around and sometimes there s wisdom in keeping this debt. no, jim, it s a backache. get rid of it as fast as you possibly can. you re not wise to not pay it off because it has a low interest rate. you need to clean up the mess and treat it like it s a credit card debt or if you ve done a payday loan or something else stupid and get very intense and clean it up. grace from michigan, i m going to be a doctor and taking out loans for medical school is my only option. how can i get around this? there we go again. it s our only option. this fatalism line of thinking, this lack of critical thought is blowing people s lives up. of course, there are other options. try the m.d. ph.d. program where you get into the ph.d. program and become an employee of the university and they pay for your medical school. try the military. try the national guard. they ll pay for your medical school. four years, you work for them, you get out free. there s all kinds of ways to do this stuff without going int
was stupid and i overspent. with this, it s got this strange rationalization to it that somehow it s ok. it s not ok. it s still stupid. you overspent. the other thing is you can t declare bankruptcy with student loans like you can with say, for example, gambling or even credit card debt, correct? right. almost everything is bankruptable except i.r.s. debt and student loan debt. federally insured student loan debt. of course, congress passed that because they didn t want to pick up the bill when everybody filed bankruptcy on this stuff which is wise. the problem is it just corners people and they feel so overwhelmed and trapped that they have this tendency to kind of go into denial and push it off to the side emotionally and keep their student loan around like they think it s a pet. all right. so let s answer some e-mails, hope to help some people. jim from pennsylvania, my student loans have a very low interest rate and i feel they re helping me build my credit. what should be m