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Student Loan Debt Help

Pedro Said:

How can I get a student loan when I'm in so much debt?

We Answered:

Stafford loans are specifically for students look into that

Velma Said:

Why is student loan debt harder to get rid of or reduce compared to credit card and other debts?

We Answered:

For one thing, many student loans are backed by the Federal government. That's why they can't be discharged in bankruptcy and lenders don't have to deal with accepting settlements. The loans don't go away and eventually, they are likely to get every penny plus interest.

Credit card debt is not backed by the Fed.

Norman Said:

Are there any ways to reduce undergrad student loan debt (private and/or fed)?

We Answered:

For federal loans obtained after October 2007, you can get student loans forgiveness after 10 years of service in a government job. But you can't be in default, you have to keep your payments up in the mean time. Some government jobs that qualify are: All government jobs, whether federal, state or local, Military service, Police and fire departments, Public education and public health care, Social work, Public and school libraries, Public-interest legal services, Education in high-need areas, Nonprofit, tax-exempt 401(c)3 organizations.

Other than that, you're pretty much stuck.

Cassandra Said:

How to be forgiven student loan debt?

We Answered:

As far as I know the only way to be forgiven a student loan is to prove total disability, meaning you are unable to work at all. As the other poster mentioned, not even filing bankruptcy will wipe out a student loan. I have a friend trying to get his forgiven - he hasn't worked in 4 years but all they keep doing is giving him extenstions. If you can prove financial hardship you may be able to do the same - just keep getting extensions. This at least "freezes" the balance - during the extension no interest is charged. Not sure of your situation but maybe this would buy enough time to save some money to pay it off.

Good Luck!

Clyde Said:

Any proposed student loan debt elimination programs or interest rate reductions?

We Answered:

Why should taxpayers pay for YOUR student loans?
Pay your debts and stop looking for a free ride!

Linda Said:

Can declaring bankrupcy erase student loan debt and how odes it work?

We Answered:

In general, you cannot 'erase' government guaranteed student loans through bankruptcy. There are a few exceptions, if you can show that paying back the student loans would result in 'severe hardship', but those exceptions are very rare.

Government guaranteed student loans are also forgiven if you die or become disabled.

If you are having issues paying your government guaranteed student loans, there are a lot of different payment plans that can be implemented, plus payments on the loans can be temporarily suspended if you return to school, or have a loss in income. Check with your lender.

Private student loans can be forgiven through bankruptcy.

Chapter 7 bankruptcy stays on your credit report for 10 years after it is discharged. Chapter 13 bankruptcy stays on your credit report for 7 years after discharge.

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