My Current Student Loan Debt Status

Posted on: August 28, 2008 by Matt

Over the course of the past three years I have been slowly digging my way out of the student loan debt that I have accumulated. As of today I am down to having the final three big creditors to pay off, two of which are in good standing and the last is in collection. I have been unable to work out a rehabilitation agreement with the collection agency.

My balance totals roughly $42,500 of which $22,000 is in collections. The agency has noted that they may be willing to settle this for as little as $14,000. I have spoken with a local bank about possibly working out a loan arrangement for the $14,000 but have not moved forward yet.

Given my lofty goal of having a house of my own in the next couple years I do not want to risk damaging my credit any further. In order to assure I am taking the best method I will be (hopefully) meeting with a credit counselor tonight to review my current situation.

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