I took out two sallie mae tuition answer loans, on
I took out two sallie mae tuition answer loans, one in 2006 for about 25k, one in 2007 for about 8k. Since then the 32k has compounded interest to about 51k total owed. I also have about 80k in government loans. I graduated in August and have now been lucky enough to get a job in my field in november. My family has been making the payments ($500/mnth) for the last 6 months. I am just about to come into some money and want to offer SM a settlement for 32k, the original loan amount. This is all I have to offer them. So, are there any strategies for doing this? I called them today and spoke to a manager and he said that they would be unwilling to settle, but it also seemed like he was slightly interested and might have bitten had I been able to say the right things. I have researched and found that most settlements happen after the loan is in default but I don't really want to go into default because I know that the balance will just increase significantly. My rate is variable at 9.75 right now. I also had to file BK in 2009 due to other hardship but the SL could not be apart of this.
Do you think there is any chance that they might settle? What if I call every day and ask a different account manager? Any comments or strategies would be greatly appreciated. If settlement is not an option, what other negotiation strategies might work?