I'm just wondering if anyone knows anything about settling private student loans or who would be best to talk to? It's a reallllly long story, but basically I have an insane amount of private loans through Sallie Mae for a useless education through a for profit private college.
My loans were initially about $96k from 2003-2006. Now with accrued interest they sit at just below $180k. We simply cannot afford these loans. According to zillow we have around $115k in equity on our house. So I was thinking of getting a second mortgage for that $115k then using that to settle with Sallie Mae.
But I don't know where to start. Do I speak with an attorney? What kind of attorney? Or do I speak with my mortgage lender or broker (we have a broker who did our original mortgage and our refinance who is amazing)? Do I start by calling Sallie Mae to see if there is any way they would settle? I have a feeling I wouldn't get far doing that. Do we start with an appraisal of the house to see if it's actually worth that much? Or is it pretty much a hopeless dead end idea like everything else I've tried?
Just looking for some info if anyone has any. FWIW besides those loans and about $20k in federal student loans, our only debts are the house and the car.