Do I have a chance to discharge my loans?

[TomTea31]

I know they can't be discharges unless there's a really good reason. But I have to ask. I was just wondering if the fact I owe 63K and only have an entry level BA degree in psychology? Just got a job making 12/hr after 90 days probation is up. My husband is an immigrant who is in the unskilled workforce and we have 2 kids. I'm healthy & he's healthy. There really no hardship other than an inability to make enough to realistically pay these loans off in a timely manner.

I doubt we'd have a chance but I must ask what you all think

[AngelinaCat]

There are discussions in the Student Loan section regarding this question. I suggest looking there for starters, if you haven't already.

Meanwhile, are these private loans, or government backed loans, or a mix? It seems like I heard something the other day on Consumer Advocate, Clark Howard's site:

http://www.clarkhoward.com/

about these two different types of loans, and what you can and cannot do with them. It might be worth your while to peruse that site.

[TomTea31]

ok I'll look into it. they are government backed loans

[lindadale]

Discharging student loans in a bankruptcy filing is next to impossible. To be able and include them when filing bankruptcy one has to show that they will never have the ability to repay them. It's true that in your situation it seems pretty bleak, but the bankruptcy court doesn't know if in 10 years from now you could be making $150,000 a year. Typically, grounds for including student loans in a bankruptcy discharge require a physical or mental disability that makes the individual have no means to pay the debt off.

[lindadale]

I know they can't be discharges unless there's a really good reason. But I have to ask. I was just wondering if the fact I owe 63K and only have an entry level BA degree in psychology? Just got a job making 12/hr after 90 days probation is up. My husband is an immigrant who is in the unskilled workforce and we have 2 kids. I'm healthy & he's healthy. There really no hardship other than an inability to make enough to realistically pay these loans off in a timely manner.

I doubt we'd have a chance but I must ask what you all think

Its difficult so say because state laws, immigration rules all come into factor while deciding. you will need help from an attorney.

[GoingDown]

The odds of discharging a student loan in bankruptcy are extremely low.

In your circumstances, you should consider getting a "Direct Consolidation Loan" from the U.S. Department of Education, and then applying for Income Based Repayment or Income Contingent Repayment. Either one will your monthly payment down to an amount you can afford. In some cases, your monthly payment can be as low as zero dollars per month-- if you are at or below the poverty level for your family situation in your state.

http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp

[GoingDown]

I forgot to add these links...

http://www.direct.ed.gov/RepayCalc/dlindex2.html

https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp

[lindadale]

If you want to know more information about it visit [URL removed]

[KatieGirl]

Good luck with that. It's so hard to get student loans discharged. Unless you are truly disabled then you are pretty much stuck with them. I owe $90k from Northwestern with a business degree. I have a decent job but it's still awful trying to pay these loans off with everything else. I filed bk in 08 and I am doing pretty well except for that.