Students with tens of thousands of debt upon graduation and no job (or a poorly paying job) often ask, “Can I discharge my student loans in bankruptcy?” or “Will bankruptcy remove your student loans?” Concrete answers are elusive, but the general answer is “no.” Under certain circumstances, however, student loans can be discharged in bankruptcy if the debtor suffers from an “undue hardship.”
“Student loan interest is deductible,” they say. Makes it sound like taking out student loans is such a good deal! But is it really such a good deal? I did the math to find out…
The IRS hasn’t updated its website yet, but according to the tax wizards at H&R Block, the same student loan interest deductions that applied in 2009 will apply in 2010. Great! How much will I save?
Last week, the Ohio Supreme Court issued an opinion in In re Application of Griffin denying an applicant’s admission to the bar on the sole basis that he did not have a plan to pay back $170,000 in student loans. The Court’s opinion–delivered “per curium” because no justice signed his or her name to this shameful opinion–is manifestly unjust, unfair, and out of touch. The Ohio Supreme Court should overturn this embarrassing ruling immediately.
On Sunday’s episode of CBS’s Undercover Boss, Sheldon Yellen, CEO of Belfour Property Restoration, went undercover to meet and work with his low-level employees. One employee Sheldon met was a young carpenter named Drew. In a fashion repeated numerous times on the show, the boss and the employee share a snack after the boss tries (and fails) to do the work of the employee. At snack-time, the employee usually shares a tale of unimaginable woe or seemingly unachievable aspirations (“I work sixteen hours per day to pay for my disabled son’s medication” or “I want to go to school for art, but I will never have the time”). This time, the conversation (starting at 13:30) went a little differently…
The purpose of this blog and its associated message board is to put an end to abusive student loan practices. Right now, the lenders and the schools are in control of the discussion about student loans; there is no rational voice of opposition.
This blog will expose the dangers of student loans, the alternatives to student loans, the unfairness inherent in student loans, the abuses in the education industry, and the complicity of the government, lenders, and schools in the push for more student debt.
- Pwn (v.) Slang term derived from the verb own, as meaning to appropriate or to conquer to gain ownership. The term implies domination or humiliation of a rival.