If you have been researching bankruptcy and student loans, you’ve learned by now that student loans are generally not dischargeable. If student loans are all that is dragging you down financially, unfortunately, bankruptcy is probably not going to solve the problem.
One alternative to explore is Income-based Repayment (“IBR”). IBR is is a repayment plan for the major types of federal student loans that caps your required monthly payment at an amount intended to be affordable based on your income and family size.
Only certain types of loans qualify, including Stafford, PLUS and Consolidation Loans made under either the Direct Loan or FFEL Program are eligible for repayment under IBR, EXCEPT loans that are currently in default, parent PLUS Loans (PLUS Loans that were made to parent borrowers), or Consolidation Loans that repaid parent PLUS Loans. The loans can be new or old, and for any type of education (undergraduate, graduate, professional, job training).
Also, only certain debtors qualify. You may enter IBR if your federal student loan debt is high relative to your income and family size. You can use the U.S. Department of Education’s IBR calculator to estimate whether you would likely qualify for the IBR plan. The calculator looks at your income, family size, and state of residence to calculate your IBR monthly payment amount. If that amount is lower than the monthly payment you would be required to pay on your eligible loans under a 10-year standard repayment plan, based on the greater of the amount you owed on your loans when they initially entered repayment or the amount you owe at the time you request IBR, then you are eligible to repay your loans under IBR.
You can read more here.