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Negotiating Student Loan Debt?

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angelarose View Drop Down

Joined: 15/June/2017
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    Posted: 16/June/2017 at 2:14am
I graduated 6 years ago, and have been on the RAP program and have made 0 payments to my student loan. I have someone who is willing to pay off my student loan in one lump sum payment, but wants to negotiate it down. I've called NSLC, to gather information and they said that Resolve Corp only processes the applications, but the goverment sourced and owns my debt. 

But from my research Resolve Corp/DH purchases loans, and I believe they own my loans? I've made some calls but haven't gotten anywhere.

Anyone know anything about negotiating a student loan? I figured to them I'm giving them nothing, the government is current paying on my behalf so I feel like I might have some leeway?

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Johnny View Drop Down
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Joined: 05/November/2003
Location: Canada
Points: 5969
Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 16/June/2017 at 7:20am
Your loan is not "sold" to the service provider. It is a Crown debt and it will always be a Crown debt. The government of Canada doesn't sell it's accounts to debt buyers, or anyone.  

If you want to make an offer to settle the student loan then you have first have to give them (Social Development Canada, and it's Ministry) a really good reason to do it. If the loan was in default, and your circumstances warranted a settlement, then it would a lot easier. However, they may just say no because you are on RAP, and there is no reason to settle. If you are experiencing hardship with extenuating circumstances and can give them that "reason" to settle while the loan is active and in good standing, then you can certainly approach the government. 

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.
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