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Alex Went to Law School, Business School and is Now Buried in Student Loans

“Dear Steve,

I went to both law school and business school. I dropped out of law school after a year and a half but borrowed a lot of money for that time since law school is quite expensive, especially for a private school. This pretty much set me back. Business school wasn’t as expensive. I now have over $108,000 dollars in school loans (over $20,000 in interest accrued).

I have requested forbearance again now that I no longer qualify for Deferment. I feel like I am drowning in student loan debt. I cannot afford the monthly payment at this time and wonder how I can manage this debt better because the longer I forbear the greater the interest. Please help and advise.

Alex”

Dear Alex,

Student loans are merciless and are the only type of legal loan that can add loan shark default rates of up to 40% of the value of the loan. They are difficult to discharge in bankruptcy and the government can even intercept tax refunds you might be due to pay for student loan obligations.

I suggest that you review this previous question for detailed information about options for repayment. See “Tiffany is Behind in Student Loans, Late On Other Payments, And Looking For Hope“.

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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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