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Roger, Attorney
Category: Legal
Satisfied Customers: 30903
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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My son has recently defaulted on his student loans from salli

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My son has recently defaulted on his student loans from salli Mae that my husband and I co-signed for him. His original total for both loans were $62,868 and are now $81,502.
I will be calling them this week to see about getting them totally transferred over to me so I can try and pay them off but was wondering if I should do this on my own or consult an attorney. I did try talking to them several months ago and I was trying to get a loan to pay them off at a reduced rate of about $63,000 but they would only do it if I could pay it in full. We were not able to get a loan due to our credit which hasn't been real good in the past several years due to difficult circumstances, and now husband has had stroke and will not be able to return to work. Would it be realistic to think that they would work with me at this
point so I can try to solve this problem?
Too bad my credit wasn't "bad" when my son needed a co-signer (lol). Thanks

Roger : Hi - my name is XXXXX XXXXX I'm a litigation attorney. Thanks for your question. I'm sorry for your trouble with this, but I'll be glad to assist.
Roger : Student loan companies are very difficult to negotiate with because these loans generally aren't dischargeable in bankruptcy, and can't be avoided.
Roger : The only way even a bankruptcy would allow the student loans to be discharged would be if you could prove that paying the loan back is a hardship and prevents you from providing basics - such as food, clothing and shelter.
Roger : That said, an attorney can't make the lender compromise the claim, but he/she could negotiate on your behalf.
Roger : However, you may be able to do just as good on your own.
Roger : Also, you don't have to get the loans transferred over to you in order to pay. Since, you guaranteed the loans, you can make payments without any negotiating.
Customer: I'm not looking to "not" pay the loans back. I'm wondering if it is possible to get the loans back down to the original amounts so I'm not paying all the other fees that that were added on. This would at least help me out a little.
Roger : Sure, I understand that.
Roger : The bankruptcy reference was just to illustrate that it's hard to negotiate with student loan creditors because they know there's no way to get around the debt.
Roger : Basically, there's no bargaining power UNLESS you could offer a lump sum payment to settle the entire debt.
Customer: ok
Customer: Thanks for your help
Roger : Sure. Glad to help. I wish there were some leverage out there that would allow you to force the lender into settling on a lesser amount, but there's just not. The best you can offer is consistent payments if they'll forgive the late fees, etc.
Roger : But, it's totally up to the lender as to whether or not it will agree.
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