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Re: “New York Times Takes Note of Cohen Bill on Student Loans

Students don't go to college/university with the intention of filing for bankruptcy. They go there to build a financially sound future. Filing for bankruptcy goes contradictory to this...Majority of folks file for Bankruptcy because they are in dire straits.

Private student loans are predatory loans with draconian terms. They are issued by scrupulous lenders who hide behind the non-dischargeability clause, lending away without properly underwriting the risk. Availability of excess credit leads to "excess" demand of education which leads to higher tuition costs.

We have just witnessed this phenomena in the housing market with terrible consequences. Student loans are essentially sub-prime loans however unlike the home owner students cannot discharge private student debt. Why? Special interest groups come to my mind.

Federal Student loans have pretty decent terms and maximum limits. Private students loans are worst than credit card debt!!!

Senator everyone knows you are doing the right thing. The people are with you...

Posted by dlane on 06/07/2010 at 1:10 AM


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