08/05/2010 05:12 am ET Updated May 25, 2011

Bankruptcy Won't Relieve You Of Student Loans

If you run up big credit card bills buying a new home theater system and can't pay it off after a few years, bankruptcy judges can get rid of the debt. They may even erase loans from a casino.

But if you borrow money to get an education and can't afford the loan payments after a few years of underemployment, that's another matter entirely. It's nearly impossible to get rid of the debt in bankruptcy court, even if it's a private loan from for-profit lenders like Citibank or the student loan specialist Sallie Mae.


Subscribe to the Lifestyle email.
Life hacks and juicy stories to get you through the week.