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My dad says there are companies that essentially buy off your student loan debt from the company that you are indebted to and then offer them back to you but at a reduced interest rate.
It sounds too good to be true. What's the catch?
How would I go about doing this when I have like 5 separate private loans (due to extenuating circumstances - they amount to around $20,000 in total) that I would like to consolidate? Should I get one of these companies to "buy off" my loans first AND THEN consolidate or vice versa?
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>>1713061
When a company "buys" youre loan, its not doing you a favor. Its so they can harrass you for money
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>>1713091
>your
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>>1713061
It's called a bank.
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>>1713061
I'm guessing they buy off the debt at a fraction or face value and try to use the reduced interest to get their money back with some profit.
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>>1713061
>what's the catch
The bank doesn't have to give you a lower rate. They might just delay payments and then charge a higher rate. You might be able to get out of paying them off with bankruptcy as opposed to government loans if you don't give a shit about your credit. But come on. Grow up, kid. Care about your credit. Care about your future. Come on.
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>>1713061
20,000 even with a shit degree is nothing, you should be able to pay that off in 4-5 years even on a salary of 35k-40k annually.
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>>1713061
What shit degree did you get where you can't pay off 20K in a few years?
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