Student loan debts?

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I wasn't able to continue with school after having a baby and working part time was no longer possible. I can't afford to pay off my 30k debt in student loans. Is there some way they can offer forgiveness so that I don't have to repay? Would it be wise to get a loan to cover the amount I owe in federal and private school loans and then file for bankruptcy? Anyone out there know how I can get rid of this worry? I haven't been able to relax in over 2 years. Thanks.

Student loan debts?

Well, are you in default yet? If not, and even if you are, there may be help. First, call your servicer and see if you qualify for a hardship deferment (these are renewable for three years) on your loans. If you are unmarried, low income and a parent you may qualify for one. Ask also about income contingent repayment options as well. Or ask about making reduced payments until your child is in school and you are able to return to the work force. Most lenders will work with you to keep you out of default if possible, but you have to ask for help. If you are in default look into a consolidation loan to get this mess under better control and a part-time job again.

You cannot discharge student loans in bankruptcy now, so that is not a route you can go and shouldn't anyway. A bankruptcy affects you for a long time. And a lender who already knows you're in trouble on your student loans is not likely to lend a private loan to you either, especially at that amount if you have no collateral and no ability to repay. Bank loan officers aren't paid to be charitable to the poor, trust me, and a check of your credit will show problems with student loan repayments. That's a big red flag to them. And if you've discussed this little scheme with friends then it's likely to get back to the bank that this is your plan, and it's called fraud. Or are you willing to give your child up to go to jail? Sorry, that's the harsh reality of it.

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Student loan debts?

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