When did you start hating the question, “What do you want to be when you grow up?” A woman who at age 8 wanted to become a doctor may find herself about to graduate from high school, wondering where the money will come from to pay for college and medical school.
One young woman, determined to avoid student loans, planned carefully for college. She had 4.0+ grade averages throughout high school while working part-time, playing varsity sports, and doing volunteer work. She wrote endless grant applications and essays. She started college with scholarships covering tuition, books, and housing. She still needed help from her family to make it through. Four years later, she emerged with two bachelor’s degrees (both Summa Cum Laude) and other special credentials. She was snapped up by a major international financial institution for a nice starting salary.
Few of us are determined, disciplined, or talented enough to stay at the top throughout our schooling. Many students can manage to get through college only with student loans. We plan to turn those college degrees into solid careers that will allow us to start a life and pay off those loans. For various reasons, our lives don’t always stay on course. Our student loans payments may become less urgent than house payments, car payments, and all the expenses that come with life.
What choices are available to those who are forced to default on student loans? Is bankruptcy an option? Only in certain cases, and laws vary from state to state. Mississippi bankruptcy laws, for instance, state that a student loan might be discharged if the loan is unsecured, but there are other conditions to consider.
As with any other life-altering decision, get solid legal advice before considering bankruptcy.
