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I have a good payment history with American Education Services and I have a Subsidized Consolidated Loan ($27,156.54) and an Unsubsidized Consolidated Loan ($18,797.15). Total $45,953.69 remaining balance.
The loan has been a burden for sometime, been paying on it for over a decade. We also have other debts that we have been managing.
We have a special needs child and we are expecting another baby in April.
We were fortunate today to have sold our house (after 3 months of closing delays) where we have enough money to pay off the loans as well as work on paying off other debts.
We’d like to put ourselves in the best situation possible to care for our child and the newborn.
Is it likely that I can negotiate a lump sum payoff with AES for a lower amount? Say $40k?
What would be the best strategy to approach this if it is possible? Should we do this on our own or hire someone who has experience?
THANK YOU!
Oh, rates are 8.25%