How bad is student loan debt?
March 16, 2018 9:44 AM Subscribe
I'm leaning towards switching from part-time to full-time in my grad program and taking out more loans. How much will this really affect me on the future?
For previous student loans, I was able to qualify for income-based repayment at one point when I was out of work and didn't have to pay anything for that period- I know it's 10-20% of your income if you qualify and have an income.
Is student debt just really bad if you don't qualify for a program like that? Ifyour required monthly payback amount is too high, what happens if you just pay what you can? Would this screw up your credit? I've been behind with payments and it didn't seem to affect my credit.
What am I missing here, in terms of how having student loan debt affects one's life negatively? (Something I'm sure)
As a single person with no kids and almost always making below $30,000 annually, it doesn't seem to have affected me much.
Btw, i am speaking of federal loans only.
For previous student loans, I was able to qualify for income-based repayment at one point when I was out of work and didn't have to pay anything for that period- I know it's 10-20% of your income if you qualify and have an income.
Is student debt just really bad if you don't qualify for a program like that? Ifyour required monthly payback amount is too high, what happens if you just pay what you can? Would this screw up your credit? I've been behind with payments and it didn't seem to affect my credit.
What am I missing here, in terms of how having student loan debt affects one's life negatively? (Something I'm sure)
As a single person with no kids and almost always making below $30,000 annually, it doesn't seem to have affected me much.
Btw, i am speaking of federal loans only.
How bad is student loan debt?
Depends on your definition of bad and how much you've borrowed. I personally think it sucks.
How about applying for a fellowship or scholarships or something else that you don't have to pay back?
posted by strelitzia at 10:04 AM on March 16, 2018
Depends on your definition of bad and how much you've borrowed. I personally think it sucks.
How about applying for a fellowship or scholarships or something else that you don't have to pay back?
posted by strelitzia at 10:04 AM on March 16, 2018
Depends. Most federal lenders will work with you to manage your payments if your income isn't enough to cover the minimum payment. I started paying on income based repayment (which can be as low as 0) when I graduated and before I could find decent employment. I recently had to enroll in unemployment deferment for a few months, but am now back on a consolidated plan with a payment I can manage. My credit is fine despite all of this, because I prevented missing a payment or defaulting. With federal loans, you have several options to where you DON'T HAVE TO DEFAULT. You just have to actually call your lender, which most people are terrified of doing for some reason. I've never had anything other than an extremely helpful and kind experience.
posted by Young Kullervo at 10:09 AM on March 16, 2018 [3 favorites]
posted by Young Kullervo at 10:09 AM on March 16, 2018 [3 favorites]
I have a lot of student loan debt. I do income based repayment. It is still a large amount of money. Most people probably should do income based repayment.
I also am in a job where my debt will be eventually forgiven. These debt forgiveness programs will certainly be cut or reduced soon. But such programs should be considered before going back to school.
This debt has a huge toll on my life and will continue to. It impacts where I live. It impacts my ability to make family plans. It impacts my ability to save for retirement.
Before going back to school and taking on debt for it, please do some serious investigation into how much your income will go up with the degree.
posted by k8t at 10:11 AM on March 16, 2018 [13 favorites]
I also am in a job where my debt will be eventually forgiven. These debt forgiveness programs will certainly be cut or reduced soon. But such programs should be considered before going back to school.
This debt has a huge toll on my life and will continue to. It impacts where I live. It impacts my ability to make family plans. It impacts my ability to save for retirement.
Before going back to school and taking on debt for it, please do some serious investigation into how much your income will go up with the degree.
posted by k8t at 10:11 AM on March 16, 2018 [13 favorites]
I have two friends of similar age, late 50s. I used to work with them both 20 years ago when we were all in graduate school. Elliott worked and took classes gradually as he could afford them. He has a couple part time teaching jobs and does sign language interpreting on the side. Dan incurred debt for the same degree/program, and entered the workforce full time faster as a result. Elliott now lives in a house. Dan still lives in the same crappy apartment he did 20 years ago and has no car or internet service at home, and a pay as you go mobile phone, because he couldn't make a few payments over the years and his credit is absoutely wrecked, and he is still making student loan payments and nearing retirement. Don't be like Dan is my advice. It is very hard to discharge student loans of any type in bankruptcy court. Dan has almost nothing saved for retirement, but Elliott is already partially retired. Debt isn't good, and this is a debt that's hard to discharge.
posted by OneSmartMonkey at 10:55 AM on March 16, 2018 [12 favorites]
posted by OneSmartMonkey at 10:55 AM on March 16, 2018 [12 favorites]
The biggest thing is - financially, you'll never be able to live the kind of life (comfort-wise, or security-wise, or in future retirement) that having 100% of your disposable income available to you will allow.
Another potentially bad thing - I know you are single now but if you are dating or plan on dating, there are people who will flat out not date someone seriously who has a ton of debt because the prospect of someday financially partnering into that debt is too big of a risk. There are a lot of people out there who've been burned by other people's debts or have financial commitments that mean they have to really protect themselves against financial risk.
An example - when my wife and I got married, we went from individual household incomes to a joint one - and as a result, my wife went from a tiny income-based payment to a very large one because many lenders consider your family income in their income-based calculation. It was not a fun realization for either of us and, had we had any other financial or relational strains at the time, it might've really impacted some decisions we made.
posted by notorious medium at 11:29 AM on March 16, 2018 [2 favorites]
Another potentially bad thing - I know you are single now but if you are dating or plan on dating, there are people who will flat out not date someone seriously who has a ton of debt because the prospect of someday financially partnering into that debt is too big of a risk. There are a lot of people out there who've been burned by other people's debts or have financial commitments that mean they have to really protect themselves against financial risk.
An example - when my wife and I got married, we went from individual household incomes to a joint one - and as a result, my wife went from a tiny income-based payment to a very large one because many lenders consider your family income in their income-based calculation. It was not a fun realization for either of us and, had we had any other financial or relational strains at the time, it might've really impacted some decisions we made.
posted by notorious medium at 11:29 AM on March 16, 2018 [2 favorites]
I can’t think of any circumstance in which you don’t qualify for income-based repayment. I think it’s a given with federal loans.
I think a lot depends on what kind of degree you’re getting and what kind of income you can earn with that degree. If you’re going for a masters in history, I’d say no. If it’s an MBA program, it might be worth it. I’d rather not have student loan payments, of course, but mine are manageable.
posted by FencingGal at 11:40 AM on March 16, 2018 [1 favorite]
I think a lot depends on what kind of degree you’re getting and what kind of income you can earn with that degree. If you’re going for a masters in history, I’d say no. If it’s an MBA program, it might be worth it. I’d rather not have student loan payments, of course, but mine are manageable.
posted by FencingGal at 11:40 AM on March 16, 2018 [1 favorite]
It sucks. With the most generous-available payment plan to me, my monthly outlay is around $300 a month, and I still have 20 years to go, and my monthly payment doesn't even cover the interest, so my balance goes up every month. Every month when I see that money come out of my account, I feel like I'm being eternally punished for being a naive teenager from a working class background--and you know what? I am being eternally punished, because I'm being compelled by law to piss upwards of $4000 a year away for 25 years, money that I could be saving for retirement or a house or something. And at the end of the 25 years? Any unforgiven balance is treated as income by the IRS. What fun!
If I was on a standard 10-year repayment schedule, my monthly payment would be around $1500 a month.
Best case scenario, the government doesn't decide to screw me and millions of other borrowers and abolish the payment plan I'm on (they could do it!). If they ever did that, I would starve. No joke.
Don't do it.
posted by Automocar at 11:44 AM on March 16, 2018 [13 favorites]
If I was on a standard 10-year repayment schedule, my monthly payment would be around $1500 a month.
Best case scenario, the government doesn't decide to screw me and millions of other borrowers and abolish the payment plan I'm on (they could do it!). If they ever did that, I would starve. No joke.
Don't do it.
posted by Automocar at 11:44 AM on March 16, 2018 [13 favorites]
The answers to all of these questions partially depend on you. Is there some reason you want to finish early, other than just wanting to be done? There aren't that many reasons to hurry this up otherwise. Unless you stand to lose funding or have some excellent job prospect lined up post-degree, if you can finish your program in a slightly longer time frame without taking on more debt, do that.
please do some serious investigation into how much your income will go up with the degree.
This this this.
My situation is like k8t's. Took a paraprofessional job in the same field as the degree, headed back to grad school. I had about $15k of debt from undergrad that I'd paid down from $25k, but my new employer would pay for up to two courses per semester, so with credit transfer from a previous degree I could finish the Master's in three years, working full time, with no debt.
Except the way it worked out, the tuition benefit went away after one semester. By then I'd already decided to complete the program as fast as possible and jump into my new career. I took out loans for tuition (out-of-state, since we'd already bought a house), used one to refinance a higher-APR credit card debt, generally tried not to worry too much about money; I was working full time in a job with good benefits, so how much debt could I really get into in 2 1/2 years?
Here it is six years later. I have a little under $80k in federal student loans, about half grad plus. I have not made a dent in this with income-driven repayment, but can't realistically afford to pay more. This debt has stayed roughly static in the 2 1/2 years since I graduated.
I still work in the same place, albeit in a different position, and make about $10k more than I did pre-graduation. Entry-level professional jobs in my field start around $45k per annum. I'm doing a little better than that, but I live in one of the most expensive cities in the country. I'm pushing forty, no kids, no real other debt beyond the mortgage, which is cheaper than rent would be. My partner makes twice my salary, and we're fine.
I don't stress too much about it. I'm enrolled in PSLF, and the first of my loans will start to be forgiven in 2021; unless they retroactively cancel the program, the whole debt will be gone by the time I'm fifty.
But at this rate I would never be able to pay off this debt in the traditional way. I am anchored to public service for the forgiveness program. And there's not much incentive to try to make more money; last time I did the math I would need to make somewhere around six figures to actually raise my take-home pay, since any raise I get will be reflected in the income-based repayment.
posted by aspersioncast at 12:21 PM on March 16, 2018 [2 favorites]
please do some serious investigation into how much your income will go up with the degree.
This this this.
My situation is like k8t's. Took a paraprofessional job in the same field as the degree, headed back to grad school. I had about $15k of debt from undergrad that I'd paid down from $25k, but my new employer would pay for up to two courses per semester, so with credit transfer from a previous degree I could finish the Master's in three years, working full time, with no debt.
Except the way it worked out, the tuition benefit went away after one semester. By then I'd already decided to complete the program as fast as possible and jump into my new career. I took out loans for tuition (out-of-state, since we'd already bought a house), used one to refinance a higher-APR credit card debt, generally tried not to worry too much about money; I was working full time in a job with good benefits, so how much debt could I really get into in 2 1/2 years?
Here it is six years later. I have a little under $80k in federal student loans, about half grad plus. I have not made a dent in this with income-driven repayment, but can't realistically afford to pay more. This debt has stayed roughly static in the 2 1/2 years since I graduated.
I still work in the same place, albeit in a different position, and make about $10k more than I did pre-graduation. Entry-level professional jobs in my field start around $45k per annum. I'm doing a little better than that, but I live in one of the most expensive cities in the country. I'm pushing forty, no kids, no real other debt beyond the mortgage, which is cheaper than rent would be. My partner makes twice my salary, and we're fine.
I don't stress too much about it. I'm enrolled in PSLF, and the first of my loans will start to be forgiven in 2021; unless they retroactively cancel the program, the whole debt will be gone by the time I'm fifty.
But at this rate I would never be able to pay off this debt in the traditional way. I am anchored to public service for the forgiveness program. And there's not much incentive to try to make more money; last time I did the math I would need to make somewhere around six figures to actually raise my take-home pay, since any raise I get will be reflected in the income-based repayment.
posted by aspersioncast at 12:21 PM on March 16, 2018 [2 favorites]
I had paid down most of my small undergrad student loan after 7 years of a 10-year regular repayment plan. I chose to go back to school for career change reasons (had maxed out the potential of my bachelors degree and needed a masters to get the jobs I wanted). I was very, very lucky in that I already knew I had a good chance of getting a job in my field, but I also knew the pay would be lower to start than my previous position. I had strong connections in the field, knew where I could do my clinical rotations, and knew that my "dream job" required the big piece of paper.
I now have about $100k in student loan debt. With REPAYE, my payment is around $300/month, which covers only interest and none of the principal. I would not have done this if I had seen another option. My choices were pay for an expensive school and go part-time, or quit working entirely and go to an almost-as-expensive school full time with no/limited income. I was able to get into a job with a nonprofit within 6 months of graduation and will qualify for student loan forgiveness in 10 years, assuming that this program does not go away and/or that existing loans are grandfathered in. The flip side to this is that I need to stay working at my current job or a very similar type of job for the next 10 years in order to qualify, otherwise I will have a MUCH higher balance to pay off in the end.
I have high confidence that my loans will be forgiven in ten years. I would not have high confidence that a NEW loan in this current government would be forgiven and would not take out another large loan now (this is largely why I have not started working toward my doctorate).
posted by assenav at 12:32 PM on March 16, 2018
I now have about $100k in student loan debt. With REPAYE, my payment is around $300/month, which covers only interest and none of the principal. I would not have done this if I had seen another option. My choices were pay for an expensive school and go part-time, or quit working entirely and go to an almost-as-expensive school full time with no/limited income. I was able to get into a job with a nonprofit within 6 months of graduation and will qualify for student loan forgiveness in 10 years, assuming that this program does not go away and/or that existing loans are grandfathered in. The flip side to this is that I need to stay working at my current job or a very similar type of job for the next 10 years in order to qualify, otherwise I will have a MUCH higher balance to pay off in the end.
I have high confidence that my loans will be forgiven in ten years. I would not have high confidence that a NEW loan in this current government would be forgiven and would not take out another large loan now (this is largely why I have not started working toward my doctorate).
posted by assenav at 12:32 PM on March 16, 2018
Re: dating, I know a not-insignificant number of people who'd be put off by a potential partner having even $15-20k of student debt, even if that person makes around $100k/year. And this is in frigging Canada, where our student loan interest rates and repayment options (as well as loan principals, due to lower tuition rates) are more favourable than in the US.
So the reality is that even if you do take on a manageable amount of student debt and get a good return on investing in your education, it'll spook some people who might otherwise want to date you.
posted by blerghamot at 1:33 PM on March 16, 2018
So the reality is that even if you do take on a manageable amount of student debt and get a good return on investing in your education, it'll spook some people who might otherwise want to date you.
posted by blerghamot at 1:33 PM on March 16, 2018
When one of my accounts was sold to another lender, something happened I stopped paying for a little while. Either I forgot they moved, didn't noticed, or failed to properly set up automatic payments (I forget) but it definitely appeared on my credit report as a delinquent account. It's been long enough that I don't think it adversely affects my credit score -- I've had a lot of good activity since then. But it's still on there and it ain't going anywhere for at least a little while.
You may think it hasn't affected you if you don't pay them on time, but that could be because you never tried to get a new credit card, lease a car, buy a home or do something else where you need good credit. Basically, it affects you, but you just don't notice until it's too late. Either you don't get approval for certain things, or you have to put up more money upfront because they don't trust you, basically.
That said, I have a loan I am still paying off that is small enough that I could pay it off now, but the interest rate is so low, I'm continuing to pay it off every month because I figure the on-time payments show good credit history and I'd rather hold onto my money now anyway.
I never did the sliding scale on repayment. I did the same amount, even when I didn't make a lot of money, because I wanted to finish more quickly. In retrospect, I am glad I did. When I was younger, I had less things I wanted to spend money on and I was less demanding in terms of my lifestyle comfort. The older I've gotten, the less I am willing to live like a pauper and the more I want the nicer things in life. So I personally feel paying a flat rate worked better for me than increasing the size of my repayments as I got older.
posted by AppleTurnover at 2:06 PM on March 16, 2018
You may think it hasn't affected you if you don't pay them on time, but that could be because you never tried to get a new credit card, lease a car, buy a home or do something else where you need good credit. Basically, it affects you, but you just don't notice until it's too late. Either you don't get approval for certain things, or you have to put up more money upfront because they don't trust you, basically.
That said, I have a loan I am still paying off that is small enough that I could pay it off now, but the interest rate is so low, I'm continuing to pay it off every month because I figure the on-time payments show good credit history and I'd rather hold onto my money now anyway.
I never did the sliding scale on repayment. I did the same amount, even when I didn't make a lot of money, because I wanted to finish more quickly. In retrospect, I am glad I did. When I was younger, I had less things I wanted to spend money on and I was less demanding in terms of my lifestyle comfort. The older I've gotten, the less I am willing to live like a pauper and the more I want the nicer things in life. So I personally feel paying a flat rate worked better for me than increasing the size of my repayments as I got older.
posted by AppleTurnover at 2:06 PM on March 16, 2018
Response by poster: I hear you all, and the input is definitely appreciated.
I have good credit currently even with the debt I have. (was about 20k, is increasing with current program).
My program requires an internship/practicum and I think that's untenable for me given my current work hours (besides the fact that my job is stressful and I don''t like it). When I do too much or get too stressed, I get physically ill (migraines etc) and need to rest. So, I'm really leaning towards a better schedule for me and hoping that the loans will be worth it. I would look for part-time work instead (possibly freelance translation/interpretation which I used to do and that is flexible/work from home).
But, I do want to be fully aware of what I would be getting into.
posted by bearette at 2:31 PM on March 16, 2018
I have good credit currently even with the debt I have. (was about 20k, is increasing with current program).
My program requires an internship/practicum and I think that's untenable for me given my current work hours (besides the fact that my job is stressful and I don''t like it). When I do too much or get too stressed, I get physically ill (migraines etc) and need to rest. So, I'm really leaning towards a better schedule for me and hoping that the loans will be worth it. I would look for part-time work instead (possibly freelance translation/interpretation which I used to do and that is flexible/work from home).
But, I do want to be fully aware of what I would be getting into.
posted by bearette at 2:31 PM on March 16, 2018
Honestly, the best thing you can do is be as debt free as possible. The school system really goes against that, much to our detriment. Whenever possible I always suggest people do their own learning, job training, etc as much as possible without school and only do school if it's a true requirement.
Our personal examples. While this isn't everyone situation, it can HAPPEN to anyone.
My husband went to art school and then dropped out. He was pressured by his high school and parents. He was drowning in student loans (including horrific private student loans.) His parents were able to refinance their mortgage to pay off the private one (they also felt responsible for having pushed him into it.) After dropping out of art school he went to a few colleges (where we met) including an online college for IT. But his loans ran out.
He still has over $35K in federal loans that at one point got pushed to a collection agency that was a nightmare to deal with.
He's a self taught software engineer making a great salary whose college background has absolutely nothing to do with his job. He got where he is in a short amount of time by literally learning himself and learning on the job.
I got a BS in marketing. My schooling was helpful and educational and I did well in school.
But I have $35K in my name and $24K in my dad's name that we're making payments on.
I also became disabled shortly after graduating. I'm now planning to apply for disability discharge for my student loans, but that won't get rid of my dad's loans that we pay and make take literally years to get approved if it even does.
The payment, combined, on the loans we pay is over $800/month. It would have been over double with the private loans if his parents didn't step in.
Now, being a single loan borrower, you would likely be able to at least somewhat consolidate your loans. So your monthly payment may be lower but you may literally never be free from them. But you really have to look at the actual benefit in terms of income if you were to change your schooling path and take on more debt.
Overall, I'm happy I had my college education but I'm not happy at the $60k price tags especially given that I am now disabled. My husband completely regrets almost all of his schooling. And, we can pay our loans. But it SUCKS to have to dish out money every month like that.
And I would suggest that if you had gotten behind on payments, then it HAS affected you in some way.
In the end my vote will always be to find the best way to go on to your goal with the absolute minimum amount of debt from schooling. The cost is absolutely insane and often doesn't translate to increased income or ability to pay back the loans. ETA run the numbers in online loan calculators.
posted by Crystalinne at 3:32 PM on March 16, 2018
Our personal examples. While this isn't everyone situation, it can HAPPEN to anyone.
My husband went to art school and then dropped out. He was pressured by his high school and parents. He was drowning in student loans (including horrific private student loans.) His parents were able to refinance their mortgage to pay off the private one (they also felt responsible for having pushed him into it.) After dropping out of art school he went to a few colleges (where we met) including an online college for IT. But his loans ran out.
He still has over $35K in federal loans that at one point got pushed to a collection agency that was a nightmare to deal with.
He's a self taught software engineer making a great salary whose college background has absolutely nothing to do with his job. He got where he is in a short amount of time by literally learning himself and learning on the job.
I got a BS in marketing. My schooling was helpful and educational and I did well in school.
But I have $35K in my name and $24K in my dad's name that we're making payments on.
I also became disabled shortly after graduating. I'm now planning to apply for disability discharge for my student loans, but that won't get rid of my dad's loans that we pay and make take literally years to get approved if it even does.
The payment, combined, on the loans we pay is over $800/month. It would have been over double with the private loans if his parents didn't step in.
Now, being a single loan borrower, you would likely be able to at least somewhat consolidate your loans. So your monthly payment may be lower but you may literally never be free from them. But you really have to look at the actual benefit in terms of income if you were to change your schooling path and take on more debt.
Overall, I'm happy I had my college education but I'm not happy at the $60k price tags especially given that I am now disabled. My husband completely regrets almost all of his schooling. And, we can pay our loans. But it SUCKS to have to dish out money every month like that.
And I would suggest that if you had gotten behind on payments, then it HAS affected you in some way.
In the end my vote will always be to find the best way to go on to your goal with the absolute minimum amount of debt from schooling. The cost is absolutely insane and often doesn't translate to increased income or ability to pay back the loans. ETA run the numbers in online loan calculators.
posted by Crystalinne at 3:32 PM on March 16, 2018
I have good credit currently even with the debt I have. (was about 20k, is increasing with current program).
Seriously, this doesn’t matter. My student loan balance is about $130K and I have excellent credit. Of course, I can’t do anything with it, because I don’t have any money.
posted by Automocar at 4:13 PM on March 16, 2018 [6 favorites]
Seriously, this doesn’t matter. My student loan balance is about $130K and I have excellent credit. Of course, I can’t do anything with it, because I don’t have any money.
posted by Automocar at 4:13 PM on March 16, 2018 [6 favorites]
QFT: "Seriously, this doesn’t matter. My student loan balance is about $130K and I have excellent credit. Of course, I can’t do anything with it, because I don’t have any money."
Seriously, go to the various income based repayment calculators and play around. My payment is about $400-600/month, depending on how much or little extra work I picked up in the previous year. As someone said above, the downside of a raise is popping you into a higher payment. They are reevaluated yearly.
Make a real budget... Maybe track your expenses for a few months to help with this. Rent, food, car payment, insurance, phone bill, utilities... Can you afford to add $300-700 a month on to that, even with a raise?
posted by k8t at 4:32 PM on March 16, 2018 [2 favorites]
Seriously, go to the various income based repayment calculators and play around. My payment is about $400-600/month, depending on how much or little extra work I picked up in the previous year. As someone said above, the downside of a raise is popping you into a higher payment. They are reevaluated yearly.
Make a real budget... Maybe track your expenses for a few months to help with this. Rent, food, car payment, insurance, phone bill, utilities... Can you afford to add $300-700 a month on to that, even with a raise?
posted by k8t at 4:32 PM on March 16, 2018 [2 favorites]
I just got off the phone with a friend who at 63 is paying $610 per month. She has a PhD and makes $28,000 a year. She has 15 years of payments till she is done. She just found out that when she retires at 66 the payment will be adjusted downward but not end for 15 years. Fuck, that is awful.
Please be very informed before you make your decision.
posted by cairnoflore at 8:06 PM on March 16, 2018
Please be very informed before you make your decision.
posted by cairnoflore at 8:06 PM on March 16, 2018
I know too many people whose student loans are limiting their lives. Without the debt (or when it is low and manageable), you can do things like take a low-paid or even volunteer position that will open doors, for example. You can move cross-country or travel for a bit and the interruption in income isn't life-changing. You can choose to buy or to rent, rather than having that choice made for you.
I've also seen people take on scary amounts of debt for degrees that aren't going to lead to incomes high enough to justify (or even pay back) the debt. Be honest with yourself -- what is your income going to be like when you graduate, compared to the various repayment plan options?
posted by Dip Flash at 8:29 PM on March 16, 2018 [2 favorites]
I've also seen people take on scary amounts of debt for degrees that aren't going to lead to incomes high enough to justify (or even pay back) the debt. Be honest with yourself -- what is your income going to be like when you graduate, compared to the various repayment plan options?
posted by Dip Flash at 8:29 PM on March 16, 2018 [2 favorites]
This thread is closed to new comments.
Yes. You will get many delightful phone calls verging on the abusive demanding the money. Also, eventually the feds will garnish your wages and intercept your tax return. Unlike private lenders, the feds need not go through a full-scale trial and obtain a judgment to do so, but need only hold an administrative hearing.
Student loan debt will count as part of your DTI if you plan to buy a house.
The loans under most circumstances will not be dischargeable in bankruptcy.
I'm a little worried by your apparently cavalier attitude towards taking on debt. Spending twenty-odd years making minimum payments from a low income is no joke.
posted by praemunire at 9:51 AM on March 16, 2018 [13 favorites]