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I currently have about 45K in credit card debt, all of which is current. I've never been late on a single payment but pay out about 1100K a month in payments. At the rate I'm going I feel like it'll be years before I'm out of debt.

Here is my dilemma. I'm currently in a good, stable, well paying job. I make enough to cover my minimum monthly payments and live simply and frugally. I'm 32 though and have been in my job for almost 8 years now and I can't stand it. My intention is to return to school to change my career path to something I'd much rather do. Problem is, the program I'd like to do is a full time 2 year Master's program. If I go back to school and live off student loans there is no way I will be able to fulfill the monthly payment. On the other hand if I try to pay it off first, it will probably be at least 7+ years before I could pay it off and thus I wouldn't be able to go to school and change career paths until I'm almost 40.

I've considered chpt 7, but don't want to go that route just yet. Besides I doubt i'd qualify now with my current income and it would hurt my ability to then get student loans/financial aid in the future correct? If I go into a dmp, then I wouldn't be able to apply for student loans either correct? The same issue with debt settlement? I've heard that potentially, getting federal student loans is not influenced by credit (whereas private ones are) but I'm not sure that this is correct? There is the option of maybe doing night school at a different program, but again I would have to appy for loans in order to attend. I maybe able to work part time in this case, but there is no way I could afford to pay the minimum payments and thus I'm in the same dilemma- whether I go into a DMP, debt settlement, or chpt 7, how will I be able to apply for student loans in this case?

Any thoughts or advice is greatly appreciated.

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