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1 posted on 10/12/2015 8:26:54 AM PDT by reaganaut1
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To: reaganaut1

“...35 adversary proceedings in 2012”

Out of how many? Many hundreds of thousands, if not somewhat over a million. And let there be no doubt, soon as the Feds see whatever movement this is bound to spark take root, they will scrutinize hardship cases more.


2 posted on 10/12/2015 8:32:14 AM PDT by Attention Surplus Disorder (This space for rent.)
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To: reaganaut1

To the Financial folks on this site...

Who takes the “haircut” if and when this becomes widespread?

I am sure they have this loaded in their equations and we will end up doing so as The Fed ain’t gonna take the whole fall


3 posted on 10/12/2015 8:33:23 AM PDT by 100American (Knowledge is knowing how, Wisdom is knowing when)
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To: reaganaut1

Just great.

Let everyone else pay for irresponsibility, waste, unearned luxury, and bad investment decisions.


4 posted on 10/12/2015 8:33:53 AM PDT by 9YearLurker
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To: reaganaut1
I would love to see my student loans discharged. I racked up many a student loans to get me through college only to see that time and effort go to waste. None, and I mean absolutely none, of my college classes have helped me get a job that I am good at and would enjoy.

Yes, I know, I know, it was my choice, but I also think colleges have a way of "sucking you in" and getting the naive to rack up those student loans so they stay in business and the common student gets struck working minimum wage jobs just to make ends meet and pay off those loans.

So I can see both sides of the issue.

5 posted on 10/12/2015 8:34:56 AM PDT by ducttape45 (Obama's legacy - Christianity outlawed, America shamed, morality destroyed. Need I say more?)
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To: reaganaut1

If read to the end the article is actually pretty good. Not saying I agree with it all. Highlights: The US taxpayer will bear the costs of the defaults, the debts are dischargeable but not in any predictable fashion, education is oversold because the lenders are guaranteed their money, defaults may cause some curtailment in lending which is good, colleges should be held accountable for defaults.


9 posted on 10/12/2015 8:46:11 AM PDT by FreedomNotSafety
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To: reaganaut1

It isn’t enough that Clinton lowered the interest rate of Sallie Mae student interest loans, then made the interest a tax deduction.
They want `out from under’ completely, the Democrats, particularly Shrillary, are dying to pander to them for their votes and the GOP-e will roll-over like two buck whores.

I paid 9% for many years on my student loans, had no tax deduction and wife and I finally took out a home equity loan to pay off the balance.
Throw the bums out!


23 posted on 10/12/2015 9:54:22 AM PDT by tumblindice (America's founding fathers: all armed conservatives.)
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To: reaganaut1

The articles linked are also good. To declare bankruptcy you need to have paid on time for 5 years and then have a good lawyer.

Another article has the answer to getting kids strapped with loans...

“Brannon has a good reply, however. “If we are concerned that allowing students to escape debt via bankruptcy might open up the college loan market to the same moral hazard problems that befell the mortgage market and will leave the government on the hook, we could make the institutions of higher learning assume their loan payments after a bankruptcy.”

Now we’re talking.

As things currently stand, colleges and universities have absolutely nothing to lose when they enroll students who have borrowed for the tuition but have minimal academic ability and interest. The schools pad their bottom lines (and never listen to anyone who tells you that non-profit entities aren’t interested in revenue maximization) and try to keep students happy with a weak curriculum and inflated grades. They bear no risk at all.

Suppose that we implemented Brannon’s idea and said to colleges and universities: If you enroll students who later go bankrupt, you take over the payments. The consequences would be dramatic.”

http://www.forbes.com/sites/georgeleef/2014/07/24/let-students-discharge-college-debts-in-bankruptcy-yes-but/


25 posted on 10/12/2015 10:40:18 AM PDT by huldah1776
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