Private student loan sent to collection attorney
HI, I am in default on a private student loans. It was sent to a collection attorney and they said they would accept $100 dollars a month. They told me that it did not go as far as it could have gone and that they wont sue if I make the 100 a month payment. My dad is a co signer on this loan. I thought the loan was deferred but that turned out not to be the case. My question is if they say they wont sue me if I pay do you think they will? This has now turned into a 20k loan due to 5k collection fees they added on. I just dont believe they are actually planning on accepting that much. I told them I will pay more when I become an RN in about a year. Please help me out with this.
If you make all of your payments on time, then they probably won’t sue you. However, if you’re only paying $100/month on this loan… you’re going to be paying on it for several decades because you’ll barely be covering the interest (example – of that $100, $90 is going to interest and only $10 is going to the actual principal). You need to pay at least $300/month in order to pay this off in 10 years. Since your private loan was sold to a collection agency, you and your father’s credit will be negatively affected. Make sure you make every payment on time.
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