New income and student loan debt due after BK filing

[CindyLou]

I don't know if I'd be able to get that good of an interest rate with our credit. I have a mix of federal and private loans. Most are private in fact. Who is your lender??

Hmmm..just noticed that some of your loans are private which means a different story on consolidation and possibly a different story in a BK. I'm not sure if private loans offer a forebearance or consolidation.

Have you called the student loan company and asked what your options are. I would call the federal compnay and ask a counselor to help you sort it out. They are usually VERY helpful.

Good luck and please keep us posted. BTW, would you mind me asking your profession?

[rrockinggramma]

private student loans, NOT backed by ANY federal agency, like sallie mae are still dischargeable in BK. That is why Wells Fargo changed their private student loans to now be considered backed by the federal government. But if your student loans were taken out before the change in the BK law, look at them closely. You may be able to discharge them. I have Plato Education Loans that I got in 1999/2000 for my kids. All are dischargeable even under the new rules.

[silverlotus]

They are not federally backed, they are mostly through private banks (Chase mostly) and TERI. Some of them were taken out before the new BK laws. I have maybe $20K in federal loans... the remaining 100K is in private loans through banks.

Oh, and what what I be looking for on the paperwork?

private student loans, NOT backed by ANY federal agency, like sallie mae are still dischargeable in BK. That is why Wells Fargo changed their private student loans to now be considered backed by the federal government. But if your student loans were taken out before the change in the BK law, look at them closely. You may be able to discharge them. I have Plato Education Loans that I got in 1999/2000 for my kids. All are dischargeable even under the new rules.

[silverlotus]

I haven't called them regarding the BK. I only called them to get an idea of my payments.

I'm a Business major. As for my profession, that will change over time. I'd probably start out as a small office manager and work my way to middle management for a corporation of some kind. If I like it. If not, I have about 100 other avenues to choose from and the pay varies alot. That's part of the appeal of a business degree is all the options. If I don't like something, I'm not stuck.

Hmmm..just noticed that some of your loans are private which means a different story on consolidation and possibly a different story in a BK. I'm not sure if private loans offer a forebearance or consolidation.

Have you called the student loan company and asked what your options are. I would call the federal compnay and ask a counselor to help you sort it out. They are usually VERY helpful.

Good luck and please keep us posted. BTW, would you mind me asking your profession?

[MajorMike]

wow, I can't imagine that much in student loans!! Is that for Medical School or Law School? If so, you should be making way more then 1300/mo when you get out of school, don't you think?

[silverlotus]

I just said I was a business major.

And I'm not trying to get *****y, but I really hate it when people make remarks about my student loan debt. It is a serious pet peeve of mine. No one knows the situation that brought it on, a situation that spans 7 years of my life cannot be summed up on a web forum. And since this is a bankruptcy forum, I think it's safe to say that no one has room to make assumptions or judgments (or both) about my finances.

wow, I can't imagine that much in student loans!! Is that for Medical School or Law School? If so, you should be making way more then 1300/mo when you get out of school, don't you think?

[jennordhavn]

I don't know if I'd be able to get that good of an interest rate with our credit. I have a mix of federal and private loans. Most are private in fact. Who is your lender??

All of my $137k EXCEPT $10k are Stafford loans at 3.5% (I got that rate even with my bankruptcy/bad credit). The remaining $10k was a bar study loan cosigned by my parents and that portion is 8%. My lender is Sallie Mae.

But I think you're right, if the majority of the loans are private, you probably can't get a decent interest rate or as many payment options. UGH that sucks. I know how hard it is to have so many student loans.

[Minnymouth]

Silverlotus,

You need to discuss your student loans with an attorney...... many of them may be dischargable in bankruptcy as you say they are thru private banks.... (of which many are not true student loans, just private cash loans)....

As for Major Mike, I don't believe his intent was to insult you or question your student loans...... his comment was in regard to your loans covering 7 years which is usually a medical degree or master degree of some sort.

On this forum, you can't carry your heart on your sleeve when others ask questions, or make comments. We're here to "help" but we can't help if we don't know all the facts.

Many folks go to school nites and it takes them several years LONGER to get their degrees than full time students.

Have you discussed your filing with an attorney? What did they say? Are you planning on filing separately before you go back to work? Do you and your spouse own everything jointly?? Do you own your home and have lots of equity in it? Autos? Are you behind on payments on anything??

Lots of things to consider..............