Verified answer

no, they were stupid enough to take the loans, payup. We should send them to labor camps to work it off.

I mean really, some idiot spends over 80k on a

photography degree

Women's studies

Black studies

maybe what they need is a strong kick in the buttocks for picking such a worthless major

Right on the money as everybody else. First, in case your student loans are your greatest debt you'll in general have predicament looking to claim bankruptcy. Due to the fact that they can not be discharged, you emerge as looking to declare chapter on your different debt which if it's not a lot the courts will be beautiful reluctant to move with it. Student loans are the federal government, and are excluded from chapter. There was once a method earlier than 2005, those corporations that promised you "cut back month-to-month payments in your student loans" and frequently whopped you with gigantic interest rates but unfold out the repayments over many, many years... These were privately owned and the rules did not observe. Nonetheless 2005 they too became covered from being discharged in a chapter. The only method they are able to be discharged is that if you could show you could no longer bodily work and it can be causing a complication on you, your household, and your dependents. If it was an accident that prompted you to come to be paralyzed would qualify, or else they get their cash... Even private corporations who take over your student loan.

I think those loans should be able to be treated as other loans, yes. However, declaring bankruptcy is next to impossible these days for everyone.

Note that if you can prove that repaying the loan creates an undue hardship on you or your family, you can use Chapter 13 to discharge some or all of the loan.

No.

Congress has worked to lower the rates and removed predatory lenders.

Read:

What If I Am Unable to Pay My Student Loans?

Read more: What If I Am Unable to Pay My Student Loans?

http://www.ehow.com/way_5817938_am-unable-pay-stud...

Good luck with that. Once you owe money to the government they never forgive or forget. Your degree is granted by the educational institution and they already have their money so why would they cancel your degree?

You'd think this would be a lesson for those who advocate federalizing student or mortgage debt, but some people just don't learn.

There is no reason at all why the cost of education has to be so high.