NoWorNever,
I truely feel for you in your situation. It's disgusting the way we are bombarded as freshmen on campus by people offering free T-shirts and trinkets to people who have no real concept of money. But I truely advise you NOT to file for bankruptcy--you are way too young to have that mark on your credit history. That mark will follow you into your twenties and early thirties--this is a time when you will want to start your career, buy a home and invest money. Is it possible you could start working right after graduation? Grad school is VERY expensive and if you have money problems now, another $40,000+ expense might not be such a wise idea financially. Besides, if you work for the right company, THEY will pay for you to go to grad school.
My advice: 1. talk to you creditors, tell them the situation you are in--these people appreciate those who don't try to dodge them through lies and caller-IDs
It may be possible for them to work something out so you can make smaller payments (in the end, they want to get their money, no matter how long it takes)
2. Get a job--yes, it'd be nice if all we had to do in college was go to class 15 hours a week, but lots of people work while they're in school. I had a part time job/internship and I made it out in 4 years. My mother earned her B.A. in 6 years, and she was working FULLTIME with 2 kids. It is possible, as long as you have good time management.
Good Luck!