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Student Loan Debt Forgiveness
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(06-28-2019, 01:54 PM)The Real Marty Wrote:(06-28-2019, 11:51 AM)wrong_box Wrote: The problem with the government getting out of student loans is this...My cousin who I have a mutual distaste for, refinanced his government backed student loan with a private company. The private company paid off the goverment backed loan and issued a new loan. The new loan is not backed by the government and can be discharged through chapter 7 or 13 bankruptcy as un unsecured debt. One the original loan is paid, the original government backed loan is paid and the private loan company assumes an un secured loan like a credit card debt. I didnt believe it until he showed me the chapter 13 discharge papers showing all his unsecured debt gone like he never had it Any loan from a private company is subject to bankruptcy laws. If a private company is willing to take on the risk of a loan repayment, I have no problem with that. I do have a problem with our tax dollars going to overpriced institutions. I agree with Mikesez, the college should be the party that gets stiffed if a government loan (or private loan guaranteed by the government) is not repaid. "Why should I give information to you when all you want to do is find something wrong with it?" |
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