Get Out of Debt Guy

I'm a Social Worker and Can't Afford My Student Loans

Posted May 23, 2014

WRAL Reader Question

Dear Steve,

Where do I start? I have several Student Loans I have a private loan that total up to 113,000 and Federal Loans that total up to 57,000.

Right I am being garnished by two different collection agencies. I really don't know where to turn.

The school that I went to no longer has the program that I graduated with, so they can not help me find a job.

Right now I work as a social worker making only 27,000 a year. and my repayments of my loan total over $1000 a month!! I live alone no kids not married. I need so help bad.

I don't know where to start to get rid of these student loans.

Bryant

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Dear Bryant,

You have $170,000 in student loans to be a social worker? That math is never going to work out for you. Students fail to do the cost versus benefit analysis before taking on loads of loans. This is unfortunately a classic example of that.

On the federal student loans you may be eligible to have those loans fully forgiven after ten years if you qualify for the Public Service Student Loan Forgiveness program. For more information on that, click here.

When it comes to private student loans, most of the time, you are stuck. Private lenders are not obligated to offer any affordable payment options or loan forgiveness. In some situations though the loans can be discharged under bankruptcy. I'd suggest you click here to see if your loans might be eligible.

Steve Rhode
WRAL Get Out of Debt Guy

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About this Blog:

Steve Rhode has had careers in opthalmology, real estate and as the head of a nonprofit debt counseling firm. On his blog, he offers hard-won, free advice about getting out of debt, consolidation and making the right choices as you manage your money.