Should bankruptcy (consumer) protections be redefined for student loans?
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Should bankruptcy (consumer) protections be redefined for student loans?As a paralegal, I have looked into the student loan industry on behalf of several friends and clients.
I believe the problem here is two fold. However, the predatory nature of the student loan industry has shown me that bankruptcy clauses should be re-defined for students.
Espically in light of recent salie mae fiasco, and the fact that so many of these private and propritory schools have been either sued and or investigated in the last decade. From Corinthian colleges recent settlement of 6.5 millon to California in July of 07, to the current on going investigation by NY States attorney General, and the salie mae investigation by the US congress.
Furthermore, I believe that the congress thru its Higher education law, failed to include necessary protections of students by these schools who are presenting the student loan contracts to the students. And the historical record shows that this has been happening for a very long time - since before 1980. And congress has not yet addressed the victims of the trade schools who have admitted in US congressional testimony that they were in reality, participating in student loan farming.
Therefore, the bankruptcy laws for students need to be updated, and relaxed a little on a case by case basis. They should not be changed to allow just anyone to file and have said loans dismissed.
Also, any student who does file bankruptcy and has their loans dismissed should, as a condition of said dismissal, never be allowed to claim any benifit of said education whose payments were dismissed. In other words, they can no longer claim they went to such and such a school, or received any such training related to the subject of said school.
Sorry about spelling errors, the spell chucker here doesn't seem to be working correctly.
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