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CalAttorney2
CalAttorney2, Attorney
Category: Education Law
Satisfied Customers: 10244
Experience:  Civil litigation attorney for individuals and businesses.
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I have a friend that that took out College Tuition loans in

Customer Question

I have a friend that that took out College Tuition loans in 1993 in the amounts of $48,000. She has been been bankrupt, twice is a single mother that has raised 3 children all adults now. The government says she now owes $180,000 with interest. She has
made payments at 15% of her income at times last stopped in March of 2015 because they jacked up the rates. Is there some forgiveness program or someone to contact to come up with a reasonable plan. She has saved 60k and could possibly pay the principal if
that would retire the debt. So the question is how to get a fresh start for this woman after 22 years? She doesn't qualify as teacher or disabled or normal means.
Submitted: 1 year ago.
Category: Education Law
Expert:  CalAttorney2 replied 1 year ago.

Dear Customer,

I am sorry to learn of your friend's plight.

Unfortunately, Student Loans are one of the very few debts that borrowers simply cannot get rid of unless they fit into one of the very few exceptions (which you appear to already be aware of, but here is a link to the complete list: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation).

I wish that I had a more satisfactory answer for you, but unfortunately this is simply a very unfortunate situation which current government policy has not provided any relief. (There are many philosophical debates regarding the merits of this policy, but unfortunately these considerations do not help your friend, or the many other student loan borrowers, in her current situation).