Student Loans Never Die…Unless You Do First!

People always ask me if there is any way that they can get out of paying back their student loans and trust me, from having student loans myself, I’ve given it a lot of thought and have come up with 3 ways to get out of paying back a student loan and one of them is “death.” If you die, the loan goes away. Now, if you’re not quite ready to go that far to escape payment, there are two other ways.

The next way to avoid payment is to never work another day in your life. Or at least not for a legitimate company that pays your wages via W2 every year. You could just get paid under the table for the rest of your life. It may sound crazy but I know people who do this just to avoid paying off their debts.

The final way, although I would never recommend it, in theory, should work. Since student loans are one of the few loans that cannot be discharged through bankruptcy and are generally only forgiven by death, the only workaround is to charge all your student loan debt to credit cards and then file bankruptcy. And there’s your loophole!

Again, I would never recommend filing bankruptcy unless it was an absolute last choice with no other options. Having said that, for the many people who are several thousand dollars in standard debt and then owe several thousand more in student loan debt for themselves and or their children, this might be the way to go.

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