Wednesday, January 21, 2009

The Great Student Loan Racket

If you have a kid you are hoping to send to college soon, read this article in Forbes. It's an eye-opener.

"Get caught in this quagmire and you're stuck for good. Consumers who go on a credit card binge stand a good chance of getting debt discharged in bankruptcy. Not so if they take out a loan to educate themselves. Those loans, per the 2005 bankruptcy law, are not dischargeable. One reason: Without this exception, every student would run through a bankruptcy between graduation and starting a career."

(via Dr. Helen)
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