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  #1 ()
gorjitienMito : I am looking into my options for repayment of my student loans. I am currently in debt of approximately $50,000 - all of which is federal student loans (split between sub/un-sub Stafford and Grad Plus). Initial research seems to indicate that filing bankruptcy (7 or 13) does not absolve you of student loans unless you can prove "undue hardship". Since this is difficult to prove and thus unlikely to happen, I am now looking for other quick options.

My real question is - Is it possible/legal to pay off (full amount, one transaction) student loans with credit card and then file bankruptcy to remove said credit card debt?



Any information, insight or experience that you could share on this topic would be very appreciated!
A little additional information:

1) Yes, I do have access to credits cards with over $50,000 limits.
2) I have graduated (December 2011) with my Master's Degree.
3) I am in a grace period for 6 months (first payment is June 2012).
4) I have looked into consolidating my loans and am planning on doing it.
5) I have a job right now and am making $42,000 annually.

And one more question - I am looking into IBR/ICR for repayment, does anyone have any suggestions for which is better? if there is such a thing...
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  #2 ()
Yopemrlde : Yeah it's legal. You can put whatever You would like on credit cards and then file bankruptcy.
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more..
  #3 ()
Mobfabybrirty : If you had a credit card with a $50,000 limit, you would never have needed student loans or any loan
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  #4 ()
choillLiels : Well... first you would have to obtain a credit card with a high enough limit on it to pay off the loan. If you're already in that much debt, your odds of doing so are slim to none.

But yes, you could do it... provided the bank agreed to allow you to use the credit card, which they may not.

Recovering from bankruptcy isn't exactly an easy process, though. You may end up putting yourself in a position where you never qualify for another loan.... which may make it rather difficult to do things like buy a house, or a car, or go back to school for a masters degree.
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  #5 ()
nawHydayassup : Possible but highly unlikely.

The problem will come when you file for bankruptcy and the courts see that you paid off your student loans first. This is considered fraud and the courts will never allow it.

Good idea, it just wont work.
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  #6 ()
GahAssems : Ok, so you make $42,000 a year and you're bitching about repaying $50,000 in loans? JUST REPAY IT! If you have a Master's and a good job, why would you want a bankruptcy on your record? God, I only make $11/hr after getting a Bachelor's degree with about $35,000 left in loans to repay, and I'm repaying them like a responsible person... it sucks, yes, and it's keeping me from buying a house right now, but if I made what you do (almost double what I make now), I could easily pay for a mortgage AND loan repayment...
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  #7 ()
Molemejfvn : uh...you do know the bankruptcy judge will review your accounts?

And disallow that debt?

Not happening.
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  #8 ()
arraspphype : I am currently a freshman majoring in computer science. I would like to work for a big video game company as a programmer one day. Video games have always been a passion and I am already pretty far ahead of the game by having published a couple of apps. I was wondering what looks best on a resume for companies regarding my minor. I am not sure what I want to do at all for my minor but I would like to know what compliments computer science for the video game aspect. Thank you!
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  #9 ()
ANNOGSEXOCA : Above LOL and you should be really good at math to program stuff plus a good idea of scripts and stuff. Very hard, but good luck!
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  #10 ()
goodevry11 : Minors are optional and generally not even necessary. You'll definitely want to do something related with business though since business skills are always in demand regardless of what you actually study.
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