What can I do if I have unpaid student loans? 5 Answers as of April 26, 2011

I consented to a student loan law suit against me but they are asking me to fill out financial papers. I am self employed and my business is not making a profit. I am taking a lost. Are there anything I could do to set up a payment plan so I can stop the bleeding from the interest rate. That is killing me. I dont have extra money to give them and each day it is building up. What should I do? is there any programs or any grant I can seek to pay off this federal student loan.

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William C. Gosnell, Attorney at Law
William C. Gosnell, Attorney at Law | William C. Gosnell
No, there are no programs and you can't file bankruptcy. start sending them what you can afford and negotiate a payment plan
Answer Applies to: Tennessee
Replied: 4/26/2011
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
It is up to the Student Loan company to decide to enter into a voluntary payment plan with you since you have already consented to judgment against you. Unfortunately, student loan debt is generally not dischargeable in BK.
Answer Applies to: Washington
Replied: 4/26/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Student loan debt is a noose around your neck that will haunt you forever. Getting it discharged in bankruptcy is extremely difficult. Sometimes you can get the bankruptcy court to lower your payments, but it is extremely hard to do. Sorry to be the bearer of bad news. Consult with a local attorney familiar with the judges in your area.
Answer Applies to: California
Replied: 4/26/2011
Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
Unpaid Student Loans are sometimes the worst thing that people can have when they hit tough times. Your first option should be to contact the student loan company and determine if you can qualify for a hardship deferment or forbearance. You should speak with your student loan provider to determine if they offer any other options.
Answer Applies to: New Hampshire
Replied: 4/26/2011
Ferguson & Ferguson
Ferguson & Ferguson | Randy W. Ferguson
There is one possibility to not pay back student loans. It is allowed in bankruptcy in rare occasions. You should talk to an attorney about any options you might have in bankruptcy. Most student loans are not bankruptable. You can put it in a chapter 13 plan.
Answer Applies to: Alabama
Replied: 4/25/2011
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