Well, I think they should restructure some laws concerning student loans. Did you know that they are not dissolvable in bankruptcy unless you show some material change and significant hardship…some cases on it are heart wrenching. But I don’t see how they could forgive all that debt…that is A LOT of money.
More student loan debt than credit card debt now. Over 1 trillion dollars. Glad I had a job in school.
yes, that's the tradeoff for getting favorable loan terms when you otherwise wouldn't be able to get a loan to go to school. I too continue to pay and could pay them off but what's the point at something like 3 percent.
I don’t think student loans are evil, not to I think the terms are that unfair…I’ve just read a lot of cases on the subject, and in my opinion the burden of proof is a tad bit harsh. Bankruptcy is suppose to help a person get a fresh start…wiping the slate clean of everything except a $100,000 student loan is harsh when that person honestly can’t afford the payment even after selling off their assets to clear all other debt.
Turning a student down for credit because their family has no money and they are 18 with no job is pretty harsh too. You're giving what essentially amounts to a signature loan. How many students have assets to pledge to get the loan? Better yet, how many of these kids with no assets would file for bankruptcy the day after graduating to wipe clean the 100k. That's why it's a condition that has to be in there if you look at it from the creditor's point of view. Unfortunately a lot of students along with everyone else got caught up the "debt craze". It's not a good situation for anyone but whiping away student debt ultimately costs someone. In this instance, it's the taxpayer. What's the alternative?
When has that ever stopped politicians? I paid my sons tuition and books all through college and he still ran up huge student loan debt. It's like sub prime mortgages. They make it too easy.
It's not hard to run up 100k at all. Lets take an example of a business student doing public school undergrad and MBA. Say an average state school tuition is 10k undergrad and 15k for grad. Your going to need at lease another 20k for room board and living expenses a year and that's living pretty frugally. Finally say the student works part time throughout and earns 15k a year. Tuition - 70k Living exp - 120k Total - 190k Income - 90k Total minus income - 100k Wow. I just made those numbers up as I went and it worked out to exactly 100k.
