What can I do to cancel my loan debts?

[deckeral]

Hello everyone, I'm new to this and totally lost. Let me explain a little about my situation here...

 

I attended Alfred State College in 2003-2005...and also again in the spring of 2007. I acquired a Two Year Associates Degree in Individual Studies.

I'm about 40,000 dollars in debt, and I feel as though I've been mislead.

The financial aide department for one failed to mention that I would've qualified for more grants if I would've waited until I was 24 to attend college. (This way I wouldn't have to count my parents' income...my parents by the way weren't willing to take out a parent loan for me.) I had to find this out on my own.

The college councellors failed to help me prepare for finding a job, and I felt they mislead me in a career choice. I took Computer art and design and wanted to change my major, and while I was considering taking animal sciences THEY suggested I take Individual Studies. Individual Studies is sort of like a Liberal Arts Degree.

How is it right that I wrack up 40,000 dollars in debt, for a liberal arts degree, that hasn't done me any good! So far I've only been able to get jobs that I would've normally only gotten with a Highschool diploma.

I've already tried getting a consolidation loan but they denied me.

My poor dad is stuck helping me pay this and he can't even afford to pay his own bills. Right now all I could get was a part-time job where I'm living, which is a small town in New York State.

This is causing economic hardship for myself and my family, I've been mislead by the college on information and they failed to help me successfully find decent employment.

So is there some way I could qualify for Perminate Loan Cancellation or is there a way I could file bankruptcy and end this debt-nightmare?

Help anyone? Thank you.

[xelda]

Have you considered going back to school? In my opinion, your education shouldn't stop with an associates. If you've already gotten credit in computer art and design, maybe you're only another year or two away from completing a bachelor's in that field. With a more specialized 4-year degree, you'll expand your career options. Plus, going back to school may help you defer your current loans.

 

It's almost impossible to get rid of student loans by filing bankruptcy, and I highly doubt the school will provide a money-back guarantee. I'm not trying to be harsh and I understand you're extremely frustrated, but you can't hold the school responsible for YOUR decisions. They suggested the degree, but it was your own responsibility to investigate whether the degree was a good fit for you. Why blindly plunge $40K into debt without knowing beforehand whether the degree was worth the investment? Didn't you ever look up what kinds of jobs you could get or what kind of income you could expect with the degree?

 

Anyway, I hope you get things figured out. Good luck.

[LynnInMN]

You dont have a liberal arts degree....you have a 2 year certificate from a community college with really isnt worth much. Heck even a BA is no guarantee of a job.

 

Your education was not guaranteed by your loan holder...your lender simply lent you the money to pursue the education of your choice. Dont think you school mislead you either....they present you with options but you are responsible for your choices. And $40K is a hell of a lot of money for a community college education.

 

No there is no loan cancellation for your situation. Nor will it be discharagble in bk.

[aluminumfalcon]

$40k in federal student loans for an AA degree is mind boggling.

I earned two AAs out of high school, one that I used to complete lower division credits for Math/Econ degree (avoiding Universitylevel weeder classes), paid $28 a unit, and no way it was more than $15k combined.

 

If you want to "cancel" the debt you have a few options:

Join the military, reserves or active, and use any bonus (usually $5k or more for an AA) towards paying your debt. (the bonus is not paid all at once)

 

Use your reserves pay for loan repayment and work wherever you can.

 

Go back to school and get a degree that will give you a career (you will no longer be in repayment). (such as early childhood education, nursing, vet tech, etc.)

 

If early childhood education, take a position in a disadvantaged area that offers a loan forgiveness program.

 

Combined you could potentially pay with bonus/forgive about $20k, and then pay the rest with reserve pay and your career.

Also, when you sign the MPN for these loans is specifically states that quality of education or dissatisfaction are not options for not paying the debt--you have to find a way to pay. Good luck, I hope you take advantage of the options available.