I’m Thinking of Suicide Because of My Student Loans. – John

“Dear Steve,

My student loans are almost $42,000 dollars. I pay almost $260 dollars per month and all but $12 dollars is interest and the principal continues to go higher. I am 47 years old and working as a Nursing Assistant. I work very hard! I had graduated in 1997 from two years of Legal Assisting with Honors. I did not get a job in that field and I found that there were not many jobs in that field and the pay was low-a lot lower than what I had expected. I thought that I was doing a good thing by going to school but now I wish very much that I had not; it made my life a lot worse than what it had been.

What is my best hope? I frequently think about suicide; thinking about my son is the only thing that has so far kept me from committing suicide.


Dear John,

First off, suicide does nothing to resolve the problem. There are other options. Lots of them. I know it can feel desperate, overwhelming, suffocating and depressing being in your current situation. When I was living through my money troubles years ago, they were the darkest days of my life. The irony is that they were only dark because I emotionally made them so.

Since the loans are old you may have a slight chance to seek some relief with bankruptcy. It is worth getting a free bankruptcy consultation with a local bankruptcy attorney to discuss this. It costs you nothing and you’ll walk away knowing exactly what the status of the loans would be in bankruptcy.

Outside of that, the ICRP (Income Contingent Repayment Plan) might be worth pursuing if you are struggling to get by. Read this previous article for more information on repayment options and the ICRP.

It is unfortunate that you spent all that money to enter a field that paid less than you thought it would. Simply jumping back to school for some and getting on the hook for student loans is not necessarily a formula for financial success. If you are an adult and thinking of going back to school, be sure to check and see if the starting income in your new field will be enough to pay for your current obligations plus you new student loans.

Of all the debts you can incur in life, student loans and IRS debt are among the nastiest.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Steve Rhode
See also  I'm in Debt Because of Too Much Fish. - Michael

85 thoughts on “I’m Thinking of Suicide Because of My Student Loans. – John”

  1. OF COURSE suicide resolves the problem! Dead people don’t have bill collectors calling them constantly. And the government can’t garnish dead people’s wages. And Dead people can’t have their measley social security continually sacked despite exploding costs of living. Dead people don’t have to worry about ANY of this. Yes, suicide resolves the individual’s intractable financial problems. Telling us otherwise doesn’t frightening us into not considering it.

    • right? of course it solves the problem. I wish i had his problem vs my own. My student loans are at 84,000 and was told that my college was covered by the state due to my disability, but when all was said and done, i am drowning in student loan hell. Had i known i probably would not have went to college.

  2. I am so depressed I owe $19, 000 in student lones and it became too much its been over a year and I cant find a job no matter how hard I try and to make things wors I got into alcohol quite heavy cuz of the depression and I picked up a DWI charge so now I owe the court $700 I owe probation $400 and I owe $ 49, 000 in restitution. Its too much for me I really wanna just kill myself so bad. I ruined mine and my kids lives what do I do. I cant ever see this ending

  3. I think of my loans as “the wheel that breaks the butterfly”. It’s a slow unnecessary painful death but eventually it kills.

  4. I got notice that I owed a loan from the mid 1970s. I did attend a few classes at a college back then but never received a student loan. I did get a pell grant though. I didnt have a HS diploma or a GED but was told it didnt matter. How can I prove that I didnt get a loan? It aid I received one for 2,700 and now the balance is over 10,000. How can I get proof that I never received a check for a student loan? This is very strange. I did later get my GED in the late 90s and went to tech but paid in cash.

  5. Suicide is the option. They tell you it isn’t so you will keep chasing that carrot.  I’m 46 and I am in the same boat.  I couldn’t bankrupt the suckers.  Add to the fact I pay $500 in child support and it’s based on me being willfully underemployed since I have a teaching degree.  There are few teaching jobs and hell, Indianapolis just laid off over 90 teachers this week.

    • While many will say that suicide is never an option, I suppose that since it exists as a possibility it is always an option.

      Are these private or government backed student loans. Let’s explore this a bit more and see if there are any possibilities.


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