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I’m a Kindergarten Teacher With $100K in Student Loans

“Dear Steve,

I went to a private, out if state, christian college and I am not a kindergarten teacher. I currently have over $100,000 in both federal and private loans all from Salliemae. I’ve been looking for the past 3 years (since I started paying my loans off) for a way to fix this problem. I’m paying over a $1,000 per month on my loans.

One of my private loans was consigned by my parents, if I am eligible to do bankruptcy is it possible to not put that loan in for bankruptcy so I wouldn’t hurt their credit?

Amanda”

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The Answer

Dear Amanda,

I’m highly worried you will be able to earn enough as a kindergarten teacher to support repaying $100,000 in student loans.

The best way to tackle this situation is to get your federal loans on an income contingent plan, see here for options.

You might also be eligible for the Public Service Loan Forgiveness program for the federal loans or maybe even the Teacher Loan Forgiveness program. The problem with the Teacher Loan Forgiveness program is it would only forgive a small percentage of your federal loans.

When it comes to private loans there are no such programs.

Unfortunately when your parents agreed to be cosigners for the loan they agreed to accept 100% of the liability for the loan. If you file bankruptcy the loan will have to be included and if discharged your parents may then be responsible for repaying the loan.

The underlying issue here is the level of student loan debt versus the income potential of your occupation. You need to be in a higher paying job to service your student loans.

However, it would not hurt to talk to a local bankruptcy attorney and discuss your possibility of discharging some of your loans in a consumer bankruptcy. You should read this. The likely approach to use is there is no hope of you repaying your loans in your current occupation.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Im a Kindergarten Teacher With $100K in Student Loans
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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.

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