General Discussion
In reply to the discussion: Why isn't student loan debt dischargeable through bankruptcy? [View all]kittypat
(5 posts)Back in the '70's you could get rid of student loan debt through Bankruptcy Court action. It was eliminated because people would sign-up for school, get the grant money plus the student loan money, to bail themselves out of a "need " be it legit or not. They might go
to a couple of classes, or do enough to keep themselves eligible for the money's sake. When they flunked out or dropped out that
interest began to accrue, immediately and bankruptcy was the only option. They finally cut it out. And, now of course, they're coming
after any and everyone.
I had a acquaintance who took a job working for what they call Sallie-Mae, which is the agency responsible for collecting on overdue
loans. She worked in the department that harassed former med students. I cannot vouch for the veracity of this story, but I knew
her well-enough to not have a reason to doubt her. She said she had gotten a doctor OUT of surgery, to talk to him about his student
loans. I asked her, "why would you do that, knowing how hard it is for us trying to raise kids, etc.?" She justified it by saying they
are living in fancy houses, and driving fancy cars, they can afford to pay ! I argued a little but she was adamant.