HI Heather.
I’m really happy that I found your website.I feel like my life is out of control due largely in part to my student loans.
I am a non-traditional student who returned to college after being laid off from my job in the financial industry. I ran through my 401k to pay for my first year of school and to cover the cost of bills. Then I turned to credit cards. That balance exploded, so I started a debt management program to help begin to bring the balances down.That said, I have a total of $20,000 in credit card debt. In addition, I have a total of $150,000 in student loans. $47,000 is federal and the rest is private. I just graduated this past May 2013, so all of the loans are entering repayment. I had been unable to find a job until very recently. I am making $43,000 a year. I have deferred all of the loans as much as possible, but now I am at the end. I am also recently married. My husband makes less than $22,000 a year. He does not have student loans.
I am not even sure where to start addressing these loans. As it is, based on our current salaries, we do not make enough money to pay our bills. I can’t imagine adding another monthly payment to the long list of existing bills. I am now considering bankruptcy. Do you know what effect, if any, bankruptcy has on student loans?
If that is not an option, would you have any other suggestions?
Thank you so much for your time. Any advice would be greatly appreciated!!

student loans are not discharged under current bankruptcy law without being able to show extreme hardship, which I doubt you can do since you’re both employed.

einmuskier, while you answered my first concern, your concise response does not answer my deeper questions. Who does one turn to when they need advice on student loans? I have not been able to find anyone willing to discuss my personal experience. A financial adviser has no interest because they cannot make money or sell me a product. What options are available to recent graduates struggling to understand and act? Do we turn to an attorney? If so, what type of attorney? Do we turn to an accountant? Is there such thing as a student loan specialist?

Bankruptcy is the process whereby a person legally declares himself or his business unable to pay outstanding debts. Depending upon the type filed, one meets with a judge to determine a payment schedule or have a legal bankruptcy discharge most if not all debts. Businesses also may declare bankruptcy, which either means the business will close, or that the business will continue to operate with reduced payments to debtors