These Private Student Loans Can Be Easily Discharged in Bankruptcy – Get Out of Debt Guy.
Here’s some good info for any of you struggling with private student loans. You should also know that banks cannot garnish your wages in North Carolina, South Carolina, Pennsylvania, or Texas. Basically that means that they can sue you all they want, but they can’t make you pay. This is not to say you shouldn’t make an honest effort to pay off your loans. However, some private loan companies prey on young students and charge excessive interest rates that severely limit the student’s ability to fulfill their end of the agreement. If you do get sued for repayment, you should also know that it is likely the debt was sold multiple times and the plaintiff may not have the proper paperwork for the lawsuit to proceed. If that is the case, all of your debt will be dismissed and you will be debt free.
My brothers’ lost a roommate to suicide, partly because of his concerns about his student loans. Please know that there are ways out from crushing student loan debt. Don’t allow yourself to spiral into a deep depression about your loans, its not worth it.