Legal Question in Credit and Debt Law in Maryland

Re: I Want To Pay My Student Loans, But......

Unfortunatley for you, even if you did file for bankruptcy, these loans will not go away. Student loans, because they are insured by the government, are impossible to get rid of without paying them. Several companies, however, are allowing the consolidation or refinancing of student loan debts. Sallie Mae continuously sends me information on consolidating my student loans. The advantages include paying the loan over a longer term and reduced interest rates. Both of these factors combined should allow you to reduce your monthly payment considerably. Another suggestion is to pay extra during times when you have a few extra dollars. This will allow you a cushion when you just don't have the money because you will have paid ahead. The total interest will decrease over the life of the loan and if, for example, over the course of the remainder of this year you manage to pay enough extra (maybe $10 or $20 each month would be enough) to equal a whole month's payment, if you find that you just don't have the money in January, you have already made that payment so you won't incur any late fees if you fail to make the January payment. If you can make the January payment, though, try your best to do so and you'll still be ahead a payment.