Sometimes, terrible things happen in life. When something like cancer strikes, despite your best intentions and hardest efforts, medical bills and unemployment can leave you in a position where paying off your student loans is just not a thing you can make happen.
Theoretically, that’s where bankruptcy comes in. Reality, however, doesn’t follow the theory. As the New York Times reports, there is an agency out there working their butts off pushing back on bankruptcy to make sure that student debt is as permanent as possible.
The Educational Credit Management Corporation is a nonprofit entity with an exclusive government agreement, an organization whose sole purpose is to prevent student loans from entering default. There aren’t many borrowers who even try to have their student loans discharged in bankruptcy–only a few hundred per year–but ECMC is there to make things as difficult as possible for the ones who do.
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3 comments:
Once they discover the trick in getting out of paying the loans back,Katie bar the door because the floodgates will be forced open.It isn't any type of bankruptcy.It's more like a transfer of diplomas and credentials.There is always a way to get around - and out of everything.The person who makes this public will be viewed almost like an Edward Snowden by OUR government.
Since you benefit from your degree for life, you should have to pay the loan back, no getting out of it.
Otherwise you are just another welfare recipient.
Education should be free. This way everyone can go to college
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