WAY Too Much Student Loan Debt

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WAY Too Much Student Loan Debt

help2532 Rep Points: 5

Posted on February 6, 2009 at 11:28 am

My husband has more nearly $150,000 in student loan debt. He went to school twice, both private schools, very expensive. Most of the debt is through the company Sallie Mae. That one company wants us to pay almost $750 a month in payments. That amount is an interest only payment, none of it would go towards the principle. He has tried over and over to get them to lower our payments but they say that is as low as they can go. There is no WAY we can pay this debt back. Can anyone give us advice on student loan bankruptcy?

buggles Rep Points: 3,680

Posted on February 7, 2009 at 9:05 am

Sorry to say, you can not declare bankruptcy on student loans or child support. These are the two debts that must always be paid off.

beautyqueen26 Rep Points: 6,185

Posted on March 23, 2009 at 1:32 am

I'm not a big fan of student loans. They rarely work out. But education is essential, so I guess student loans are too.

killhawaii Rep Points: 310

Posted on March 27, 2009 at 7:28 pm

Sorry but I must agree with buggles. You have to pay off those debts. No way to avoid them.