Private College Student Loan

Is there any way to get the payoff balance on my department of Education loan reduced?

I am looking to pay off my US department of Education loan. It has a total of 2080.00. It is not in collections but I am in default by 12 days. Is there anyway or anything I can do to get it reduced so I can pay it off? I do not want to make payments. Just one payment is all I want. It's a Direct Loan made through the William D. Ford Federal Direct Loan (Direct Loan) Program

Public Comments

1. Contact them and make them an offer. They may be willing to take your offer instead of risk a default. But my guess is chances are slim.
2. no as that is what you owe them. They will not settle for less than full and they don't have to as they will attach what ever they have to in order to collect what is owed. such as tax refunds
3. Some loans were partially forgivable if you took a job teaching in public schools. Otherwise, you have to continue paying. Student loans cannot be eliminated through bankruptcy. While that $2080 balance might tough for you right now, most people would consider that small peanuts. The best thing you can do right now is call your lender and let them know you are going through some tough times and see if they will work with you.
4. Ummm I'm not sure what the problem is. If you have the ability to make a one-time payoff, why don't you have the money to keep up with your payments? If you are purposely falling behind in order to negotiate a settlement, you have made a big mistake. Not only have you defaulted on a loan therefore hurting your credit, but you've defaulted on a loan that is not negotiable. Both federal student loans and tax balances are almost impossible to negotiate. Not only that, but they are not bankruptable. Not a good strategy. Pay the $2080 and be done with this.
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