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College Student Loan

How to Negotiate College Student Loan Settlement

With the high costs of college education, it is harder for college students to get out of college without a college student loan to settle. One of the reasons why there is an increase in college debts is because the government grants and support have remained the same yet college costs have kept rising. This has left the burden of paying these loans to the students and their families. There are different kinds of student loans offered by different companies. For instance, Wells Fargo College Loans which offers private student loans and Discover College Loans which offers Discover Card Student Loans.

Due to the tough economic times, student loan repayment once can be tough. If the lender comes knocking at your door, you might wonder what to do especially if you do not have the money. This article gives you tips on how to negotiate with the lender.


What do you do if the lender contacts you about the college student loan?

Sometimes, most students do not know how to deal with college loan debt collectors when they contact them. One of the reason is that they have never experienced this before. This might make them feel ashamed and embarrassed while others become defensive and rude.

Mostly most debtors become confused, which might give some harsh debt collectors an opportunity to harass you. It is important to know how to deal with debt collectors just in case they come to you for failure to pay your college loan. It will help you avoid penalties or adverse effect on your credit cards.


  1. Do not ignore your lender

When the debt collectors call you, pick up their calls and communicate with them. Ignoring them does not solve anything but rather makes it worse. If there is a misunderstanding emanating from the college student loan, make sure you discuss it with them. If you actually have a debt to pay, negotiate a better plan on how you are going to pay.

Ensure that your plan shows the lender your ability to pay as compared to your willingness to pay. This is because the bank is only interested in you to pay your loan and not sympathize.


  1. Keep communication lines open.

Make sure the lender can communicate with you anytime. Written communications are preferred more than phone conversations only. This is because; you are creating a paper trail by doing this.


  1. Keep a record of payments you have already made

It is always a good idea to keep receipts. If you have lost them, contact the bank you paid through and get a copy. This helps avoid mix up with the loan lender if there is confusion or dispute with the amount you are supposed to pay.

Keep track with all the dealings with the lender. Take notes of the conversation and not the dates and time. This will be proof in case you get harassed, and you seek legal action against the lender.


  1. Know your rights

Even if you are cooperating with the lender, you should be aware your rights as a consumer and not let them harass you. There are rules preventing student loan lenders from taking advantage of you so be aware of them. There are limits to what the debt collector can do while trying to get you to pay up.


  1. Fight back if the debt collector is harassing you

Never allow the collector to intimidate you. There are legal procedures you can take like reporting him to the consumer attorney for assistance. Although you might need to pay for the lawyer, it can be worth it sometimes.


  1. Seek legal assistance if it is necessary

Sometimes it can get to a point where you cannot handle the student loan lender by yourself. You have the right to hire a lawyer if you feel this way. An attorney understands your rights on debt payment more than you do. They can also help you in renegotiating the terms.


How to pay your college student loan with less pain

Clearing debts can be a harrowing experience, especially when you do not have a stable source of revenue. It is not easy to get good jobs immediately you leave college, and this makes it even harder so what can you do?

First, what you need to do is understand why you need to pay your college academic loan. You should ask yourself the following questions; why do I need to pay? What are the penalties if I do not pay? What are the interest rates?

Once you have established why you need to pay, the next step is to come up with a good plan on how to do it. Here, you will consider your income and abilities to pay before committing yourself to the lender. Ensure you are comfortable with raising the amount that you are about to commit to.


Stick to the plan!

If you come up with a scheme of paying a certain amount monthly, ensure you do exactly that. This will create a habit of paying that amount and eventually you will be able to clear your college academic loan.

Bonus fact: do not borrow another loan so that you can stick to the plan. This will be adding more misery to your credit score. If possible do loans for college students with no cosigner or cosignee This will help you to avoid putting other people into your problems.


What is the impact of college academic loan to the students?

One of the immediate effects of the college academic loan is that it causes a delay in major life events such as buying a home, getting married or having children. The reason is you may not cope with paying the loan and funding these events.


Additionally, the credit can influence your employment plan. Some companies demand you be debt free, and you might end up missing on good job opportunities. This forces most students to work outside their field to make ends meet.


Finally, the college academic loan might force you to live with regrets especially if you cannot see the fruits of your college education.


In conclusion, a college student loan is a good way to fund your college education, but it is a good thing to prepare yourself for how you are going to pay it after you are done with your college. Getting a good job to enable you to pay can delay, and you will find the above tips to negotiate with your lender about how you are going to pay.

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