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Can You File Bankruptcy On A PRIVATE Sallie Mae Student Loan?
I know government backed student loans do not qualify for bankruptcy, but what about a private student loan through a place like Sallie Mae? I went to a trade school last year and got high grades but I can't find a job and the money is out.
Also, is there a grace period on credit card charges for bankruptcy that don't qualify? Meaning, if I withdrew $3000 a few months ago to pay my bills will that not be discharged under the bankruptcy? Or, do I just wait enough time after I stop paying my bills before filing bankruptcy so recent charges are covered?
I believe your response below is wrong. I called Sallie Mae twice and asked if the loan is able to be discharged under bankruptcy. Both times I was told that yes, that the loan can be disolved under bankruptcy.
The second time I called I asked why it was able to be and was told that it's a "semi student loan". My loan is what's called a career training loan for a trade school. This is good news because I don't see how I can pay it back due to my situation.
3 Answers
- Jen FLv 41 decade agoFavorite Answer
Nope sorry. No forms of student loans are forgivable in bankruptcy anymore except for in some very obscure circumstances that vary from state to state. Seek out some legal help. A lawyer will be able to tell you if you can take them out with bankruptcy though. Most likely not. It's tough; I know. I took out nearly $70,000 in loans for my undergrad and also co-signed for a now ex-boyfriend in the amount of $50,000 which he is not paying just because I broke up with him. So I get to payback $120,000 and learn a difficult and expensive life lesson because of it.
- trh2000_2000Lv 71 decade ago
Far as I know, you can't be relieved from student loans by bankruptcy.
Which makes sense when you think about it, if someone is giving you money to go to school and find a better job, not fair to your lender that you just don't pay because you can't find a job.
If you are having trouble with paying, there are defer periods that you can do if you are unemployed and actively seeking a job. Sometimes your lender will give up up to an additional 3 years of deferment.
Honestly, pay your bills. Bankruptcy should be your last alternative, and even then, bankrupcty with a loan default will pretty much destroy your credit rating for at least 10 to 15 years minimum.
- 1 decade ago
Quit it with the deadbeat attitude. Keep looking for a job, and keep paying your bills as best as you can. If you can't pay - nothing is going to happen to you (except to your credit rating) - - And, so - quit talking about trying to beat the system. Just get a job.
