Best to default
Posted by JakeTheSnakeBrigance@reddit | studentloandefaulters | View on Reddit | 10 comments
Say someone were to refinance $300k in federal loans, pay for 6 months, then default. What would be the ideal company to negotiate a settlement of 30%, and how long if ever would they take to file a lawsuit. Anyone have similar stories?
Suitable-Scene-1336@reddit
Honestly, refinancing 300k+ is tough, especially with federal loans... I had 250k and they won’t negotiate, trust me. If you have a decent income and credit, maybe check your options, but just be aware nobody’s really gonna help if you default.
brotatochip4u@reddit
The federal government is not going to negotiate with you
Apprehensive-Ad-80@reddit
Good think that’s not OP’s plan
Hanesman12@reddit
Federal loans can be refinanced as private.
JulesVideoArchive@reddit
Nobody’s going to refinance your 300k in privates. I had 250k. Your best bet is to not pay them. 3 months later they will go to collections. After that, ignore the phone calls and continue living your life. Your worst choice is to begin paying them, also, 300k in private is like 4k a month mate you’re fried either way.
JakeTheSnakeBrigance@reddit (OP)
I was pre approved and it’s like 2200. But like I said if someone were to do that and default what’s the likelihood they just get a judgment and screw you for 300 plus interest and atty fees
JulesVideoArchive@reddit
If Sallie Mae, 0%
TWOscore11@reddit
I was able to refinance 300K+ (combo of private and federal) about 10yrs ago. Had good income ~120K and ~750 credit, no cosigner. Pretty sure I still see offers for consolidation of high amounts out there.
JakeTheSnakeBrigance@reddit (OP)
Did you default and settle?
TWOscore11@reddit
Yes and no.