Located in Florida.
If a parent plus loan for +/-$36,000 was taken out in 2015 through Navient, and (due to forbearance for [obviously] financial reasons) is now roughly $40,000, what is the possibility of settling this loan, either through a lump sum (not preferred), or diminished payments due to a lower settled balance (preferred)?
Basically, the loan was taken in the bahalf of a student, who's unable to receive a personal loan that would be necessary to make the $650-900/month payments, and the parent is sinking about a quarter of their monthly income into the loan balance when it's not in forbearance. In the event of a smaller settled amount, the child of the parent (for whom the loan paid for), might be able to successfully be issued a personal loan in order to pay off the balance and assume the debt on their end.
thanks to availability for all the parties involved, USAA and Navy Federal have been researched for personal loan rates. USAA has much better available rates.
Important note: wrecking a credit score is not a factor in this situation. The credit score in question is already poor, so any exonerate would allow the ability to repay other debt (credit cards, etc) in order to improve credit score.
Submitted February 25, 2019 at 04:17PM by Felt_Ninja https://ift.tt/2BUNJ9M
