to negotiate and work out a deal with the creditor. Obviously, a settlement amount and pay off are the best options to consider, but often you will not have a lump sum of money to negotiate with, so the next best thing is to work on the terms of your loan to make it work better for you.

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Articles
Choosing and Creating Good Accounts to Boost Your Credit

Credit Counseling: Work with a Professional to Pay off Your Medical Bills

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Credit Clean Up: Make a Plan for the Future

Credit Clean Up: Paying Off Debt

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Debt Consolidation: How You Can Find Relief From Medical Debt

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Debt Negotiation: Cut Your School Loans in Half or More

Debt Negotiation: Negotiate Away Your Medical Debt

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How Does Identity Theft Affect My Credit?

How to Build Good Credit Right from the Start

How to Handle Your First Credit Card

How to Prevent Identity Theft from Happening to You

How to Restore your Credit after Identity Theft

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Planning for a Credit-Worthy Future

The Basics of Credit Clean Up

Understanding Your Credit Report and Score

Use Debt Consolidation to Raise Your Credit Score

What is Credit and How Does it Work?

 

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This site is a common sense guide to Debt Negotiation: Cut Your School Loans in Half or More . In practical advice websites, like anything else in life, there are no guarantees of income made. Readers are cautioned to reply on their own judgment about their individual circumstances to act accordingly.

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