Need 7k a yr in schoaeships help

twoinanddone
Tue, 16 Apr 2019 03:18:16 +0000

Keep in mind that there is no way to discharge the student loans without paying back every penny even if you or your parents declare bankruptcy. In that way, the loans are a real scam. You can get rid of debt without paying it back by declaring bankruptcy if you spend too much money on clothes, wining and dining and partying or if you invest poorly.

I don’t think student loans are a scam at all. You borrow the money, you have to pay it back. Period. They are unsecured loans with a lot of risk to the lender, usually the federal government. If the private lenders didn’t have the guarantees of not being able to discharge the debt in bankruptcy, very few would lend the money.

Debt you can dismiss in bankruptcy requires more qualifications to get the debt to begin with. Even credit cards require more to get than a student loan from the government.

I remember when I first started school I was talking to a grad student who was quite serious when he told me he was buying a stereo and some other things while he was in school because as soon as he was done he was going to file for bankruptcy and he might as well get a stereo and some other benefits. This was an intelligent guy but he just thought why not? everyone else is filing bankruptcy on their student debts. AND THEY WERE! I was about 18 so I thought that was reasonable. Later when I learned more about debt and bankruptcy, I thought that’s just stupid (plus I didn’t have any loans at that time because I couldn’t qualify).

So when they rewrote the bankruptcy code, they did away with this practice and I think that was a good thing. If they didn’t, people really wouldn’t think twice about borrowing $100k and then dischargine it.