Nix the Debt Forgiveness Grift and Bring Back Student Loan Bankruptcy

Also, they get money from internaitional students with rich parents who can pay 100% out-of-pocket. The fallouts from the woke UC Berkley student reaction to to Trump's 2016 victory was a loss of these students along with boatloads of money. There's also a designation known as private state affiliated meaning they get the best of all worlds — access the the state funding that that public colleges do and high tuition along with wealthy alums who give big endowments and have legacies that go there because of this (due to Ivy League status). Note: The Ivy League was originally an athletic conference. Some of these schools consider their founding simply when their charter was signed which made them legal corporations that happened to grant academic degrees.

It was late Bush, early Obama. Basically a Democrat idea to 'protect students from predatory lending'.

Most universities doubled and in some cases tripled their courses they offer by adding 'gender and ethnic,' to legitimate studies. They hire new assistant professors to teach these classes and pass the buck onto the students.

Aren't you screwed for 10 years if you file for bankruptcy?

STYX, Congress passed the 1976 law, which made borrowers wait five years after the first student loan payment was due before they could have the loan discharged through bankruptcy. Congress created an exception that allowed for discharge within that five-year period if the loan caused “undue hardship.”

Congress extended the five-year bankruptcy ban to seven years in 1990. Then Congress extended it to the borrower’s lifetime in 1998. Then the Bankruptcy Abuse Prevention and Consumer Protection Act was enacted in 2005 to include private student loans as one of the 10 debts that can't be forgiven.

Currently, the “undue hardship” exemption is the only way to have student loans discharged in bankruptcy and that standard is next to impossible to meet.

Student loans are a bitch

Oh this shit just pisses me off. This is why I haven't paid the IRS in the last 24 years, I openly defy them! It''s easy to do when you realize that it is the IRS who are the ones not only robbing you, but also violating the US Constitution AND Federal law by collecting the Federal Income Tax to begin with!

It depends what kind of job you can find as to whether you can pay it back. My son paid $29,000 in debt in 3 years, but he is living at home these last 3 years and he gives me 110 a week to cover room and board, which is cheaper than renting an apartment.

The amount of debt forgiveness you qualify decreases the higher your income. So if you make $100k you won’t qualify for $10k or $20k of debt forgiveness. You will qualify for less than half that amount. If you make $50k you will probably qualify for the full amount. This disincentives smart people from going to college.

Isn't Clinton the one who helped make it so you couldn't bankrupt out of student debt?

This is a good idea but it will never happen. They will not just relinquish their control over their debt slaves are you kidding me?

I could use that 10k to buy the motorcycle I've been considering since I don't have any student loans.

Most of us with large student loans would be in a better position starting at zero, especially if we didn’t lose our house. Buying another car is not that difficult.

Student loan forgiveness is an excellent idea and first step. It helps millions of Americans and is deflationary at its worst. Next up forgive all student loan debt and make student loans illegal.