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I Went to Helicopter Flight School and Can’t Afford My Student Loans – Shane

By on June 25, 2011
I Went to Helicopter Flight School and Can’t Afford My Student Loans – Shane

“Dear Steve,

I went to helicopter flight school and finished in 2007. I have not been able to find a job flying and struggling to pay my bills. My wife left me leaving me with the house and it is 50k underwater. I owe Sallie Mae about 125k in private loans.

Is there anyway to file chapter 7 or something I can do. I can’t afford to make the payments on my house and my student loans. These are the only 2 debts I have. Besides my child support.

Shane”

Dear Shane,

I’m afraid that when it comes to private student loans there are no options other than what the servicer can offer you. If they were government student loans then you’d have some good options.

Unfortunately bankruptcy can’t discharge student loans.

The only option would appear to be to abandon the house, find a place to rent that is cheaper and then file bankruptcy to break the bond to the mortgage debt. Hopefully that will leave you with enough room to make the child support and student loan payments.

As a pilot myself, I wish I hand a magic wand to get you back in the air.

Please post your responses and follow-up messages to me on this in the comments section below.

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About 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.

One Comment

  1. Steve Rhode

    July 24, 2013 at 7:43 pm

    Update – Your student loans may be dischargeable. See this new article that explains why and how. http://getoutofdebt.org/53288/these-private-student-loans-can-be-easily-discharged-in-bankruptcy

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