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Could you pay off $100,000 in student loans in one year? We recently read of one young man who did just this. He was forced to move back in with his parents and make serious sacrifices in his life style but was able to emerge debt-free in just 12 months. Could you do the same? Maybe not but you could find ways to save enough money to get those debts paid off in just a couple of years. You could do like this young man did and move back in with your parents for some amount of time. If you and your partner or spouse has two cars, you could sell one. You could get a second job. In fact, this might be the best answer to paying off that student loan debt. There are many part-time jobs available, especially in the hospitality, food service and telemarketing industries. These jobs may not pay a great deal but if you were to put all the money you earn into paying off your student loan debts, you might be surprised at how quickly you become debt free.
Of course, there are many ways to save money to pay off student loans and here’s a video explaining some of them.
Why bankruptcy can’t help with student loans
The one thing you can't do to get rid of those student loan debts is file for bankruptcy. Chapter 7 bankruptcies will discharge many types of unsecured debts but student loan debts are not one of them. Nor can a chapter 7 bankruptcy get rid of alimony, child support or past-due taxes. It can also do nothing about secured debts like a mortgage or auto loan.