To: Kaslin
Is there any type of loan agreement (contract) signed for these loans? If so, I can see this affecting future loans, but how can a change in policy negate a legal contract?
23 posted on
10/26/2011 7:08:39 PM PDT by
Forrestfire
(("To educate a man in mind and not in morals is to educate a menace to society." Theodore Roosevelt))
To: Forrestfire
Under a credit reform act, circa 2005, student loans are NOT dischargable by bankruptcy. One cute trick was for newly minted MD’s and lawyers to turn around and declard bankruptcy. They’d laugh off their pile of loans, rake in the chips and stick it to the suckas.
To: Forrestfire
I can see this affecting future loans, but how can a change in policy negate a legal contract? Agreed. But... who, other than the Federal Reserve will buy these new loans? Not me. I like knowing I MIGHT get my money back some day...
34 posted on
10/26/2011 7:36:54 PM PDT by
April Lexington
(Study the Constitution so you know what they are taking away!)
To: Forrestfire
Is there any type of loan agreement (contract) signed for these loans? If so, I can see this affecting future loans, but how can a change in policy negate a legal contract? Ask General Motors bond holders.
35 posted on
10/26/2011 7:37:57 PM PDT by
Graybeard58
(Of course Obama loves his country but Herman Cain loves mine.)
To: Forrestfire
Is there any type of loan agreement (contract) signed for these loans? If so, I can see this affecting future loans, but how can a change in policy negate a legal contract? I think it begins with new loans made this year. They will allow loans back to 2008 to be rolled into the new loan.
I caught a creditor who paid his student loan off with an American Express Card then went BK 6 months later.
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