Legal Question in Bankruptcy in Pennsylvania

My son has $81,000 in college loans from Sallie Mae, the interest is compounded and is currently about $31,000. He is currently working part-time and makes approximately $160/week gross. He is trying to find work, but hasn't found anything that can pay the monthly amount of $1,195.00/month that Sallie Mae demands. He has filed "forebearance" with his Government loans and was granted a year to get a job. He spoke to a Sallie Mae rep and requested a forbearance but was denied because she claimed that private loan companies do NOT grant forbearances. Sallie Mae calls us at home and my son's cell 3 to 5 times a day. Usually electronic calls that say press 1 if you are "Bob" and press 2 if you need time to get"Bob". It's anoying not to have a person to talk to. The calls come at different times anywhere from 7am to 9:15 pm. Can he file bankruptcy on these loans and the interest? I know that this should be a last resort, but his father and I are paying the interest on his government loans and are paying on parent loans from both our sons. We can't make the $1,195/month payment. I would not recommend Sallie Mae to anyone. My oldest son has loans through Citibank and they are willing to work with him.

Asked on 1/12/11, 9:50 am

John Dougherty John L Dougherty

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Lawyers.com summed up Student Loans and Bankruptcy pretty well here:

http://bankruptcy.lawyers.com/consumer-bankruptcy/Student-Loans-In-Bankruptcy.html

It is virtually impossible to have student loans discharged through bankruptcy.

Answered on 1/19/11, 5:34 pm

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