Home » Forums » Daily Paul Liberty Forum

Eliminate student loans legally?

Submitted by veeew on Sat, 07/18/2009 - 14:35
in
0 votes

Does anybody know of a legitimate source of information about eliminating student loan debt? I have heard of the UCC and other methods by which debt can be eliminated, including student loan debt, but I cannot find any solid information about it. Can anyone provide any assistance? Thanks!

»

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

contract livefreeordie

Submitted by meekandmild on Sat, 07/18/2009 - 19:08.

He knows how to do it

It depends on how much you earn

Submitted by zrih1 on Sat, 07/18/2009 - 17:06.

There is much about our government that I am pleased with. IBR Income-Based Repayment is an example of how our government is doing some good.

I have $80,000 in student loan debt and I plan on teaching. IBR has made my federal student loan payments more manageable. Instead of paying 20% of my income to my student loan debt, I am only paying <10%. What's more, I will likely qualify for a public service loan forgiveness after 10 years of employment as a teacher.

A public service loan?

Submitted by henri on Sat, 07/18/2009 - 18:45.

and forgiven after 10 years, is this part of "the Give Act"?

Good luck. Under the

Submitted by Sthomas on Sat, 07/18/2009 - 16:57.

Good luck. Under the current law, it is extremely difficult to do. Nearly impossible. But it is technically possible to discharge student loan debt under bankruptcy under a severe hardship clause. Mind you, there was an article I had just read the other day about a former Law student who had racked up $450,000 in student loan debt because he had taken 12 years to complete his Law degree due to problems with alcoholism and other "personal" issues. He was still in his early 30's, yet wasn't practicing Law professionally and claimed he has never made more than $45,000 per year.

I understand his dread. He felt his life was ruined with no possible escape and no chance of ever bettering his life, but the courts ruled against him. Saying he was still young. And there are repayment programs the Department of Education can help you with to eventually get rid of the debt.

The article stated that had he pursued those programs his monthly payment would have been about $650 per month (a ton for a $45,000 salary), but you can easily make an extra $600 per month working part time on the weekends delivering pizzas. And that if the balance of the loan wasnt paid off in 25 years it would be forgiven.

Just curious, not intending to flame...

Submitted by erschiessen on Sat, 07/18/2009 - 16:49.

... but under what pretense does one wish to remove him/herself from debt?

I am having trouble understanding, help a brother out.

Did the lender do something that made the contract null?

Were there circumstances that would ethically allow one to forfeit his/her responsabilities toward said contract?

I thought the contract was akin to something sacred in Constitutional / Libertarian circles...

... if we fail to honor our contracts on a personal level, why should we be upset with supposed leadership when they continually break their verbal contracts to uphold and defend the Constitution?

Post this to my question Thread.

Submitted by FreeManOnLand on Sat, 07/18/2009 - 17:27.

http://www.dailypaul.com/node/99168

I reserve the right to govern myself.

—

I reserve the right to govern myself.

All students would be interested in learning this.

Submitted by DeMolay on Sat, 07/18/2009 - 16:12.

Please let us know!

Thanks!

Submitted by veeew on Sat, 07/18/2009 - 15:22.

How can I get in touch with you to find out more?

Yes.

Submitted by Gene Koszio on Sat, 07/18/2009 - 14:41.

I can assist you.

I am interesting in learning in detail.

Submitted by FreeManOnLand on Sat, 07/18/2009 - 15:32.

So I may assist friends and family in discharging their debts.

I reserve the right to govern myself.

—

I reserve the right to govern myself.