When people take out loans to help them get through school they do so under the assumption that their education will give them the tools and opportunity needed to land good jobs and live a comfortable lifestyle (and repay those loans as well). However, now more than ever that belief is being challenged in the real world in ways that students are not being prepared for. If you took out loans and are facing un or underemployment you aren’t alone—not by a long shot. Fortunately, student loan help is available.
One thing is true; sooner or later you will have to repay your loans. Bankruptcy no longer covers school dept and, short of fleeing to a non-extradition nation (which also probably depends on your love for tropical weather), there are people and agencies that are very good at tracking people down for their money—and at their expense no less.
What student loan help does is lower the repayment rate, making each payment less so that you can accommodate it more easily. Unfortunately your loan will continue to draw expense and it will be much longer before it is repaid, but you will fend off legal action. What attorneys and private loan consolidators do is contact your lenders and argue for small, combined payments and lower interest rates, so that you as a repayer will survive long enough to get them their money back.
This process is also available on a direct line to the government, by visiting the Federal Student Aid website and consulting their defaults page. However, without a lawyer or financial expert the result of your negotiation might still not be enough to help you deal with your student burdens.
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