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Student loan debts?

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.

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.

You are far better off to work with the lender, or to get money from your family (or sue for child support if necessary) to work at paying this back. Source(s): I am a college financial aid counselor of 23 years experience.

I am sorry there is no allternitive ask your parents for the money
Unfortunately there is no way out. You don't want to get another loan for the simple fact you going to have more sleepless nights. You can speak to a person who is from dept of education and see if maybe you can have some other options of paying them backing. I'm not sure what the situation is with your child's father, but it maybe insisted that you get him for child support if he is not paying already. And ask relatives to help...even if it mean watching your child while you are working.
You can not declare bankruptacy on student loans or taxes. There is no way for you to get out of paying them back. Your only option would be to file for a deferment but you'll eventually have to pay them back somehow. Deferments are often given in the case of a financial hardship, but you have to request it.

Another option to consider would be joining Americorp for a few years. (www.americorp.org). Americorp is sort of a volunteer organization and there are a ton of jobs all over the U.S. Basically, you sign on for a year or two and they place you in a community service-type position. You will get paid about $1000 a month, receive health insurance and a stipend for child care. After a year of service you will receive an educational award of $4750. This can be applied directly to your school loans. You may not be ready or able to work if you have a small child but its something to consider for the future. Its a great way to get work experience, earn money and help pay down your loans.

Good Luck!!
you have to repay the loan bankrupted or not.
I suggest calling them and explain your situation they will lessen your monthly payment and extend your pay off date.
if you are that far in debt i suggest going to a financial aid place that will combine all your bills into one low payment.
but do not get a loan to pay off another. if you were even approved the only thing that will do is put you in more debt.

goodluck
Hi,
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