Thursday, May 14, 2009

Defaults on student loans hit 11 year high but as of yet, no bankruptcy relief

So you understand what our students are facing in this big, sometimes cruel world of ours, if they can't find good paying jobs, their student loans cannot be discharged in bankruptcy - unless and until Congress changes the law.  The blog Above the Law sums it up as follows: 

Just to be clear, if you are a financial idiot and you rack up thousands of dollars in credit card debt on flat screens and rims, you can get that wiped out in bankruptcy. But if you take out loans to pay for your education, and you can't get a job because the economy has stopped, the debt will follow you to the grave.

Read more about the potential problems all graduating students face and the legal reforms they need - here.

I am the scholarship dude.

(jbl)

http://lawprofessors.typepad.com/legalwriting/2009/05/defaults-on-student-loans-hit-11-year-high-but-as-of-yet-no-bankruptcy-relief.html

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