katrina2388

I have a private student loan which I previously paid ~12k extra toward the principal. I am looking into the possibility of buying a house over the next 6 months and am currently on the edge of typical qualifying debt to income ratios. Would I be able to renegotiate to a lower monthly payment on this loan with the servicer based on my lower balance? Since I have over paid in the past, I could pay a lower amount each month and still pay off in the specified time period. Of course, I know I would still pay the original amount (if not more) but it would help out my front-end ratio while applying for a mortgage.

Assuming I only pay the minimum each month, this could actually get the servicer more money in interest. It's for this reason that I think it might be possible.

Has anyone done this with any of their student loans or any loans for that matter?