Applying For Student Loans Detail
Millions of Americans pursue college educations and training for new careers, which is good for them and for our nation. Yet these efforts are costly. This year, total student loan debt exceeded $1 trillion, more than any other kind of consumer debt. Debt from student loans issued by private for-profit lenders is troublesome. Unfortunately, current law prevents struggling borrowers from discharging their private student loan debts in bankruptcy like they can with other kinds of debt. This situation must change.
Currently, educational debts survive bankruptcy unless the borrower can prove that repayment would impose an "undue hardship." To demonstrate this hardship, however, the borrower must pursue expensive legal action, entailing a full-blown trial. This presents a Catch-22 because it forces a borrower, already in financial distress, to spend thousands of dollars on attorney fees and expenses to prove "undue hardship." Meanwhile, private lenders have almost unlimited resources to litigate and little incentive to settle such disputes. Worse still, the "undue hardship" standard is vague and, as a result, courts have applied it inconsistently. Cumulatively, these factors effectively preclude borrowers from discharging private student loan debts.
Millions of Americans pursue college educations and training for new careers, which is good for them and for our nation. Yet these efforts are costly. This year, total student loan debt exceeded $1 trillion, more than any other kind of consumer debt. Debt from student loans issued by private for-profit lenders is troublesome. Unfortunately, current law prevents struggling borrowers from discharging their private student loan debts in bankruptcy like they can with other kinds of debt. This situation must change.
Currently, educational debts survive bankruptcy unless the borrower can prove that repayment would impose an "undue hardship." To demonstrate this hardship, however, the borrower must pursue expensive legal action, entailing a full-blown trial. This presents a Catch-22 because it forces a borrower, already in financial distress, to spend thousands of dollars on attorney fees and expenses to prove "undue hardship." Meanwhile, private lenders have almost unlimited resources to litigate and little incentive to settle such disputes. Worse still, the "undue hardship" standard is vague and, as a result, courts have applied it inconsistently. Cumulatively, these factors effectively preclude borrowers from discharging private student loan debts.
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
Applying For Student Loans
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