“The most terrifying words in the English language are: I’m from the government and I’m here to help.” Ronald Reagan.
May 5, 1999, a day to be remembered. Why you ask? Well that was the day that Congress debated for three minutes and passed an amendment, offered by then Congressman and now Senator Lindsay Graham, which made privately-funded student loans non-dischargeable under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
Continue reading to find out why there may be a possiblity to discharge your Student Loans in Bankruptcy
Student loans comprise the greatest amount of consumer debt in the United States, recently surpassing credit card debt. With the most recent recession and a stagnant job market, college graduates are suffering from the burden of overwhelming monthly loan payments on their staggering student loan debt.
The federal government meant well when it created student loan programs. The goal was to afford every child an opportunity to attend college. The loans were created to bridge the gap between student grant monies and the cost(s) of tuition, books and board.
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