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Loan interest forgiveness
April 4, 2016
8:02 pm
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Jo
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Is it possible to negotiate a loan interest forgiveness by paying off the entire original amount of the loan?

April 4, 2016
9:28 pm
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Indiana
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Forum Posts: 334
Member Since:
May 3, 2014
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Jo,

My guess would be that this would be impossible.

The interest is how lenders make their money. What incentive would they have to accept just the original amount of the loan if you have the money to pay it all up front?

I recently wrote an article on negotiation of interest rates that might offer some insight to what you are asking: https://studentloansherpa.com/negotiate-interest-rate-lender/

That all being said, even if you can’t get them to forgive a portion, aggressively paying off whatever you can afford will save you the most money in the long run.

Good luck!

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