When The Student Loan Shark Cometh...

This month, after about four or five rounds of forbearance, I'm scheduled to start repaying my student loans. Am I financially ready to do this? Not even close! But this is the debt that don't disappear, the debt we must repay, so I'd like to start making payments sooner than later and avoid racking up even more capitalized interest.

I figure I have one of two options. I could go into forbearance again (although I just negated this option with my above statement about capitalized interest) OR I can go bankrupt. With bankruptcy, not having to make credit card payments would make room in my budget so that I could actually make my student loan payments.

Some people take more extreme measures when repaying their student loans, as I found out when I randomly came across this blog posting on walletpop.com. From tapping into their 401(k) accounts to selling their virginity, some people will do anything for financial freedom. I think I'll stick with Plan A...I don't think I'm desperate enough for such extremities...

I'm still a little nervous about the whole bankruptcy thing, and I'd rather continue to take responsibility for the debt I've incurred. But at the same time, those credit card companies are evil with their high interest rates. I might as well jump on the bankruptcy bandwagon while I can.

*****UPDATE ON 6/24/10*****

A co-worker sent me an article about some new ways to Kiss Those Student Loans Goodbye! Definitely worth a read, especially if you're in a public service career!

Having trouble paying back your student loans? What's your plan of attack?