Scott asked: Hello. I am currently a substitute teacher in the state of NY. My income is about $20,000 a year however, I have over $100,000 worth of student loans. My loan payments are over $2000 a month which is more than my monthly income. I took out the loans with 3 different cosigners because at a point, my parents weren’t getting approved to cosign for me because they bought a house and their credit got shot. I’ve only been out of school for a year, but it just seems like it will never happen. What makes it worse is that the majority of these loans are from private loans, not Staford. (About $100,000 of it.) They are currently on hardship deferment but I can only do that for so long. I don’t have any credit really to get a consolidation loan, and I am not asking my best friends dad again to cosign for me on a consolidation loan for over $100,000. Banks aren’t even giving out loans now because of everything. I’m also forced to go back to school and finish my Masters degree within 4 years to retain my certification, which costs money. I don’t what I am going to do. I don’t necessarily want to give up my loans, but since they are private loans, would I qualify for chapter 11 bankruptcy since i am working as a civil servant? If anybody has any suggestions please let me know. Thanks!
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