Dangers of Student Loan Debt - page 2
Please check out www.studentloanjustice.org before getting in over your head with student loan debt! Check out the article www.valleyadvocate.com/article.cfm?aid=12585 to protect yourself and your... Read More
Aug 22, '11Quote from ParkerBeanCurdRN,BSNThere is no bankruptcy protection for student loans. Federal loans are exempt from bankruptcy, private loans need to be secured. You default on a private loan they will sweep in and take all your assets. You have a co-signor, they will take their assets. You get married and default, they will take your spouse's assets. There is no way out of a student loan.Everyone else should do the same. I don't think there should be bankruptcy protection for student loans. In fact, except for rare circumstances, bankruptcy laws should cease to exist.
I suppose you could use your credit card to pay for school, but I don't know many credit card companies that will extend that level of credit to a student.
The bottom line is that people need to accept responsibility for their actions. There was a thread on this site awhile back about people who had taken out insane amounts of money to fund completely ridiculous degrees and were completely astonished when they graduated, couldn't find work, and were faced with the reality of hundreds of thousands in debt that they would never be able to pay off in their lifetime.
There is a difference though, between taking out money to cover necessary tuition expenses, and taking out money to have the whole "college experience" complete with semesters abroad, new car, a new wardrobe, and wild vacations.
I don't see why everyone has to suffer because of irresponsible borrowers.