How Am I Supposed to Repay My Student Loan Debt, Tax Debt and Social Security Debt?

I am 47. I have both Student Loan Debt, Tax Debt and Social Security Debt which amouts to almost 200k. I only make 39k a year after being out of work for over 2 years. I am at the end of my rope. I don’t see any way out because my boss just told me that because of the “perception of he school I went to (American Intercontinental University), I won’t be able to get promoted”.

As I write this I feel like blowing my damn brains out! Do you have any idea how big of a fool I feel like!? I am in debt up to my eyes and to have someone tell you that you didn’t graduate from a school good enough for a promotion meanwhile I still have to pay it all back!

Somehow….. There is no way out for me. I have already filed bankruptcy twice, and I cannot file for student loan or tax or social security debt, so guess what my only alternative might be…..

Can anybody help me?


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4 thoughts on “How Am I Supposed to Repay My Student Loan Debt, Tax Debt and Social Security Debt?”

  1. FP, I feel and understand your frustration, pain and anger. But I encourage you not to voice or speak of hurting your self physically or taking your life.  It is not the answer.  I am also dealing with unspeakable debt I was faced with after an terrible divorce and child custody battle.  Now my student loans have been assigned to a company Cornerstone who claims not to be a collection agency.  My debt in student loans, unsecured loans and secured loans is $100K. I cannot give up or take my life. Even though, my sons are 22, 19, & 18, they need me. 

    I want to share my coping mechanisms (yes it is plural).  It is just money, it does not define you are in character or integrity.  So many people including bank employees are in the same position and worried that they are not judging you.  You do not need to carry around Guilt and Shame because you made decisions to the best of your ability using the resources that were available to you, at that time.  I certainly am not judging you!  First, every morning when you get up do a mental throw up, write 3 pages non stop of what ever comes into your mind.  When you are finished do not READ the pages, ball them up and throw them away!  By doing this you are emptying your mind of negative thoughts.  This exercise will have to be done continuously every day, morning and night.  This will clear your head of the fog of thoughts which are not doing you any good. Get creative and start a business! You never know!

    Next, Dream Again! Write down the goals and dreams you once had (go back to high school if you must) put everything positive thought to paper.  Then create a VISION BOARD!  Write on the board “My Financial Freedom Dream”, find pictures of what you want to do and paste them on the board.  Write affirmations and positive encouragements to yourself.  Then post the board in the space where you sleep so that it will be the first thing you see when you rise and last thing you see when you go to bed.

    Stop talking about the situation with other people who lament with you!  Coming to this website is the first step to surrounding yourself with positive forward thinking and solution oriented people.  I too was about to go to Fast Track, but I called my aunt and asked for her opinion. She directed me to do more research and talk to a positive friend.  As a result, of obeying the first suggestion, I found this website.  And this website encouraged me to reach out to someone who is hurting like me and I found your statement. Make sure you are reading positive materials too!

    Lastly, stay hopeful! Practice Self-Care, get sleep, eat appropriately and supplement.  The stress you are under is affecting you more than you can ever imagine.  Guest what, your adrenals are in fight or flight mode because you of suffering so much.  This will affect your liver, pancreas, heart, thyroid, etc…which will take shorten your life.

    I do not mean to offend you, but I have been where you are and have almost lost my health.  I am determined that these money problems will not be the destruction of me!

    • Thank you Carroll… It is very overwhelming when all you see on tv is people who make those without money or perfect credit as leeches. And the politicians who dont want to help us. It hurts to feel invisible and alone.


      • I too went to AIU! I have been trying to find someone to help me for years. I spoke to the HELP committee and sent my story to Senator Harkins, who is investigating the “for-profit” college industry. Go to his website and submit your story and write a letter to the US Department of Education as well as your states DOE. DOn’t give up, and you you find someone to represent you….please let me know. Meanwhile you can apply for an IBR for your federal loans for now, and just hope and pray that they chnge the bankruptcy laws.
        It’s hard to believe that the shareholders are able to obtain a lawsuit against Career Education Corporation (CEC) because of the misrepresentation of the “job placement rates” as invstors in the company, and the students that invested their time and money into a school that was full of broken promises, are unable to do anything other than suffer a lifetime of embarrassment and debt.
        Please… I hope you feel better knowing you are not alone. Hang in there and keep fighting for what you feel in your heart is the right thing to do. We deserve to be protected from such fraud… a college education is not what I thought it would be. as a matter of fact… it is the worst decision I have ever made for my self in my entire life. I will live with this regret forever.


  2. FP,

    You do have a plate full and it must feel overwhelming to have everything hit at once. Yes, your degree is probably not worth what you paid for it and it probably will not help you earn enough to get out of debt. However, that does not mean you cannot get out of debt.

    The most important element is success is attitude. You can give up or you can develop a plan. You can consult an attorney about your worthless degree. Maybe there is a settlement  possibility. You can look at your career and figure out how you can earn more in spite of that degree. Performance always means more than degrees.

    The bottom line is, you have about 20 more years to work and you owe $200,000. That means $10,000 a year or $835 a month must be paid for the rest of your working career. That is a big chunk of the $3,250 you earn a month but a smaller chunk of the $5,000 a month you might earn in a few years. And it certainly isn’t enough to consider blowing your brains out!

    Get a plan, work hard and keep your expenses low so you can erase that debt with lowest amount of interest possible. You need an attitude adjustment!  

    Good Luck!


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