money-911

Be careful about your student loan debt levels

Sep. 20, 2012 at 1:01 PM ET

NBC News’ Allison Linn joined us for a live web chat Thursday to discuss her story on people who went back to school during the weak economy and are still struggling (you can read the story here.)

Here’s one of her answers to questions from the live chat. (See below for the full Q&A):

Katie asked:

“How easy is it to discharge student loans in Bankruptcy?”

Allison replied:

“The short answer is: Extremely difficult. The way the laws are structured, in most cases a person who files for bankruptcy will not have student loans forgiven in the process. That's one big reason why you need to be really careful about how much student loan debt you take on.”

Here’s the full chat archive:

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