If you are struggling with student debt, you’re not alone. Over 14% of federal loan borrowers go into default within three years of beginning repayment, according to the Department of Education, and student loan debt exceeds $1.3 trillion throughout the United States.

If you have exhausted all postponement programs and payment-reductions offered by your lender, a settlement may be an option if you are able to offer a lump sum. There are three general types of settlement offers which collection agencies can make without approval from the Department of Education: the remaining principal balance and accrued interest (excluding collection charges); the principal balance and 50% of unpaid interest; or 90% of the current balance and accrued interest. Settlements which do not fit these categories are still possible, but may take longer due to the need for approval from the Department of Education.

To pursue a settlement with the assistance of an attorney, you will need to outline your current scenario and budget, as well as your plan of action for post-settlement. Also make sure to summarize your finances, including all income, debts, and liquid assets.

If you are struggling with student loan debt, contact an experienced student loan attorney today for a free consultation.

Ratings for

Complaints - Settlement

  1. Jacob

    Navient keeps contacting me mainly through email. I tried to tell them none of them payment options works for me but they don’t care. I even told them I could pay just $10/month but they won’t agree to that than stop contacting me.

  2. Janet

    I have never once missed a payment on my student loans, yet each time I log into my account it says that I have missed a payment and am delinquent on my loans. I have paid late, but I have yet to physically miss a payment. I am routinely called and emailed by this company saying that I need to take action on my loans. They also emailed me saying this was an attempt to collect debt, by a debt collector, when I am within the terms of my loan. I have never missed a payment! This company is a joke. My loans were sold to them from Sallie Mae and I pray that Navient will sell my loans to someone else so I don’t have to deal with this company any more. They must have a lot of loans that are ACTUALLY delinquent because if I miss my payment by a week you would think I haven’t paid it in a YEAR.

    1. Mike Agruss

      Hi Janet, I know a lot of consumers that share your frustrations. Is Sallie Mae calling you, Navient, or both? Either way, I can help you stop the calls. Thanks, Mike.

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