I Have Student Loan Debt And Learned That Bankruptcy Will Not Help Me That Much

Does anyone have any helpful suggestions in terms of how I can pay my student loan debt off faster?

It sounds like you are having problems making your monthly payments since you were looking into bankruptcy as an option? If that is the case it will be hard to pay off your loans faster, unless you see an increase in income or have a friend or family member who can help you out financially.

I would suggest picking up a part time job if you have the time to try and generate more income. If that is not an option, as I mentioned before, you can (if you feel comfortable) see if someone can help you pay off the debt faster. I understand that a lot of people are not comfortable revealing their situation to an outsider.

Another suggestion I could make- do you have any assets? Do you have any assets that you could sell for a profit? If so, that is another way people can make extra cash to put towards their student loan debtt.

Now, if none of these options are realistic for you, I would suggest that you contact the lender who extended the student loan to you. Let them know you are having trouble paying off your student loan debt. See if they are willing to adjust the terms to give you some breathing room in the meantime until you can find an effective way of paying off the debt faster.

bankruptcy wont help at all...but if youre defaulted or even having a problem paying your loan off, try calling the student loan relief organization or check out their website at www.slro.net  ... im a former client of theirs and i was in default, but they got me out of default and put me on an affordable monthly payment plan

I agree bigjohn1898, filing for bankruptcy will not be much of a help at all. In fact it will prove to be more detrimental on your end, because of its long-term effects on your credit report. Depending on which chapter of bankruptcy you'll be filing for, it will be documented on your credit report for as much as 7-10 years.

Have you consulted your lender in terms of making repayment plans? I know that you may also be undergoing financial hardship at the moment, but understand that paying off your student loan debt "faster" means that you need to make bigger payments to your lender.

You can also try to consolidate your student loans, that is if you have more than one of these. Consolidating your student loans entails a unified and more efficient repaying process, allow you to make lower monthly payments, and lower your current interest rate, but doing so will extend your repayment period.

If bankruptcy will not discharge student loan debts, would debt settlement be able to help?

It is not impossible, but it depends on the lenders. I've learned that they do follow the standard collection procedures, meaning that the debt can be passed on to a third party collector, which means that no matter what, they'd try to collect...which translates to..if the consumer wishes to settle to be able to rid himself of debt, then the collection agency would either say "okay or not okay, I think we'd sue you for a judgment instead. Unless you pay in full..."

Just to clarify on peterpanamerican's comment, I think it only works for private student loans, and not the federal government backed ones.

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