26 years old and trying to figure out what to do, feels like my life is crumbling before me so anything helps. I have +$200,000 in student loans (originally with Sallie Mai then transfered to sofi for lower rate (7.5%)) i only make 70k yearly and they are asking for 1700 a month. On top of this i have a series of medical issues. Genuinely dont know what to do and saw the filing for bankruptcy was an option. If anybody has any advice let me know.
Posted by ibeenbizzi
8 Comments
It should not be 1700 a month on IBR or RAP at that income level.
You can file for bankruptcy?
If bankruptcies could discharge student loans I would’ve done it a loooong time ago. I wish.
As someone who just filed for bankruptcy, I can tell you student loans don’t get wiped.
There is a technical way to get them wiped out, but you basically have to prove so much that I believe it’s nearly impossible.
Can you enroll in school part time at all? Maybe buy you some time and kick the can down the road? Maybe your job pays for courses?
Military
You signed the dotted line for a degree that isn’t paying for itself, and thinking bankruptcy is a simple “get out of jail free” card just shows you haven’t looked at the law. Stop searching for an easy exit that isn’t there, contact SoFi to negotiate hardship terms, and start finding ways to drastically cut expenses or double your income.
Yes filing for bankruptcy is possible for student loans. You have to file a separate adversary proceeding. My sister did and got her student loans dismissed.
Who on earth advised you to refinance and forfeit federal protection on a 6 figure loan balance while you make 70k