What if one has 130,000 in federal stafford loans, 40,000 in private loans..and no way to repay them?

Question

These loans are not in default, or have they used forbearance or defferments alloted once leaving school. I have no family of my own, or spouse, or great job prospects that would pay them..i.e. doctor, lawyer..etc...and I'm 44 years old. I feel that my prospects of ever having a life are nill to none..especially never getting the start in life, how can I now, or who would marry me with that kind of debt, unless some miraculous intervention..such as getting a movie deal, or winning the lottery.

Answer 1

I have a lot of debt from college. I just chip away at it a little bit at a time. It's really hard right now because I'm a single mom with 3 teenagers and I don't make a lot of money. I did consolidate my loans and that helped a lot. Other than that, I try not to worry about it and just do what I can. I'll probably be 70 before they are paid off, but I'll still be a teacher and no one can take that away from me.

PS Bankruptcy is not going to work because student loans are protected from bankrupcy.

Answer 2

I don't understand how how got you that much! I'm sorry, but 170,000 in student loans when you didn't go to something like med school is a very foolish and irresponsible thing to do. I hear all the time complaints from my mom, how am I going to pay my loans back because I am majoring in things like German, and I only have a fraction of what you have.

The only thing I can think of is consolidating them to lower payments. For some loans you can with a certain job or by joining the peace core among other things forgive some of your loans, I can't remember if that applied to stafford or not.

Maybe you should explore your options with the people issuing the loans or a debt counselor.

Answer 3

Sorry to say but you are stuck. No way to get out of them, bankruptcy is not an option as that does not take care of schools loans. I would question why you borrowed so much if it was not to work in a job or field that would allow you to pay off such a debt load :/

Spread out the loans for as many years as you can and just chip away.

Answer 4

With all that money you used for education, you should have some type of degrees in something. Use your degrees in finding a job that can allow you to pay >$2000 a month payment while making a living. I had a Stafford loan for $15000. 10 yrs after graduation, I still have a $5000 balance. It is sick!

Answer 5

The repayment kicks in 6 months after you graduate...my sister is going to get BURNED come November - she has about $8000 in loans that she didn't really need!

Answer 6

Maybe u should take out some more loans and go to medical school and become a neurologist or anesthesiologist LOL
Or to law school and become a malpractice attorney, probably take less time and pay better too.

Answer 7

actually the people who keep yelling "bankruptcy!" are dead wrong. Bankruptcy does not get rid of student loans. In fact, student loans are one of the few problems bankruptcy won't fix. The only way to get out of paying back student loans is to die. However, you may want to look into consolidating your student loans to make them easier to pay.

http://www.finaid.org/loans/consolidation.phtml

Answer 8

Welcome to the wonderful world of student loan debt! I don't know if this will help you, but I'd like to let you know that you're not alone. Please visit the following website: www.studentloanjustice.org . You may find some answers there. Good luck.

Answer 9

you're in dept up to your eye ball!Bankruptcy!!!! So was it worth it?ALL that spending

Answer 10

Time to go bankrupt.