Before he lost his job in 2002, Robert Murphy was making six figures as the president of a manufacturing company. So, when the Massachusetts father found himself unemployed, he assumed he would be able to find new work. In the meantime, he took on hundreds of thousands of dollars in Parent PLUS loans to pay for his three children's college educations.
Years later, Murphy hasn't been able to find regular employment. He's saddled with $246,000 in student loans, despite paying off $61,000 with money from his retirement fund. And, following years of legal wrangling, Murphy may finally be able to discharge those loans due in bankruptcy, after his debt holder agreed that repayment would be an undue hardship.