I have heard it can be done and want to know how it can be done and under what circumstances as I know it's difficult. I ask because I have over 100k in loans and have been unable to get a job that pays over 30k, and my payments are to be over 1,000 per month and I only make 1,600 per month.
2006-08-24 07:18:17 · 10 answers · asked by Ariel G 1 in Business & Finance ➔ Personal Finance
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2006-08-25 17:41:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I know your pain. I also have over 100k in loans. Have you worked with your loan company to have income sensitive payments instead? They should work with you as they do not want you to default. It's extremely difficult to have student loans discharged. Regarding bankruptcy, this is what I found on the net:
"You can rid yourself of student loans through a bankruptcy if they represent a substantial hardship -- but that is very difficult to prove.
To have a student loan discharged, you have to prove three things, says David Light, managing editor of Consumer Bankruptcy News, a Florida-based newsletter:
*You can't keep up with your payment schedule
*Your future inability to pay and that your financial situation is permanent
*You've made a good-faith effort to pay
Good faith efforts include being as fully employed as you can be, being upfront with the lender, and presenting evidence that when you had money you made payments. What courts don't like to see is that you were fully employed and didn't pay, or you used an inheritance to buy a car, Light says.
It is the most difficult to prove hardship when you first come out of school, primarily because you don't have any history of not repaying the loans."
2006-08-24 07:28:12 · answer #2 · answered by Jena W 2 · 1⤊ 1⤋
If you had a federally funded/subsidized loan, you can't declare bankruptcy to avoid it. Even if you do declare bankruptcy, you will still owe on your student loans. Back around 15 years ago, some smart college graduated did just that, declared bankruptcy to avoid paying their loans. The federal government changed their loan practices so that students could no longer do that. Look back over your paperwork, you'll see that its what you signed for.
Do what every other young person does with a crappy job, go to grad school! Your loans are deferred as long as you’re in school.
2006-08-24 08:40:38 · answer #3 · answered by Robin A. 3 · 1⤊ 0⤋
You can NOT file against student loans. No way, no how. If you fail to pay every job you have from now until the day you die your wages will be garnished. Trust me. I don't care what some s--t house attorney tells you, you can't file against student loans. If you are having trouble, call them and they will work things out with you so you can pay it back. But don't default, if you do, they will take it out of your azz one way or another. Believe it!!!
2006-08-24 07:22:50 · answer #4 · answered by Anonymous · 2⤊ 0⤋
You pretty much can't. Why haven't you taken one of the $30k jobs? At least then you would be making something and getting experience. Now you are just being a lump. Get a job, pay your debt and work your way up to more money. And next time, do a bit of planning and research in advance to see if what you are dropping your money on is actually worth it.
2006-08-24 07:43:06 · answer #5 · answered by personal_finance_101 3 · 1⤊ 2⤋
Bankruptcy will totally screw up your credit rating. Call the loan provider and try to work out a realistic payment plan. They would rather get something than nothing, so it's in their interest to help you work it out.
2006-08-24 07:26:20 · answer #6 · answered by banjuja58 4 · 1⤊ 2⤋
I'm sure your student loan company would be able to work out a graduated repayment plan or forbearance with you. Most are pretty reasonable.
2006-08-24 14:29:53 · answer #7 · answered by Anonymous · 0⤊ 1⤋
dude your screwed ---- should have gone to a community college for 2 years.
starting Oct 14 2005 you want to claim bankruptcy hire a good lawyer.
2006-08-24 07:20:35 · answer #8 · answered by Anonymous · 0⤊ 1⤋
You owe the government, and we are the government...taxpayers. if you default it costs us all. Interest rates will go up for other students, and loan choices may be limited. This bureaucracy must be covered by the taxpayers. Get off your lazy butt, get two or three jobs if you must, and fulfill the PROMISE you made. Restructure your loans if you have to!
2006-08-24 07:21:43 · answer #9 · answered by jh 6 · 1⤊ 2⤋
Talk to the agency that services your loans. They can probably work with you.
Don't duck out of your commitments.
2006-08-24 07:23:27 · answer #10 · answered by jplrvflyer 5 · 1⤊ 2⤋