How should I go about negotiating with a student loan collection agency?

Answer by  xAtomichamsterx (100)

If the student loans are through the federal government, many times you'll qualify for a forebearance if you're having a hard time financially or otherwise. If it's a private student loan, I would suggest asking how you can lower your payment by extending the amount of time you have to pay off the loan or consolidating your debt.

Answer by  John (9008)

Keep in mind that they are in a position of power, since bankruptcy is not an option for you. Be realistic in your expectations and truthful.

Answer by  Wolverine (42)

You should begin negotiating by contacting the collection agency and speaking with them about possible payment plans. A collection agency is much more likely to work with you if you make some payment (any payment) on the debt.

Answer by  Olive (1195)

It's best to be up front with them about the terms of your loan. If you need to change payment arrangements, contact them immediately to make new payment arrangements.

Answer by  sellinghousesforyouyahoocom (48)

You should start your negotiation by asking the collectors to waive any fees or penalties. You should also ask if it would be possible to lower the interest or stop the interest from accruing after a certain number of payments have been made. If the person you are speaking with can't change your loan terms, ask for their boss.

Answer by  don5601 (70)

call then let them know you will work out a payment be honest with them and i am sure it will all work out also be understanding to them and it will all work out.