actually there IS a way.
It is called a “hardship discharge” and can discharge student loans in VERY RARE situations. It has not be out of control of the debtor and no chance of ever ever ever bouncing back. Usually some medical or industry extinction reason. (ie buggy whip maker etc)
That said,
Student loans SHOULD be dischargable and schools force to guarantee them out of their bloated endowments.
What ever happened to working a part time job while going to school ?
I waited tables, changed tapes at an automated FM radio station, and held a couple of other gigs while chasing the elusive BA...
I don't believe they should. The "student" entered into an agreement for a service / education. Once they get that education its okay to just not pay the loan? How about if the "student" entered into an agreement to buy a car and then decides to not make the payments on the loan? The "student" should get to keep the car?
Point is, these folks can't "give back" or have their education repo'd. It sucks for them, truly, but they as individuals freely made that choice. Now, if the lending instituitons would place a little bit more emphasis on WHO they are lending to and weighing the feasible outcomes of getting repaid, I'm betting we would see an entirely different outcome. Sadly, that will not take place until "student loans" are no longer backed by the Government (i.e., us taxpayers).
The banks were so cruel to force this poor guy to attend colleges. They maliciously offered him loans to cover both his tuition and his living expenses! And when he started working and made no payments for 10 years, the monsters kept adding interest.
I feel so sorry for the guy.
Bullshit! If the kid got the degree they need to pay for it, period. The ONLY reason to discharge a student loan would be if the student died or was totally disabled.
Student loan aren’t dischargable because the government guarantees them, without that guarantee they’d be normal loans with the normal loan approval process and most students would be denied because nobody would give out loans based on possible future income.
All that being said though people need to stop whining. They have so few avenues to go after you on student loans, and once you show any level of delinquency your loan will get sold every 6 months. Yeah there will be phone calls and mails, get a job, get it together, start paying when you can. Though anybody going six figures in for any degree that doesn’t include letters like “dr” or “phd” is a moron.