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Can private student loans be discharge?
August 19, 2018
3:45 pm
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August 19, 2018
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Medical school graduate currently owing $291,000 in student loans through UAS. I borrowed $191,000 for medical school starting from January, 2010. Over the course of 9 semesters, my loans ranged from $20,000 to $32,000 at 10% interest per loan. Now I have almost $97,000 in interest accruals. I have not started residency and have tried 4 times but couldn’t get in.I went to a Carribean medical school and so I wasn’t qualified for federal loans. My chance of repaying my student loans without becoming a certified physician is slim to none. Due to my lack of licensure, I can not find any work making more than $16.25 per hour until recently. Every job I applied told me that I’m either overqualified or do not have enough experience or lack of licensure for what they are looking for. (eg medical assistant)

I have recently found work as a clinical documentation specialist making  $25/hr. UAS has wanted me to pay $5000/month while I’m only making $4300 PRE-TAX. I have been making mininal amount required at $450/mth for the past 3 years. I have exhausted all forbearance and reduce payment options. Because my loans are privately funded, I do not qualify for income based reduction payments. I’m at the mercy of my private lender I have tried refinancing but was unsuccessful due to my debt amount.  Please let me know if I have a case to reduce or discharge my loans. Thank you.

August 19, 2018
8:33 pm
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It normally is very difficult to prevail in a bankruptcy hearing to get student debt discharged, but based upon the little bit you have shared, you might have a chance. It might be worthwhile to discuss things with a bankruptcy attorney with some experience handling student loans.

Prior to doing that, you might also consider filing a complaint with the consumer financial protection bureau about your lender not being willing to work with you.

August 21, 2018
12:40 pm
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Thank you, Michael. My next question is if I were to file for bankruptcy, can I be deny employment based on a bad credit score during a background check? I live in California btw. I’ll probably just be working in hospitals within the medical field and aspire to be an executive someday. Hopefully this doesn’t come back and bite me. thanks

August 21, 2018
1:03 pm
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That is a question probably best answered by a California bankruptcy attorney. I wouldn’t want to take a guess and provide you bad information.

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