Suffering from old student debts, plz suggest some solution
Date: Mon, 10/31/2005 - 12:56
Suffering from old student debts, plz suggest some solution
I ended up my education with $ 46,000 student loans. I could not complete my education at that time. It was 1999. First I was in a low-paying job. Now collection agency is calling me. I earn $32,000 per annum. The collection agency has started claiming $500 per month. That's quite impossible for me; I cannot spare that much amount. I have two kids and I am a single parent. One of kids is disabled also. I have to spend a considerable amount for his medicines per month. If it was not student debt, I had filed bankruptcy. Please suggest some solution, feeling helpless…
I understand your situation. Have patience???.I'm sure you'l
I understand your situation. Have patience???.I'm sure you'll definitely conquer this situation some day.
Quote:
If it was not student debt, I had filed bankruptcy. |
It has become more difficult to wipe out student loans through bankruptcy after October 17, 2005. But if you are able to prove your financial hardship, your student loans still can be written off.
But before filing bankruptcy, you should know that it will damage your credit adversely.
The other options that you can exercise are-
- Rehabilitation
- Consolidation
But you might have to do a tight-rope walking if you chose rehabilitation.
Or you can consolidate your loans. Consolidation is really helpful when loan amount is so high. It will help you repay your debts with low rates of interest and moderate monthly installments. Check the benefits of student debt consolidation here.
You can go through a free counseling by registering with this site also.
