Thank you for your reply....my daughter is a good example of a “government loan” for school...she took one out some many years ago..fell onto hard times...then picked up paying it again to the max...but turned out the interst had piled up so high she couldn’t keep up...has been paying a note consistently for ten years and not made a dent...she now has a terminal illness...unable to work..had to file bankruptcy and her home was foreclosed...but the DAMNED loan could not be listed in the bankruptcy. So she is still being held accountable for payment...has little means to pay it...so the interest keeps on building...pretty soon that little student loan will be as large as the national debt and she is unable to get rid of it. That is the logic of our rulers in Washington. They’re all nuts!
I am truly sorry to hear what has happened to your daughter. If my daughter had been a few years older, it could have been us.
The university system is itself a ponzi scheme that will fall. It is just a matter of time. That student loans are not allowed to be discharged in bankruptcy is a true evil to do to such a young adults like her self.
I call it indentured servitude; it is slavery. It is evil.
We need to default on the National debt and destroy the FED.
It is their need for more and more credit that has encouraged all the corruption that is becoming apparent every day.
Like Maddoff said, “The government is a Ponzi scheme.”
He would know, wouldn’t he?
I think the colleges should have to pay back those loans when someone like your daughter obviously cannot.
Praying for the best for you and your family. You’ve reminded me of my debt tolerance, after 2 yrs of school loans I reached that limit, went to work full time and now take 1 class a semester, slow going, but the debt is tolerable.