Why Student Loans are Evil

Welcome to Generation Student Loan. We will go down in history as the generation to be still paying off student loans when our children are having grandchildren. We will be buried with these loans. There is no way out.

I'm no conspiracy theorist or anything, but who made these rules about student loans, I'd swear it's Chinese leaders or something, someone trying to keep America in a permanent debt hole. Current graduates now have student loan debt that rivals the cost of a mortgage before they even have a job from their degree! And to top it off, say you have some extenuating circumstances that make it extremely difficult for you to repay your loans...you can't file bankruptcy , they'll just laugh at you.

I think it was in 1998 they decided that student loans cannot be dismissed in chapter 7 bankruptcy. Also, if you default on your student loans, they are NEVER erased from your credit record! Unlike most debts that have a statute of limitations that is typically 7 years. Supposedly they say that student loans can be dismissed in severe hardship cases. I read about a single mother somewhere, I can't recall where, who applied for bankruptcy to try and dismiss her student loans. She had a 7 year old daughter and made $10,000 a year, and drove a car with over 200,000 miles on it to get to work. They did not grant her loan forgiveness and ruled that she needed to find a better job and pay her loans. Ok, I'll just go do that because I was purposely making nearly nothing. GOD! Let's just change our names and move in with hidden tribes in the Amazon, oh, that won't work, the collection agencies can call you anywhere, even if you don't have a phone.

Our economy is in the poop shoot right now. I've got a guess as to why. Students graduating with $50,000 in student loan debt realize they can't get a mortgage. So, mortgage companies come up with ARM's to get people who can't afford a mortgage to think they can afford a mortgage. Then interest rates change, and viola... foreclosure. Banks are now going to slowly die because of their greed. Student loans are going to continue to default, and our country is going to completely collapse. Thank God for being convinced that we can live in excess.

The Amish have got it right, they have followed the true word, where we have followed the word of credit.