Question: Patrick has $250,000 in medical student loan debt. He can't get any more financial aid and goes to school in the Caribbean. He's 30 years old with an 18-month-old son. His wife left him and he can't get further funding, even with a co-signer. He has no idea of what to do. Dave has some sad news for him.

Dave Ramsey's advice: I don't either know what you're going to do either, other than transfer to a cheaper med school. All I can think of is that you are not going to finish med school, and you'll get a job and feed yourself and feed your child. That debt is going to sit there and you are going to get into a new career. If your parents co-sign for loans with you, then they won't be able to pay them either and you'll both be bankrupt. Start to negotiate with the private loans you have and work toward a career where you can.

I think there are some other issues going on for you. You'll have to emotionally accept the fact that this deal is done for a while. If you can't pay on the debt, you will come stateside and get a job and developing a life. You'll spend the next period of time getting a job that pays well and digging out of this. Five years from today, your situation will look completely different. You can either address the issue or file bankruptcy. The debt doesn't go away; that's what co-signing does to your parents. When you file, it will go straight to them. If they can't pay the bill, and you can't, you are both bankrupt.

We don't know how this will work, but it's unacceptable to throw your parents to the wolves. There will be a lot of negotiation and work for the next 12 months. It's not yet time to wave the white flag.

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Nicky has put her student loan in deferment, because her mortgage company put them in premature foreclosure. While it's in deferment, should they continue the Baby Steps or try to settle on the student loan? Dave says it doesn't start with either of those, and he gets a bit miffed with her when he digs deeper into this.

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Question: Shannon's husband recently revealed that he wants to go back to school. They are $200,000 in debt. Is this a smart idea? Her husband thinks so, but Dave tells Shannon why he is wrong.

Dave Ramsey's advice: I don't think this is wise. With that much debt and being a dentist, he needs to clean up his debt. Period. And he needs to listen to you, too. You guys have to live on nothing and clean up the mess. If he wants to save up and pay cash for his schooling after that, we can talk. But otherwise, he's wrong. No, no, no. You have a right to feel unstable here, because you have a husband who is offering up bad ideas. You guys make six figures, have kids and you're BROKE! Do not do this!

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