What are my options on paying off this lingering student loan?

I took out a $7500 stafford student loan at 7% interest from sallie mae in 1995. When I left college in 1996, I was not able to start paying. I put it in for a forberance on the loan and also hardships. As the years past, the loan has been sold a few times to other banks or corporations and has occured lots of interest. I am now under Nelnet Corporation and I didn't start paying until I landed a decent job in 2004. The amount was now up to an outrageous $13,500.00. I've been paying $150 a month since 2004 and am current and all on time since then. I have chiseled it down to $5,500, the current balance now. I recently have been checking the status and was wondering I can offer them a payoff or something short of what I owe and settle? I have already paid the amount I have borrowed, its just this loan never goes away. Any help or suggestions would be appreciated.

Asked By: Jay - 12/24/2008
Best Answer - Chosen by Asker
If you're in good standing they may work with you. Has it ever been in default? Have you rehabilitated your loan and started paying it or just started paying without contacting them? If you've been paying since the forbearance ended then you may be able to talk them into accepting less. Since this loan is now in a... More
Answered By: Tom H - 12/24/2008
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