In 2008 I graduated and became responsible for an

In 2008 I graduated and became responsible for an out of state student private loan with sallie mae for $50,000 with an extremely high interest rate. I was able to pay at first but not for long and eventually it went into collections with a company called Allied Interstate. I've been able to make my payment on time for the past year and today they offered to settle my $50,000 debt for only $21,000. Only problem is I've just started to re-build my credit so I'm not sure where I can get that kind of money even with a co-signer...any advice?

Thank you in advance.

3 Answers

It is going to be very hard for you to rebuild your credit with this in default.  This is a huge negative on your credit report and more than likely the holder of this loan will sue you for the balance....this is standard with private loans.  You will not get a loan with this on your credit...any family you can ask?

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

You can ask your family or your friends for the loan or at least a part of it if they can possibly afford it.


It is good that you're trying to build your credit score. It will be difficult for you to obtain such a loan. Lenders will charge very high interest rate on the loan as you have poor credit score. Any way, see if you can obtain a personal loan. Are you doing any job right now? If not, try to get a job soon. You'll have to boost your income to settle the debt. 

 


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