Comments on: I Went to Flight School But Now I Can’t Afford to Repay My $118,000 in Private Student Loans. – August http://getoutofdebt.org/9023/i-went-to-flight-school-but-now-i-cant-afford-to-repay-my-118000-in-private-student-loans-august Free debt help and debt advice on how to get out of debt, getting out of debt consolidation scams, and inside information on the debt relief and debt help industry. Mon, 13 Feb 2012 01:25:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Steve Rhode http://getoutofdebt.org/9023/i-went-to-flight-school-but-now-i-cant-afford-to-repay-my-118000-in-private-student-loans-august#comment-16577 Steve Rhode Thu, 12 Nov 2009 23:01:23 +0000 http://getoutofdebt.org/?p=9023#comment-16577 August, There is an exception that allows for student loans. Search this site for Chapter 11 and you'll find other info. Steve August,

There is an exception that allows for student loans. Search this site for Chapter 11 and you’ll find other info.

Steve

]]> By: August http://getoutofdebt.org/9023/i-went-to-flight-school-but-now-i-cant-afford-to-repay-my-118000-in-private-student-loans-august#comment-16576 August Thu, 12 Nov 2009 22:50:52 +0000 http://getoutofdebt.org/?p=9023#comment-16576 I looked up chapter 11 and it say's I need debts in the sum of 300+ thousand dollars. :( Looks like I'm going to be an indentured servant with horrible credit for the rest of my life. I looked up chapter 11 and it say’s I need debts in the sum of 300+ thousand dollars. :( Looks like I’m going to be an indentured servant with horrible credit for the rest of my life.

]]> By: Steve Rhode http://getoutofdebt.org/9023/i-went-to-flight-school-but-now-i-cant-afford-to-repay-my-118000-in-private-student-loans-august#comment-16575 Steve Rhode Thu, 12 Nov 2009 22:37:57 +0000 http://getoutofdebt.org/?p=9023#comment-16575 August, Your options are very limited and you should be concerned. There are no good options in situations like this. If you could prove that the loan creates a severe financial hardship then you might have a shot at discharging the loan with a Chapter 11 bankruptcy. You'd need to discuss this with a bankruptcy attorney licensed in your state. Outside of that you may need to go bankrupt, discharge your other debt, and adjust your lifestyle to be able to afford the $750. As you've observed, all deferment does is grow the balance. Steve August,

Your options are very limited and you should be concerned.

There are no good options in situations like this. If you could prove that the loan creates a severe financial hardship then you might have a shot at discharging the loan with a Chapter 11 bankruptcy. You’d need to discuss this with a bankruptcy attorney licensed in your state.

Outside of that you may need to go bankrupt, discharge your other debt, and adjust your lifestyle to be able to afford the $750. As you’ve observed, all deferment does is grow the balance.

Steve

]]> By: August http://getoutofdebt.org/9023/i-went-to-flight-school-but-now-i-cant-afford-to-repay-my-118000-in-private-student-loans-august#comment-16574 August Thu, 12 Nov 2009 22:28:50 +0000 http://getoutofdebt.org/?p=9023#comment-16574 I currently am not paying and am deferring the student loans, but will need to begin repaying them the beginning of next year. Payments will be around 750-1000$ depending on the current interest rates. Great lakes financial and ACS are the servicer of my loans. As far as credit cards I pay about 400 a month just minimum payments. And yes as far as the inflexibility I am very concerned that my options are extremely limited on that. Which is why I'm so concerned. :( I currently am not paying and am deferring the student loans, but will need to begin repaying them the beginning of next year. Payments will be around 750-1000$ depending on the current interest rates. Great lakes financial and ACS are the servicer of my loans. As far as credit cards I pay about 400 a month just minimum payments.

And yes as far as the inflexibility I am very concerned that my options are extremely limited on that. Which is why I’m so concerned. :(

]]> By: Steve Rhode http://getoutofdebt.org/9023/i-went-to-flight-school-but-now-i-cant-afford-to-repay-my-118000-in-private-student-loans-august#comment-16573 Steve Rhode Thu, 12 Nov 2009 22:15:01 +0000 http://getoutofdebt.org/?p=9023#comment-16573 August, I have almost nothing good to say about private student loans. They are inflexible with many of the repayment options a government backed student loan offers. Who is the servicer of Key Bank student loans these days? Have you talked to them about reduced repayment options? How much is your loan payment on this debt and how much do you pay each month to service your unsecured credit card debts? Steve August,

I have almost nothing good to say about private student loans. They are inflexible with many of the repayment options a government backed student loan offers.

Who is the servicer of Key Bank student loans these days? Have you talked to them about reduced repayment options?

How much is your loan payment on this debt and how much do you pay each month to service your unsecured credit card debts?

Steve

]]> By: August http://getoutofdebt.org/9023/i-went-to-flight-school-but-now-i-cant-afford-to-repay-my-118000-in-private-student-loans-august#comment-16571 August Thu, 12 Nov 2009 20:59:17 +0000 http://getoutofdebt.org/?p=9023#comment-16571 Steve, I currently cannot afford any more money towards this goal at the moment, but I am trying to build a contracting business that should help me out in the coming year. But I'm not sure how much just yet. No I am not currently a pilot. The last physical I went to my vision in my right eye was 20/25 corrected (with glasses). Which disqualified me from attaining a class 1 medical certificate needed to be an airline pilot my ultimate goal. Eye surgery is out of the question as I cannot afford it. Key bank is the holder of the flight school loan a private student loan. They are also holding the $9000 loan as well which was for computer training that I had years ago. Thank you so much for your help and advice. I feel I am in a terrible position and just cannot get ahead with all of this hanging over me. Regards August Steve,
I currently cannot afford any more money towards this goal at the moment, but I am trying to build a contracting business that should help me out in the coming year. But I’m not sure how much just yet.

No I am not currently a pilot. The last physical I went to my vision in my right eye was 20/25 corrected (with glasses). Which disqualified me from attaining a class 1 medical certificate needed to be an airline pilot my ultimate goal. Eye surgery is out of the question as I cannot afford it.

Key bank is the holder of the flight school loan a private student loan. They are also holding the $9000 loan as well which was for computer training that I had years ago.

Thank you so much for your help and advice. I feel I am in a terrible position and just cannot get ahead with all of this hanging over me.

Regards

August

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