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Nix the Debt Forgiveness Grift and Bring Back Student Loan Bankruptcy

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#Studentloans #Bankruptcy

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  1. 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.

  2. 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.

  3. My university (heavily government subsidized) built a massive new library that nobody wanted right next to the already-existing library. The old library has been empty for years. It is not used for anything. They just find useless shit to spend their handouts on so they can keep getting more.

  4. IMO there needs to be either a hard limit on the amount of loan money usable per semester or the loans need to stop entirely. Schools' only option would be lowering tuition and turning out successful alumni capable of donating to the university.

  5. 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

  6. Yeah my husband was partially disabled at 36.. and i got stage 4 cancer at 32. 2012 was a bad year for us; but we are both still alive. student loans are killing us on top of the medical debt and reduced work my husband can do.

  7. 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!

  8. Most credit card debt isn't allowed under newer bankruptcy rules. Anything you do to cut a deal for a lesser amount on debt is charged to your taxes as INCOME and you owe tax money on money you NEVER GOT!

  9. 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.

  10. 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.

  11. Yeah the government needs to totally get out of the student loan business, this is most of the reason why tuition has skyrocketed and there's no longer any jobs for people with college degrees (because far too many people go to college now who don't belong there).
    The only exception I'd make would be the military people who get their college guaranteed at the end of service, but that's not really a loan.

  12. 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.

  13. 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.

  14. Bill Clinton stop students from charging off student loan debt. Also student loan will cause bad credit scores rating so they will not get a new apartment car, or could lose their apartment. Biden will not fix the Student credit rating but the left is not thing about they credit rating will go down hard

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