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My Student Loan Debt Has Doubled And I’m Worried

Written by Steve Rhode


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.

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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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About the author

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.


      • 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

          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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