Comments on: Declaring bankruptcy doesn't ease student loans
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- my son once said, "a college degree is so highly overrated...how many college graduates actually work in the college degree they graduated in?" He is a mechanical engineering graduate but he works in a computer firm which turned out to be better for him....we were lucky that he graduated during the time when the economy was still good...students should be given a break when they fall on hard times...there should be a way for the government to do that....
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- In the old days it was, "What good is a B.A., M.A., or PhD...if you can't get a J.O.B.?"
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- In order to make paying off your private student loans effective, you need to make sure that you know all the necessary information such as papers, data and computations before proceeding to settling your dues.
http://www.debthelpadvisor.org/category/student-loan-debt-help/ - Reply to this comment
- This current situation is un-American. Every citizen should have a second chance at a life and family, and to be able to contribute to the economy by being able to buy a home, and a car, etc. Predatory student loan companies have free reign to create indentured servants for life out of lower and middle class people who have ironically taken on the debt to try to better themselves through an education during the worst job market since the great depression. If these same graduates incurred six-figure credit card or gambling debt, they could still have a second chance by being covered by basic consumer bankruptcy protections, but student loan debt is oddly the only form of debt not covered by these protections. This must change immediately. House bill H.R. 2028 and Senate bill S. 1102 both propose to restore these protections. Please call and write your reps now and often to get these bills passed right away.
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- From their very inception, student loans were intended to be predatory and fraudulent, in the service of profits for banks, their boards and shareholders, and the "educational" institutions that reap rewards courtesy of the gullible and naive students who attend them!
Witness the fact that The Department Of Education does not research the quality of these schools, and there are no standard student loan consumer protections, especially statute of limitations and bankruptcy! - Reply to this comment
- The predatory powers given to the Student Loan Banksters was yet another Bush legacy to the American people. If you are saddled with one of these "lifetime" burdens, you should take your skills to a Caribbean Island country or Canada and work their, live there, and contribute there. Essentially, Bush demonstrated that "America doesn't want you, anymore". Our best and brightest (college graduates) have been shafted. Whatever you choose to do, however, don't sign up for lifetime peonage.
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- We are getting close to pricing a higher education out of reach! If we don't something about this issue in the very near future, we will become a third world nation with a large number of people not able to compete in our new global environment! When I got my college degree the normal cost was between $400 and $500 dollars depending on the number of classes that had lab cost. Book were purchased for anywhere from $15 to $50 per class max.
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- The federal student loan system has become predatory. The root cause of this is the unprecedented removal of all meaningful consumer protections, and the establishment of draconian collection powers, which caused the lenders, guarantors, collectors, and even the Department of Education to make more income when students default on their loans. The wrongly directed financial motivations caused, over time, the system to be inclined towards acting in ways that would promote, rather than discourage defaults. In this environment, damaging consequences resulted including an incredibly high default rate, heinously bad or nonexistent oversight, uncontrolled inflation, indefensible corrupt activities (systemwide) and other systemic failures too numerous to list. These results are in addition to the personal damage and destruction that has been visited upon citizens who were trapped in this predatory system, and their families.
Congress can and MUST swiftly correct this system defect by returning the critical consumer protections that they should never have removed. At a bare minimum, this includes bankruptcy protections. - Reply to this comment
- They changed this a long time ago to cover up what they screwed up. When the economy was on life support back e in the 80's they changed the bankruptcy laws to try to recoup money that they had lost in bad ivestments. I believe this is the time for all people especially young people to stop banking on the job market and start their own businesses.
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- The shear insanity of expense attached to higher education in this nation is an insult to the intelligence of most students and their families that struggle to encourage their children to pursue some form of degree program at a recognized university. Then when they get there and waste the first year of that education virtually repeating in content what they just completed in their high school courses only at insufferable expense and waste of time it is insult to injury. Just the cost of books alone is shear insanity and there is no excuse for their ridiculous cost. Many classes are even offered in the form of online classes now but there is no substantial savings for a student to opt out of the classroom experience but a huge cost savings for the university to conduct such. You cannot continue to run educational institutes with over priced out of control spending passed on to the students and send them out into a market place into a jobless market place and expect them to repay student loans at astronomical and unthinkable interest rates. If any thing, no interest rate short term loans would at least give students the hope of some how repaying amounts that they owe and allow them incentive to pursue paying back their loans. If a student finds themselves buried under unforeseen financial situations within a certain time frame from their completion from school and they are not declaring bankruptcy as a criteria qualify for filing bankruptcy then, I believe that student loans should not be excluded from being written off. They are as equal to and greater than a burden on a young persons life or their families life as any other medical bill or extenuating circumstance that would force them to the extreme of filing for bankruptcy in the first place.
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