Student Loans Crisis

My wife has enormous student loan debt, across a few lenders, but she has been unable to find permanent work since graduating more than 3 years ago, other than a brief job that paid $6 a hour and which became intolerable.

Is there any way she can have her debt legally reduced or canceled, or can interest be stopped from accumulating while she isn't working?

My wife can prove she has been active in applying for work and currently, her total of jobs applied for stands at 127. She has 2 Masters degrees and 3 years corporate work experience prior to going to study in a Fortune 100 company.

The lenders have all been advised, by phone and in writing of her situation but they don't care and they keep calling our home several times each day, including evenings and weekends. My wife has no real assets other than a car and her books which she needs for her career.

We have been fortunate that I have been able to find work to pay for our basic living costs, but we are living month to month and I cannot afford to start paying any of the loans, because the repayments are so large, they eclipse all of my take-home salary.

My wife has a mix of government loans and private loans. She was paying some loans, from money I gave her, during the time she was a student as some loans became due for repayments but she has not paid anything since sometime in 2006 or 2007 (sorry I can't remember exactly when).

I cannot tell you the exact amount that my wife owes, but it is more than $150,000 and the monthly repayments are in excess of $1800 pm.

I would like to know what options are open to my wife. We are in North Carolina.

Comments for Student Loans Crisis

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Feb 27, 2009
Student loan crisis
by: Gerri

I wish I had a good solution for you. But student loans are one of the worse types of debt if you can't pay. Discharging them in bankruptcy can be virtually impossible, and the interest and collection costs can make these debts mushroom.

I recommend you visit Student Loan Justice to see if you can find answers.

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