Latest Posts
Home > Ask The Get Out of Debt Experts > I’m Buried in Student Loan Debt and not Even Finished with School. – Levi

I’m Buried in Student Loan Debt and not Even Finished with School. – Levi

Levi

“Dear Steve,

I am finishing school right now after taking a two year hiatus. The problem is that I already have 60k in student loan debt and I am going to be pushing 75k by the time I am done. With the current crisis in our economy noone is refinancing or taking on loan consolidations. What am I supposed to do I won’t be able to afford the payments.

Levi”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

 

Dear Levi,

Sadly, and that’s the way it is.

For far too long people have assumed that going into debt for a degree was a wise investment. Yet student loan debts are rarely able to be discharged in bankruptcy if you find yourself with money troubles. Student loans are a shackle that must be repaid. If you put them in forbearance they will grow as interest accumulates and if you fall far behind and the loans wind up in collections you could see another 40% of the loan amount tacked on to what you owe.

So what are you supposed to do now that the school got paid and let you get the loans with little evaluation of your ability to repay them? You’ll have to work out a repayment plan with your student loan lender. Depending on how much you’ll earn when you finally graduate you might even qualify for the ICRP, Income Contingent Repayment Plan offered to lower income people.

I really wish I had better news for you but it is what it is.

Steve

I'm Buried in Student Loan Debt and not Even Finished with School. - Levi by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.