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What will happen if I can't pay back the student loan?

Im behind on bills.i dont know what to do.i have a 3800 dollar student loan and 2 credit cards i cant pay off.?

  • 3800 student loan 800 credit card 1200 credit card should i file bankruptcy or what?i work at mcdonalds and only make minimum wage(missouri).any adive?i tried debt consolidation ...show more

  • Answer:

    You need to read the fine print before you sign-- half your debt is yours for life...no matter what. Student loans are not discharged by bankruptcy...ever. You are not a good candidate for bankruptcy -- you best bet is to work more hours, get a second job, and stop spending for a while. The good news is that you are young and don't have a lot of obligations yet. Look around -- you have options -- lot's of options. You just aren't considering them because they are conflicting with either what you want or what you think you deserve (right now). You'll figure it out. Head up. Tomorrow is a new. day.

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Don't even think about bankruptcy. It will ruin your credit for years - and it won't get rid of the student loan anyway, those aren't dischargeable by bankruptcy. And it would end up costing you more than the other $2000 for a lawyer, and to file. Talk to the student loan people - they might be willing to put it into deferred status. Chip away at paying the credit cards, and don't charge anything more. Good luck.

Judy

Do not file for bankruptcy, on your student loans if you make less than $1000 a month you can file for defferment I have done this sevral times and you won't have to pay it for another year if you get approved. Their should be a number to call on your loan bill. Then pay for those credit cards as fast as you can! Bankruptcy is for people in far worse shape than you, I wish I had your bills. I have 6 credit cards, a car loan, a personal loan and a $5000 student loan, I make more than $1000 a month though so I can't get it deffered anymore. What ever you do never get a loan to pay off your student loan, you won't get a better APR than you have on the student loan and they won't raise it. Good Luck and cut those credit cards up

Princess Vespa

Do not file for BK for such small amounts. (I realize they seem huge to you right now tho.) Can you get a second job? Call about getting a deferment on your student loans for a while? Or go back to school and take 2 classes per semester which will defer the student loans?

HEATHER

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