Nalamienea's comment to my first post really hits home. When my husband lost his job in 2001 I was scared. Even worse, he worked in the tech sector and couldn't find another job. I was a mom and wife, and a high school graduate. I had no skills that would pay me above minimum wage.
So, I went to school on student loans - we both did. For three years we both went to school full time. I earned a bachelor's degree, he has a bunch of mis- matched credits that don't quite add up to a degree. Now, he's the one working full time and I'm staying at home. Of course, I'm still going to school - pretty much just to avoid student loan payments. I'll have my master's degree by the end of this year.
Once those loan payments become due, I'm not sure what we'll do.
He needs to go back and finish his degree. First, we have to figure out how to get his loan status out of the dumps.
Filing bankruptcy doesn't help get rid of student loans. I don't by any means think anyone should borrow money with the intention of filing bankruptcy to cancel their debt. I do think, however, that there are some financial situations in which student loans should be forgiven.
My husband and I have a few little credit cards we haven't been able to pay on in a little while, but except for student loan debt, all of our unsecured debt together is less than $5,000.
So, even though we are having trouble now, without even making any debt payments, the biggest anchor around our necks is our student loans.
Back when we took the student loans, they were a life saver. He couldn't find work in his field, so the money kept food on the table and a roof over our heads. But easy money comes with consequences - and we're about to start feeling 'em...