you can't file bankruptcy on student loans,what way is there to get Reid of them?

Question

I have 5 kid's and there's never a nuff money around to even think of making a payment,and here pretty soon thier going to be on my wages and then won't even be able to live

Answer 1

Sorry, unfortunately bankruptcy will only wipe out your credit card charges and will not help you with your school loans, IRS debt or child support... Those debts will follow you forever-- Call the loan officer or bank and explain your situation they will definitely work with you and will give you a better plan to pay the loans off- Good luck!

Answer 2

You should have thought about that before you got your loans. I know when I was living in Akron, there were people that had initial student loans under $50,000 but do to non payment and forbearance they had ballooned to over $150,000. I would take a hard look at your budget if you have one and make sure that you put your student loans first. I know of many families that have bought there children's clothes from thrift stores and if the children are young enough, my parents bought most of our toys at garage sales and thrift stores and goodwill. I do not know how much money that you bring in, but one of the things that I did was to control my student loan borrowing and made sure that my first job was greater than the loans. It is too late for you to do this now, but it is a great opportunity to learn money handling skills. It has took me a while to learn how to manage money. Finally, you might have to do what my parents did to me and my siblings which is to explain to them that there are some things that they can not do or buy because of the money situation. You are the adult, so it is time for you to stop making excuses and fix the problem. You might have to do some major trimming of expenses like no cable tv, no cell phones because of the cost, no new games, etc. You have a long road ahead of you and it will not be easy, but I have relatives that had 4 children each and live in the country where they found ways to not only survive, but to have their children do well on their own.

Answer 3

You'll eventually have to pay them off either by the Gov't garnishing your wages or your income tax refunds. You can't get out of them. They were there for you to go to school and by your repayment, others will be able to attend school as well. You signed paperwork that said you would repay those loans, and it's only fair that you follow up on your word and to the right thing. $5 a month is better than defaulting on a loan. Your word means everthing!

Answer 4

Dont pay them $5 per month unless they agree to that (that would be insulting). Call them up and make arrangments. You are not gonna solve this issue here. Call them up - be honest, be complete, be ready to pay up to 10% of your take home. You took public money to improve your self, now put it back in for your kids. You will improve your credit and probably feel better, so call them ASAP as they are not good collectors but rather good at garnishing wages (it is easier to garnish than to babysit a payment plan)

Answer 5

nope, no way to get rid of them, federal taxes and student loans are with you till you die. you should try to negotiate for a lower payment, they are usually very accommodating as long as you make effort and don't ignore them which i'm guessing you have since its gone to the garnishment stage, i negotiated for a lower payment for my student loans with the William Ford Trust Foundation, so i pay $25 per month on loans of $26,000, yes it will take forever, but at least its not a garnishment from my paycheck.

Answer 6

You can often apply for a forbearance, meaning that they're reduce your payment amount or postpone your payments until you're on more solid ground. Explain your circumstances to the lender, and they'll do what they can. Like many creditors, they'd rather get paid partially or slowly rather than not be paid at all.

Answer 7

You're going to be really bored without cable! You might even have to give up your cell phone & internet access!

So, what was your major anyway? Did you get an MRS degree? Or did you just stick with Pre-Wed?

Answer 8

obviously you didn't learn to spell in college! Why did you rack up bills you had no intention of paying??? Get neutered by a Dr so you don't have anymore children you can't support and pay the bills. Rack it up to being stupid!

Answer 9

Well it depends, are they all in college?
If not, you can get scholarships and whatnot to help take care of everything.

But if all else fails, try calling Ameriquest or one of those non-profit debt consolidating services.
Maybe they can help

Answer 10

Pay them off. They will garnish for re-payment