Student Loans

[N/A N/A]

I am about 60K in debt b/c of college loans. Most of the chunk is gov't but then the other is private. Are there any ideas to get around all of this? or am I just stuck like everyone else. But there has to be something right?

[Lynn Z]

my child owed 24K student loans and had no hope of getting rid of the debt. I financed a bungalow for her to manage and live in. She advertised at the local law school and got a working roommate. That made the mortgage payment and covered PMI (yuck). Paid $110 and sold it a year later for $135 with no fix up. She found a beaten up triplex for $198,000 in a better block and it has paid for student loans, a wedding and living expenses when times were real tough. She put the remodeling dough in the worst unit and lived there 5 years. Still keeps the owner's apartment and the other two make the mortgage payment. It's worth about $300,000 now. Finally got it financed in her name and she wrapped the student loan into the refi. I took the writeoffs and depreciation for the years I financed it. The basis for the depreciation transfers with the title change. Get a parent on your side in the beginning. Maybe they need writeoffs while you may have enough money to remodel. They're not going to stiff you.