Student Loans: Negotiating with Your Creditor

If you have a number of student loans, they can add significantly to your credit rating. Keeping on top of student loans is something that many people struggle to do from time to time. In order to ensure that you don't get into serious difficulties with your loan creditor, you may need to spend some time negotiating with them.

Call the Creditor First

If you realize that you are going to have some trouble paying off your student loan at a previously agreed amount, then you should consider calling them (before they call you), and arranging to make a different payment. Offer them a reasonable amount which you know that you can afford to pay each month.

Don't Make Wild Promises

One of the biggest pitfalls that can occur when negotiating with the creditor is to promise to pay them back more than you can manage. This will usually result in you falling into default, and then you will be forced to negotiate all over again with the creditor. Try and ensure that you get the best deal, but don't agree to more than you are able to pay each month.

Make a Reasonable Offer

The key to negotiating with student loan creditors is to make them a reasonable offer. Make it something which is a compromise between your ability to pay, and how much they expect you to pay each month.

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