Best way to pay off around 40k in student loans? (7k private)

[Anonymous]

I have around 33k in govertment loans and 7k for a private salle mae which was for high school back in 2004. My question is, what is my best move to pay this off? I have literally been ignoring it all for 10 years and now would like to pay it all off at one time. Is it even worth paying the Salle Mae private loan at this point? Won't that drop off my credit report soon? They are offering a pay-off of around 2k - Should I pay that? Or pay the whole thing? Or pay none of it? 

The Government loans I know never go away so I figure I should just write a check for all of those at one time? My goal is to get all this stuff off my credit report asap but as cheap as possible obviously. 

Thanks for the help!

[Caldric]

Are the Fed Loans in default?

[Anonymous]

I would pay off the private loans as fast as possible, as they're far more difficult to work with than the government.

For the Federal loans, get on Income-Based Repayment as soon as possible. That will lower your monthly payments to a reasonable rate based on your current income. And with lower monthly required payments, you can use any extra you have to pay off the loan faster. 

Negative information stays on your credit report for 7 years, so if you've been ignoring your loan payments for 10 years, your credit is going to be bad for at least the next 7 years. But if you begin paying them off now, you'll be rebuilding credit and starting to improve your scores.

[Anonymous]

Negotiate a deal with the Sallie Mae collector to remove it from your report in exchange for repayment. You shouldn't have to pay anything near the full amount but you can't really ignore it.

[Erick12]

If the private loan is past SOL so you can't be sued and will soon be dropping off your report I don't understand the point of paying it. How do you get a student loan for high school? That's a thing?

You have the money to pay the federal loans all at once? I'd just do that. Be done with it.

[Anonymous]

It's easier to get rid of herpes than student loans. I'd just pay them off. If you don't pay them in time, they'll garnish it from your social security when you retire.

[youdontkillmoney]

Actually I would say herpes and student loans are both for life, they never go away.

[Anonymous]

Don't worry about your credit score at this point. Remember, they can and will come after you for the money. They can also do this by garnishing your wages. Pay it off as soon as you can. Put it on auto pay. I would start by finding a higher paying job, working extra shifts or finding a second job. Also, cut back on spending immensely. Save and pay off your loans because like someone else has mentioned, it's like herpes, it won't go away. Same goes for death and taxes! lol You'll pay them till you die.