Dear Helaine: A friend of mine took out huge private student loans to pay a hefty tuition bill at a private college. It's several years later, and she's struggling to make even the minimum payments. Yes, she shouldn't have taken out those loans, but what's done is done, and she's trying to figure out how to handle her obligations in a reasonable manner.

Even working both a full-time and part-time job, she is only able to pay the absolute minimum on her loans -- and that's still more than half her take-home pay. Her credit cards are maxed out with things like buying groceries.

Here's the kicker: Her parents co-signed the loans. She looked into bankruptcy and other ways to reduce the loans, but was informed that won't work for her. When she reached out to the bank, they would not renegotiate and told her they would go after her parents.

She says she feels like there is no light at the end of the tunnel for her, that she will be paying the minimum on the loans for the remainder of her life. I hate seeing her struggle with the enormous stress she's under every day trying to make ends meet while paying these loans. Are there any options she might not be aware of to help her manage things, while not forcing her parents, who are near retirement and are not wealthy, to pay her loans? -- A Friend Is in Need

Dear Friend: Our nation's student loan system is a disgrace, and nowhere is this more clear than when it comes to privately issued student loans. While federal loans at least offer income-based and income-contingent repayment plans, private issuers do not need to do such things. At the same time, it's all but impossible to get student loans discharged in bankruptcy court since loan holders need to meet the very tough "undue hardship" standard. The result? Situations like the one your friend is facing. It's unconscionable.

I can't, alas, offer any magic advice that will make it all go away. Instead, I would suggest she meet with a nonprofit debt counselor like the National Foundation for Credit Counseling and see if they can help her come up with a realistic financial plan, or assist in refinancing the debt into a lower-interest loan or one with a longer repayment schedule. The latter would lower her monthly payment, but result in her paying more interest over time. Not ideal, but infinitely better than running up credit card bills buying necessities.

I'd also suggest another meeting with a bankruptcy attorney as it's possible they can more effectively negotiate with the financial institution holding the loan than she could on her own. Finally, she might want to begin thinking about something easier said than done: finding more lucrative employment.

(To ask Helaine a question, email her at askhelaine@gmail.com.)

(EDITORS: For editorial questions, please contact Sue Roush at sroush@amuniversal.com)

Dear Helaine: My husband and I are in our mid-60s, and we're finding it harder and harder to save money because our earnings from work are going down. We have retirement savings and accounts we could tap while waiting to collect Social Security at our full retirement ages, or even later when our benefits max out at age 70. But with all the uncertainty right now, we're nervous that the promise of full benefits in a few years might not be kept, and we would be spending down our savings for no good reason.

It's hard to trust anything, including assurances that any benefit cuts would be phased in over many years. I'm inclined to think it might be a smart idea to get in while the going is good. What do you think? -- Soon-to-Be Retiree

Dear Soon-to-Be Retiree: Please don't make financial decisions based on long-term political scare tactics and rumor-mongering. The odds of Social Security benefits getting cut in the future are just about nil.

So why do you hear so much about this? It's partly because the Social Security trust fund will likely run out of money without new sources of revenue in the mid-2030s, and at current levels, the money coming in could pay for only three-fourths of what needs to be paid out. But few political experts believe benefits will be cut.

It's quite possible the entire problem will be addressed long before that comes to pass, something that can be done by raising Social Security taxes, including ending the payroll tax cap, which is currently set at $132,900. It's also possible the retirement age would be raised for future beneficiaries.

But plenty of people have realized they can make money by scaring people. That includes any number of financial advisers who have figured out they can sell people on everything from saving more money to making sometimes shady financial investments if they tell people their Social Security payments are in serious danger. Don't fall for it.

As for what you should do, if you can hold out to age 70 to claim Social Security benefits, that would be ideal, but it wouldn't be ideal to drain your savings entirely to do that. In other words, your decision depends on your financial position, not some Social Security doomsday scenario.

(To ask Helaine a question, email her at askhelaine@gmail.com.)

(EDITORS: For editorial questions, please contact Sue Roush at sroush@amuniversal.com)

Dear Helaine: Almost two years ago I moved into my parents' house to save money. Thanks to that decision, I've been able to pay off my student loans, and now my only debt is a car loan. I pay $530 a month, and the balance is $8,800. It comes due at the end of 2019.

I've been saving $2,000 a month and have $22,000 saved. I'm hoping to use this money in the future for a down payment on a condo. Do I use some of this to pay off my car loan in one lump sum and put the additional $500 into savings every month, or do I continue to add to my savings? I know I won't be able to look at condos till I have at least $35,000 saved up. -- Hoping for a Home of My Own

Dear Hoping: Oh, how I wish all reader questions were as easy as yours. It sounds like all is going well with you right now. You seem to like living with your parents. You are on track to pay down your car by the end of the year. You'll have the money you need to begin looking at a home set aside by the fall, if you remain on your current savings schedule.

I wouldn't mess with a situation that's working for you. In fact, I would suggest beginning to look at homes now. This way, when you have all the money together, you'll possess a good sense of the market in your region and have a better sense of what you do and don't want in a home, including what you are willing to compromise on to find a condo in your budget.

Will it be a distance from your mom and dad or work? Is it on a lower or higher floor than you would like? Will you want new construction, or will you take on something that needs some renovation? The only way you can begin to answer these questions is to spend time learning about what is available in your area and at what price point. Happy home hunting!

(To ask Helaine a question, email her at askhelaine@gmail.com.)

(EDITORS: For editorial questions, please contact Sue Roush at sroush@amuniversal.com)