About Student Loan

[MajorMike]

I DID ask my attorney yesterday if we can pay our student loans during chapter 13. The student loan IS in the plan but by the time they get to paying it, it will be next to nothing. He said go ahead and make payments on it. They'll never know. Our trustee doesn't ask for tax returns or anything either. He said, make your payment and you're left alone.

[AboutToBK13]

I DID ask my attorney yesterday if we can pay our student loans during chapter 13. The student loan IS in the plan but by the time they get to paying it, it will be next to nothing. He said go ahead and make payments on it. They'll never know. Our trustee doesn't ask for tax returns or anything either. He said, make your payment and you're left alone.

Do you have enough room in your budget for making the payments? We haven't seen what our budget will be yet, but my fear is that we will not have enough left over each month to make our student loan payments. Although in our case, the wife just finished a doctoral program and our student loan payments mine and hers run $1100.00 per month. I can't imagine having enough left over to make any kind of payments near that amount. Especially with three children.

[lrprn]

...the wife just finished a doctoral program and our student loan payments mine and hers run $1100.00 per month. I can't imagine having enough left over to make any kind of payments near that amount. Especially with three children.

I agree that there's no way you are going to be able to free up $1,100/month on Ch 13 unless your court confirmed a plan that does not take very much of your disposable income (highly doubtful ).

We decided to try to scrimp and save enough to pay at least the interest on our Parent Plus student loans every month that we can. At least that way we stay even rather than coming out of Ch 13 in five years owing a lot more than we do now.

[AboutToBK13]

I agree that there's no way you are going to be able to free up $1,100/month on Ch 13 unless your court confirmed a plan that does not take very much of your disposable income (highly doubtful ).

Highly Doubtful. Unfortunately true. We have $116K in unsecured debt. I am guessing that we will be at approximately 50% payback based upon our income level. It would be more but in three weeks, we will have our third child. It is amazing what three children do for a budget.

It seems that even once we do our time in CH 13 "prison", we will still be slaves to our student loan debt for a very long time.

[MOMof3]

I think student loan debt should be taken on next after this Mortgage Crisis is gone! My hubby & I still owe 50K and we've been out of school for 10 years---Yikes. We've had to defer, do interest only, etc... just to make it by. It really sucks! I hope to find a way to have my children be debt free after college! I'm not looking forward to how much I will owe once the 13 is over, but right now I've got other bills to pay and ours is in an automatic forbearance. I guess we will cross that bridge when we get there.