I Have Too Much Debt And I’m Going Back to School. – Ken

“Dear Steve,

Hello i have to much debt i am going back to school and need some relief i want to pay what i owe but i can’t make the payments

Is there a way to consolodate all my debt and lower my interest rate and how will this ffect my credit


Dear Ken,

No, there is no magic cure for lowering your payments and interest rates.

I can’t imagine that heading back to school is such a great idea until you address your current situation. School will just add more debt to debt you already can’t pay.

People often justify that they need additional education to get a better job but what is going to happen to you if you don’t complete your studies and get your degree? I’ll tell you, you’ll just owe a bunch of student loan debt and this old debt will be in collections and trashing your credit report.

You have two real world solutions here. You can either not go back to school until you pay off your debt or you can go talk to a bankruptcy attorney and look into bankruptcy to discharge your debt before school.

You’ve got to take some action and change the course you are on right now, because this is a train wreck waiting to happen.


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
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