I am writing this on behalf of a friend. About 20 years ago he was enrolled in a university, studying to become a pharmacist, a variety of family and personal problems caused him to drop out. Up to that point he had accumulated about $50,000 in student loans. He is now in his forties and is waiting tables in a restaurant and is interested in returning to school. He has made no payments on these loans in 20 years and is unable to get a bank account due to the collections on his loans. Is there anything that can be done to help him set his life in order and get these debts put on hold or forgiven? Are there programs for people that have defaulted on their debts in the past but will allow them to acquire grants, loans or scholarships now? He screwed up by walking away from debts he had knowingly and willingly acquired but would like to set things right now and move ahead. Any advice?

I am writing this on behalf of a friend. About 20 years ago he was enrolled in a university, studying to become a pharmacist, a variety of family and personal problems caused him to drop out. Up to that point he had accumulated about $50,000 in student loans. He is now in his forties and is waiting tables in a restaurant and is interested in returning to school. He has made no payments on these loans in 20 years and is unable to get a bank account due to the collections on his loans. Is there anything that can be done to help him set his life in order and get these debts put on hold or forgiven? Are there programs for people that have defaulted on their debts in the past but will allow them to acquire grants, loans or scholarships now? He screwed up by walking away from debts he had knowingly and willingly acquired but would like to set things right now and move ahead. Any advice?



Short of paying them off, no.

I do know no one else will give him a student loan - possibly ever - because of his history and often grants are contingent on a clean credit history.

If he hasn't made a payment in 20 years he is definitely not a good risk.

I can tell you if he has unpaid, overdue student loans and is considering becoming a Pharmacist he will not pass the character review in several States (my husband was a Doctor of Pharmacy and occasionally taught at the local college).

Sorry no, there are some programs where if you take a job in some areas, teaching in depressed area, working in law enforcement and the such, after 10 years certain parts of the loans will be forgiven But I am not sure that works on loans in default