If you are overwhelmed by the amount you are paying towards your student loan each month you are not alone. The payments can be daunting and may take up a large part of your monthly income. It is important to realize that because your student loans are federally insured it is almost impossible to get out of paying them off. If you declare bankruptcy your student loans will not be excused, but will follow you out of the bankruptcy.
If you become permanently disabled and receive a disability check from the government each month you can have your student loans discharged. This is a very difficult process and it can take years for the hearing to be processed to be declared disabled. This is not a lifestyle that people would wish for and should only be considered if you are truly disabled. When you die you do not have to pay off your student loans. Additionally your spouse or your family will no longer be responsible for paying off your student loans. This may help your spouse out when he is going through a difficult time, but it will not fix the situation that you are currently in.
If you are having a difficult time meeting your monthly payments there are several options available to you. You should contact your student loan company and work with them. They may be able to put your payments on hold for an economic hardship. You are eligible to do this for up to three years during the life of your loan. Additionally you may qualify for a reduced payment amount. This option will extend the time that you have to pay on the loan but may make the payment more manageable. Never just stop paying on your loans; companies are usually willing to work with you to help you continue to make payments on the loans.
If you have a large number of private student loans, a portion of the loans may be discharged during bankruptcy. However, it is not a very common practice, and you must have extenuating circumstances. If you are truly overwhelmed by your student loan debt, you should create a tight budget and look for a number of cost saving measures like getting a roommate or moving back in with your parents why you work on paying down the debt as quickly as possible. You may also want to take on an extra job to find extra money. This will help you to tackle the debt more quickly. Additionally, be sure that you are not spending money on things you can do without for a few years so you can get this under control. Consolidation is a definite option, because it can make the debt more manageable in the end. You do not want to spend the next ten to twenty years of your life with a ton of debt. Take the steps you need to now to reduce the debt so you can move forward with your financial goals.