Bankrupcy is not the fix that you think it is. If the student loan is your only loan, then you need to find a way to pay it back.As Missmezzo says you won't be able to file bankrupcy. You are probably pretty young, but you don't get to just file bankrupcy and start over. Your credit is messed up for several years and bankrupcy is not free. You need to get a job (or a better job), cut back on your spending and pay your loan. Then, you can apply for another one and go back to school.

The borrower's bankruptcy options on student loans have shrunk to a very few. Changes to the Bankruptcy Code in late 1998 made student loans non dischargeable, regardless of the age of the loan, unless the borrower can establish substantial hardship. Changes in 2005 made even private student loans non dischargeable.

If you default on your loan you will have to certify eligibility for a new loan. Schools require evidence that you've made satisfactory arrangements to repay.

A bankruptcy can stay on your credit record for 8-10 years. follow the advice of postmuffin and try to adjust your spending or make payment arrangements with the first loan. You will find it very hard to get any loan after declaring bankruptcy.