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Hmm, I need to transfer back to NC then...
I hate to be the one to say this, but in your situation, I would declare Bankruptcy, but do not include NFCU, and Cap One in your bankruptcy. Federally gauraunteed loans are not bankruptable anyways...
This is the sort of situation that everyone cringes to see... Quite frankly, you don't have the money to give them what you owe. If you try, you will be doing so for the rest of your life and this will never go away. I would consult with a financial advisor and an attorney if I were you. I totally understand and appreciate that you are trying to do the right thing, but doing the right thing also means being able to feed and clothe yourself. If you're paying them 1900 out of 2800 that you make, its just not possible.
Edit: Just read on BK forum that private loans are no longer dischargeable...
Have you tried sitting down with a Credit Counseling Service? They may be able to help you structure a payment plan.
Was just reading your reply and was going to say that, but then I saw your edit.
And actually, I did consider that, and my bk attorney was going to let me, until we discovered on our own that the loans wouldn't be able to be discharged. I've not checked with any credit counseling services. I'm open to any option, though. PArt of me is hoping that with the TERI bankrutcy case that the whole thing will just go away, although I suppose I know better than that in reality...
@jason0618 wrote:Was just reading your reply and was going to say that, but then I saw your edit.
And actually, I did consider that, and my bk attorney was going to let me, until we discovered on our own that the loans wouldn't be able to be discharged. I've not checked with any credit counseling services. I'm open to any option, though. PArt of me is hoping that with the TERI bankrutcy case that the whole thing will just go away, although I suppose I know better than that in reality...
I don't know if you're still here Jason, but I would look into the bankruptcy a little more. I remember reading a long time ago that while it is VERY difficult to get student loans discharged in bankruptcy, it is not impossible if you can prove to a judge that paying them would cause "undue hardship."
Student loans are difficult, but not impossible, to discharge in bankruptcy. To do so, you must show that payment of the debt “will impose an undue hardship on you and your dependents.”
Courts use different tests to evaluate whether a particular borrower has shown an undue hardship. A common test is the Brunner test which requires a showing that 1) the debtor cannot maintain, based on current income and expenses, a “minimal” standard of living for the debtor and the debtor’s dependents if forced to repay the student loans; 2) additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans; and 3) the debtor has made good faith efforts to repay the loans. (Brunner v. New York State Higher Educ. Servs. Corp., 831 F. 2d 395 (2d Cir. 1987). Not all courts use this test. Some courts will be more flexible, some less.
If you can successfully prove undue hardship, your student loan will be completely canceled. Filing for bankruptcy also automatically protects you from collection actions on all of your debts, at least until the bankruptcy case is resolved or until the creditor gets permission from the court to start collecting again.
Assuming you can discharge your student loan debt by proving hardship, bankruptcy may be a good option for you. It is a good idea to first consult with a lawyer or other professional to understand other pros and cons associated with bankruptcy. For example, a bankruptcy can remain part of your credit history for ten years. There are costs associated with filing for bankruptcy as well as a number of procedural hurdles. There are also limits on how often you can file for bankruptcy.
From: http://www.studentloanborrowerassistance.org/bankruptcy/
Thanks for the advice. For now, I'm just weighing out my options. Since they're private, there may be some solace in SOL expiration... IF I move back to NC with their 3 years written contract SOL, am I right to think I'd be safe from liens, judgments, and the like? That's what really sucks about being in Ohio. 15 year SOL here...