patrick.net

If this is a held to be a valid ruling, it is excellent news.

The non-dischargability of student loans is a transparent attempt to trap millions of Americans in debt for decades each.

It is good for banks, but bad for people.

Exactly like mortgage subsidies!

I think it’s more of a clarified interpretation of the standards to meet to absolve student loans. The standards are still pretty high, but not impossible anymore.

This is a good thing, although most are co-signed by parents, double bankruptcy must be hard.

If this means that they will stop making student loans, then I'm all for it.
Nobody is going to keep making these loans if they can be discharged in bankruptcy.

No more loans for gender confusion, ethnic moronicity, tattoos, and piercings! Today student loans, tomorrow, the Thirteenth Amendment!

His journey with student debt began in 1993, according to the lawsuit, when he took out student loans for his undergraduate degree. He kept up healthy financial habits, repaying his loans faithfully, until he served in the United States Navy on active duty for five years. After completing his tour of duty, he started law school at Cardozo in New York, for which he took out additional student loans.

After he graduated in 2004, Rosenberg consolidated his loans and held a little more than $116,000 in student debt as of April 2005. That number ballooned to about $221,000 over the next 14 years. - Wow, who is responsible!!??

He then passed the bar exam in New York and New Jersey and joined a law firm before deciding that a law career wasn’t for him.

“First of all, I realized the whole job is sitting in the office by yourself,” Rosenberg said. “You can't be creative at all, but also that you either help people out or you make a good living — you can't do both. And I kind of had a problem with that.” - Waaaa..!!! I don't like t! Fuck you for lending me the money. Waaaaa....!

Getting rid of non-dischargeability as well as the federal guarantee would go a long way to breaking the educational cartel bubble.

Good

Now we just need feds to get out of it.

Easy bankruptcy would be a boon for the current generation of indebted education loan bozos at the expense of future generations of education loan bozos. So much for the altruism of the MillXY etc. etc.

"Hey, you can rack up that student debt loan, get your Gold Star diploma, and then just bail with a crafty fucker from Legal Aid!" "Hmm, only, now, nobody will give a loan that isn't co-signed or bonded in some manner. Better pucker up and start kissing Mumsy and Dadsy's blue butts again after reminding them what assholes they are all the time!"

"Hey, BoomFuck, Co-Sign Here" T-shirts are now the rage.

I have a friend I haven't seen in 7 years, he's angry and bitter, hated Trump. Believed everything Marcus told him in School, believes Nancy Pelosi.
He says he's in $80,000 in debt, for a skill that's worthless. I asked him what did he major in, he said marketing, and minored in Liberal Arts.
I told him the Liberal institution has him brainwashed, marketing is a wonderful skill that can be very lucrative. Your problem is you're looking for a 6 figure salary position doing marketing. That's not going to happen. You've got to find a product you believe in, write copy for it that makes it seem irresistible, and you'll make a ton of money.
He actually never looked at it that way before. He went to school to be an entrepreneur and one of the most important skills it takes to be a self starter, not a high paid employee.

People go to college, and they expect gumption to be a part of the curriculum.

This stinks to high heaven. Now that the irresponsible have used easy loans to run up the cost of collage for all of us, they get a free pass on the payback. There should be NO ability to discharge loans in bankruptcy, and a moratorium on government backed college loans.

Hmmm.... If I'm not mistaken, student loans were taken over by the federal government a decade ago. This just means the taxpayers will foot the bill. Seems like a bid to get "free $100k college for everyone." Borrow the money from the government and then default the day after graduation. We already have free K-12 and know how well that usually works out.

It's only good news if they won't pass on the bill to the taxpayer - but I'm 99% sure they will so I consider it bad news. Universities will hike tuition even more now as they can always tell the student "hey if it doesn't work out just file for bankruptcy, you're still young and it will be cleared within 7 years". Moral hazard anyone?

HeadSet says

This stinks to high heaven. Now that the irresponsible have used easy loans to run up the cost of collage for all of us, they get a free pass on the payback. There should be NO ability to discharge loans in bankruptcy, and a moratorium on government backed college loans.

Right.

SunnyvaleCA says

Hmmm.... If I'm not mistaken, student loans were taken over by the federal government a decade ago. This just means the taxpayers will foot the bill. Seems like a bid to get "freed $100k college for everyone." Borrow the money from the government and then default the day after graduation. We already have free K-12 and know how well that usually works out.

Yup. Another taxpayer bailout. Fuck this.

I always thought student loans should be like any other loan on anything with more than 1% interest rate.

Also the degree should be classified as an asset if you dont pay it back you loose it fuck to you for being a retard.

This would go a long way to fixing most problems with colleges, banks will stop giving loans for stupid majors.

If you are not pursuing a STEM major (and psychology and chiropractic are not STEM majors), the Return on Investment ROI for a college degree isn’t worth the time or money. Check out your local community college. Public community colleges are the best bargain in post secondary education in the U.S.

How about the government step out of subsidizing education?

At least be like a real bank and tie the loan amount to the ability to actually pay it back!

Sorry Comp Lit majors, you're not getting $200,000 to fart around Yale.

tovarichpeter says

If you are not pursuing a STEM major (and psychology and chiropractic are not STEM majors), the Return on Investment ROI for a college degree isn’t worth the time or money. Check out your local community college. Public community colleges are the best bargain in post secondary education in the U.S.

Probably very true.

Yup, in California the community colleges are nearly free. Even there’s some sort of program to give you your first year free or something. Even if you pay, it’s like $1500/year which is cheaper than what I was paying for child care/month when all three of my kids were young. And you can transfer most of the credits to the cal state system when you’re ready to get that official degree.

That’s how I did it too. Saved me a lot.

Shaman says

Yup, in California the community colleges are nearly free. Even there’s some sort of program to give you your first year free or something. Even if you pay, it’s like $1500/year which is cheaper than what I was paying for child care/month when all three of my kids were young. And you can transfer most of the credits to the cal state system when you’re ready to get that official degree.

zzyzzx says

If this means that they will stop making student loans, then I'm all for it.
Nobody is going to keep making these loans if they can be discharged in bankruptcy.

CC loans can be discharged in bankruptcy but they are still making them.

OccasionalCortex says

These are not government student loans but a private one that guy created via 'consolidation' (which turned the student loans into non-student loans, actually). They become private loans unbacked by anything just like credit card debt is. The creditor only kept the term 'student loan' around to try to keep this from happening.

Smart guy.

The_Weeping_Ayatollah says

zzyzzx says

If this means that they will stop making student loans, then I'm all for it.
Nobody is going to keep making these loans if they can be discharged in bankruptcy.

CC loans can be discharged in bankruptcy but they are still making them.

The difference is that CC loans are to people that will pay the insane interest and fees at least for a while before they go bankrupt. Students have no jobs and no other assets other than (hopefully) and education (which isn't transferrable), so they won't suffer any real consequences of filing for bankruptcy.

The whole non-dischargeability thing started because medical and law students created an epidemic of bankruptcies on student loans as soon as they graduated and got their tickets.
Gives you great confidence in our professional classes.

Actually it was chiropractic and psychology students.

I think Bernie will cancel all student loan debt anyway when he makes a college education free for all citizens, illegals, and frankly, anybody in the world. The real question is who runs the country after Bernie passes on to that great socialist worker's paradise in the sky, or survives as a drooling vegetable. His wife or VP Tlaib will be running things.

willywonka says

His journey with student debt began in 1993, according to the lawsuit, when he took out student loans for his undergraduate degree. He kept up healthy financial habits, repaying his loans faithfully, until he served in the United States Navy on active duty for five years. After completing his tour of duty, he started law school at Cardozo in New York, for which he took out additional student loans.

After he graduated in 2004, Rosenberg consolidated his loans and held a little more than $116,000 in student debt as of April 2005. That number ballooned to about $221,000 over the next 14 years. - Wow, who is responsible!!??

He then passed the bar exam in New York and New Jersey and joined a law firm before deciding that a law career wasn’t for him.

“First of all, I realized the whole job is sitting in the office by yourself,” Rosenberg said. “You can't be creative at all, but also that you either help people out or you make a good living — you can't do both. And I ki...

Your response was a bit bipolar then?

Warren says she will cancel student loans


https://www.cnbc.com/2020/01/14/elizabeth-warren-says-she-can-forgive-student-loan-debt-without-congress.html

Where are my student loan reparations for paying my loan off?

APOCALYPSEFUCKisShostikovitch says

A lot of colleges will accept successful CLEP test scores on subjects unrelated to the major for graduation credit. The tests are a few bucks and take some hours to complete - but you can wipe out a year or more of classroom time, depending on the school's own rules.

+ go to state school in your hometown, instead going to out-of-state school for "college experience". Even now it is possible to graduate with no or little debt if one thinks things though, which, admittedly, is difficult for 17 or 18 yr old hormone ruled kids.

Even now it is possible to graduate with no or little debt

I have a kid in college now. Even using in-State tuition college will cost $80k-$100k.

HeadSet says

I have a kid in college now. Even using in-State tuition college will cost $80k-$100k.

UT Austin - 10,500/year. First year can be at community college.

If you go to a little lower-ranked school (UTSA, UT Arlington), and if you score high on SAT, they will kick in anywhere from 1/4 to 3/4 of tuition. UTSA tuition is ca. 8K/year. If kid lives with family, he can get education for 30-35K at UT Austin, or even less at UTSA or UT-Arlington.

Also Austin has this: school officials expect will fully cover the tuition and fees of students whose families earn up to $65,000 in adjusted gross income a year starting in 2020. The funding, which will be used to create a new financial aid endowment, will also let UT-Austin alleviate tuition costs for students whose families earn up to $125,000 annually, if they demonstrate financial need.

Note that is is evil oil money: The UT System allocated $160 million of its oil money for the project.

UT Austin - 10,500/year

Must be great to be a Texas resident. Advertised in state "tuition" in VA is about $12k per year, but total college costs easily hit $20k per year.

HeadSet says

Must be great to be a Texas resident. Advertised in state "tuition" in VA is about $12k per year, but total college costs easily hit $20k per year.

Yeah, we live in a state which hates minorities, education, and poor people (as told by so-called libruls) /sarc off