Legal Question in Credit and Debt Law in Kansas

What is the best way to negotiate a settlement on a Salle Mae student loan? My daughter took out the loan and I co-signed. She is unemployed and I lost my business and am drawing early social security. She has been making payments for approximately 5 years. The balance is currently $20,000 and we are currently 3 months behind in payments. I would like to negotiate a settlement but am not sure the best way to go about it


Asked on 6/19/15, 2:53 pm

1 Answer from Attorneys
Anthony Smith LawSmith

You and your daughter should consult directly with a civil practice attorney. Government backed student loans are tough to settle through compromise. Most servicers believe they have no authority to accept less than the total amount owed. It is likely that you will be making payments towards that amount. If ss us your lone source if income, it may be tough for them to collect a judgment against you. It's your daughter that needs protection.

Good luck

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Answered on 6/19/15, 5:21 pm


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