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In the bankruptcy code an educational loan is described as one that was used at least in part to attend an eligible education institution. It further defines an eligible education institution as one that can participate in federal student aid programs. Some people have been able to successfully argue that because their private student loans were used to attend schools that were not eligible for federal student aid programs then the loans don't fall under the definition of an education loan and should be discharged.
Even though it is possible to get student loan debts discharged through bankruptcy consider this carefully before filing. Federal student loans have a myriad of income-related repayment and forgiveness options so you should be able to find a repayment strategy that you could manage. Plus, a bankruptcy will stay in your credit file for up to 10 years. You might be able to get new credit in as few as two or three years after your bankruptcy but it will come at a very high cost. The reason for this is because a bankruptcy will totally trash your credit score. If you were to find yourself with a credit score of 600 or less you could end up paying as much as 18% interest on a new credit card or auto loan.
While a bankruptcy will stay in your credit file for 10 years it will stay in your personal file for the rest of your life. So it could turn up to haunt you 20 years from now when you apply for a new job and your prospective employer checks your personal history. You might remember the old athletic shoe slogan “just do it. In the case of your student loan debts the best option is to “just pay them”.