Is there any help for me if I cannot afford to pay my student loans back?

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Is there any help for me if I cannot afford to pay my student loans back?

I don’t work because I have a child and my husband only works part-time. It would be pointless for me to work because I would only be working to pay daycare. Is there anyway to file on this? I paid my payments until I just couldn’t anymore. I got an associates degree and owe over $24,000. When I said I would do the student loans the advisor told me my payments wouldn’t be more than $50 when I got out of school and they went into repayment I had 2 different loans from 2 different places with payments over $100.

Asked on March 10, 2015 under Bankruptcy Law, Tennessee

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

There probably is no help: student loans are almost impossible to eliminate, even in bankruptcy, and the law does not recognize not working because your child care costs would equal or exceed your wages as a reason to not work or, in this case, escape student loan obligations. You can try to speak with your lenders and see if they will renegotiate payments or forgive part of the loans.


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