Well a guy I use to drive a taxi with (so much for his degree) said he got his student loan dismissed through bankruptcy, and I know for a fact he didn`t pay that thing off for years, but it could be they couldn`t touch him because he drove a taxi which he was paid in cash so I guess he skipped by not having a bank account? although I can imagine he never got any tax returns at the end of the year.
I believe what you say though, I wouldn`t doubt it for a second. It`s unreal the racket these schools got going on, and it really ticks me off.
The way I see it, you have to figure if each student is paying about $40k a year, probably two or three students would cover a Professors salary. Now how many teachers does each student deal with each semester, maybe 6 or 7? So that means about 12 to 21 students would be needed to cover all the salaries of the teachers for that one semester, but you know for a school like NYU there are a hell of lot more than 21 students...
I looked it up, in 2004 NYU had accepted 10,000 new students (34,000 applied!) so that is about $400,000,000 per year (holy cr*p, is that right? Let me check it again) Yes it is right...they are pulling in $400 million bucks!!! each year for sophmores alone, this is unreal.
Why the hell isn`t this regulated, laws about this? Isn`t this racketeering, blackmailing people for education? And people wonder why NYU is buying up real estate all over the place, meanwhile the guy who graduates and has to drive a taxi part time because making $60k a year in a starting position couldn`t support a family of one in NYC never mind a family of 5 gets his credit destroyed, not to mention like you said his wages garnished and his taxes hijacked.
And you know what really ticks me off? These slimebags running these schools are the very same slimebag liberals who open their mouths anytime the country has to defend itself. These same liberal pigs running colleges like NYU and Columbia are the biggest wads when it comes to supporting terrorism (like Columbia Professor Nicholas De Genova who wished a million Mogadishus on our US troops), Hugo Chavez, socialism, yet there they are the biggest hypocritical capitalist pigs you`d ever want to meet.
Well, if the taxi driver filed for bankruptcy before 1998 he could have gotten his loans discharged, if they were old enough (7 years old or older). But in 1998 the law changed and filing for bk usually doesn't get the loans discharged.
As far as student loans go, well, the borrower signed the promissory note, which is a binding legal document--he must repay the debt, even for an overpriced education.
At least NYU is a real college--people sometimes pay $40K just to go to dog grooming schools, blackjack dealer schools, beauty schools, truck driving schools--you name it.