I Came across your site by accident and I’m glad I did.
I have student loans that are 24years old and in default. Due to hardship and illness over the years I have not been able to pay them. I went to an attorney for free advice and found that school loans are not covered under bankruptcy any longer. She said many people have tried to claim hardship, illness etc to have their loans dismissed. According to her it is almost impossible—bottom line they want their money and don’t care about your circumstances. I didn’t know what to do and lost all hope of clearing this debt.
Is the Obama Student Loan Forgiveness Program still in the air or has this been approved?
I don’t know the particulars about this loan forgiveness program and would like to know if it would help someone like me. I’m unemployed and unable to pay them. Family offered to help me if the amount could be reduced to where they could afford to pay it off completely. Most of what I owed was due to interest, around $20k. A lawyer representing the school contacted me and was willing to work out a settlement with them. He could see my situation was not good and went back and forth with the institution.
In the end the school would not cooperate and wanted the full amount which my family could not afford. This is really ashame, because the debt could have been rectified. My father wanted to help me before he passed away, so I could go on with my life and not bear this burden. He died 2 years ago. I suffer from long term illness and have not been able to hold a job for very long. I have no money and would appreciate your help.
Are your student loans government backed or private loans? It makes a big difference.
Right now there is no Obama Student Loan Forgiveness Program but there is an Income Based Repayment Program for people to repay a lesser amount on government backed loans.
Also, if you can prove you are disabled there are forgiveness programs available, again for government backed loans.
What kind of loans do you have?