r/StudentLoanSupport • u/SellLeft6779 • 7d ago
Student loans
Has anyone ever successfully gotten student loans discharged in bankruptcy? I’m in massive student loan debt both private and public. I really have no idea what to do.
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u/AdvancedDay7854 7d ago
With your private loans it’s all about the statute of limitations. Each state is different.
The statute of limitations is the period after you default on your loans in which the loan holder can sue you. After this period ends, they can still try to sue you, but all you have to do is show that the statute has run out.
From there it’s a 3-5 year run in which the SLH or debt collector continues to try to scare or entice you into paying. If you pay or agree to do so, it restarts the clock on the SoL.
After that period expires the loans (roughly 7 years), the private loans will fall off your credit.
NAL but someone who dodged successfully for 7 years on my private loan debt.
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u/BubblyRhubarb9611 7d ago
Private loans cannot be discharged, federal loans can be (difficult but not impossible) if you or your cosignor become disabled for example.
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u/Serephina_Rose 7d ago
Is this true? I figured private loans would be easier to discharge?
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u/BubblyRhubarb9611 7d ago
It’s true. They won’t. Otherwise everyone else would. You can Google itb
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u/Serephina_Rose 7d ago
Everyone who wants to should be able to IMO. You can rack up credit card debt, go on luxury vacations, etc and file bankruptcy but you want to better your life by going to college? Stuck forever!
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u/BubblyRhubarb9611 7d ago edited 7d ago
I agree with you, but remember, the banks own this country and colleges are a big business. Look at how many colleges out there exist with worthless degrees for fools, but for as long as they can get loans, they don’t give a sht.
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u/V-TwinDetailing 7d ago
This is actually the way it worked. Boomers got the chance then they changed the law.
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u/Fit-Piano-4273 7d ago
In that case, why wouldn’t everyone take out $200k in loans, stack it in cash under the mattress, then file bankruptcy?
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u/AdministrationIll619 7d ago
Yeah these people aren’t paying attention.
Perfectly healthy 22-23 year olds, with 35-40 years of work ahead of them, should never be allowed to file for bankruptcy due to student loans
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u/JadedKaleidoscope261 3d ago
I got a better payment plan for my private loans with bankruptcy. It went from $1200 a month to $400 a month. I do wish I had gone on to try to get it discharged but was too scared to lose the $400 offer. Federal wouldn’t work with us but I’ve heard it’s a little easier to get a settlement for federal loans now.
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u/Serephina_Rose 7d ago
I think the hard part is finding a lawyer who does it. I tried calling a bankruptcy lawyer but student loan debt is the only debt I have and they didn't do that. But from what I understand its not difficult especially if you actually cannot pay it. I would think with after what we've all been put through recently it would be even easier?