Student Loans

I Previously Filed Bankruptcy and Still Owe a Lot on an Old Student Loan

Written by Steve Rhode

Question:

Dear Steve,

1. It was recommended to file chapter 7 (approximately 15+ yrs ago) Not able to discharge student loans -still have to date. Any exception to the rules to request a review of student loan only. My credit is excellent to date

2. Any an all exception/ rule/ regulation I paid the total amount due by customer service rep in 2014 approx 10,000 and apparently additional 1200 remains outstanding) In addition, to the still remaining 2/2 student loan originally 24,000 18 yrs later owe 60.000.

Patrica

Answer:

Dear Patrica,

Paying off the $1,200 would be cheaper than a second bankruptcy at this point.

The bigger issue is the second loan. It appears the balance is substantially more because you were on an income-driven repayment plan or you were on forbearance or delinquent at some point.

Is that larger loan a federal or private student loan. Please let me know in the comments section below.

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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.

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