My Student Loan Debt Has Doubled And I’m Worried


Dear Steve,

I have a student loan that has more than doubled in size, from 45,000.00 to now 98,000.00. My dad and I have tried to pay this off 3 times with no luck. I am in default on this loan and would be happy to pay a portion of this loan. I am not sure what to do now.

Also, what can this creditor do as far as taking wages, which aren’t much, freeze assets or trust. I own a house and have some money in a trust from my parents. I am really worried about being taken by surprise and ending up with nothing. Can they do that, take everything. Thanks so much for your help, I need it. debby

Do I need to get a lawyer? What can this creditor do in this situation? thanks again



Dear Debby,

Can you provide a response in the comments section below if this is federal or private student loan debt.


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4 thoughts on “My Student Loan Debt Has Doubled And I’m Worried”

      • Hi Steve,

        I have a very similar situation as Debby’s. My student loans were parent plus loans and they have doubled in size for a total of $45,000. Over the past 10 years I have been in the hospital a few times and last year was diagnosed with bladder cancer and now getting ready to have my 4th surgery in 14 months. I did work a few months this year but cant afford to pay this debt! Any help would be greatly appreciated!!

        • So sorry to hear about your struggles. Keep up the fight. With your student loans you should absolutely make sure you have consolidated your Parent Plus loans into a new Direct Loan you should then opt to repay the debt via the Income Contingent Repayment (ICR) program. You can learn more about the ICR at https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven

          It sounds like this will give you a $0/month payment but keep you out of default as you battle your cancer. There is no charge to doing this through your servicer or directly on the Direct Loan website.


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