How can someone consolidate and/or reduce their student debt?

Asked by Kardamom (33291) October 31st, 2019 from iPhone

One of my old friends, with whom I have recently re-connected, has a boatload of student debt that she acquired in the late 90s, when she got her master’s degree.

After working in her field for quite a few years after she graduated, the economic fall in 2008, and a few other un-related setbacks almost did her in, and she is no longer working in her field, and is merely existing, financially, even though she works full time. She trying to dig herself out of debt.

I don’t know any of the particulars, because we only started talking about this, but I know she has spoken to someone about repaying the loan, at a rate that won’t financially cripple her more than she already is. I also don’t know if she is working with the financial institute who originally made the student loan.

Sorry I don’t have all the information.

Does anyone have any experience with this type of situation? I’d like to direct my friend to get some financial help, but not sure what to suggest.

Would filing for bankruptcy help, or make her situation worse? Is there any legitimate debt consolidation companies that can help?

My friend wants to deal with this situation, honorably, and legally, but right now, I think she is feeling overwhelmed. Any ideas?