All the retarded dems are now screaming about FREE COLLEGE for everyone.
Well that is great, but nothing is free and we allowed the evil fucking bankers to enslave us all. The Dems just want to make our enslavement final.
A brief history of how the bankers and their puppets the politicians fucked us all.
Prior to 1976 student loans were dischargeable in bankruptcy without any constraints. Of course, if you look back at statistics from that time, there wasn’t much student loan debt to speak of. When the US Bankruptcy Code was enacted in 1978, the ability to discharge student loans was narrowed. Back then, in order to have your student loans discharged, you had to be in repayment for 5 years or prove that such a repayment would constitute an undue hardship. The rationale for narrowing the discharge was that it would damage the student loan system as student loan debtors flocked to bankruptcy to have their debt discharged. The facts, however, did not support this attack. By 1977 only .3% of student loans had been discharged in bankruptcy.9. Still, the walls continued to close on student loan debtors. Up until 1984, only private student loans made by a nonprofit institution of higher education were excepted from discharge.10. Next with the enactment of the Bankruptcy Amendments and Federal Judgeship Act of 1984, private loans from all nonprofit lenders were excepted from discharge. In 1990, the period of repayment before a discharge could be received was lengthened to 7 years.11. In 1991, the Emergency Unemployment Compensation Act of 1991 allowed the federal government to garnish up to 10% of disposable pay of defaulted borrowers.12. In 1993, the Higher Education Amendments of 1992 added income contingent repayment which required payments of 20% of discretionary income to be paid towards Direct Loans.13. After 25 years of repayment the remaining balance was forgiven. In 1996 the Debt Collection Improvement Act of 1996 allowed Social Security benefit payments to be offset to repay defaulted federal education loans.14. In 1998, the Higher Education Amendments of 1998 struck the provision allowing education loans to be discharged after 7 years in repayment.15. In 2001, the US Department of Education began offsetting up to 15% of social security disability and retirement benefits to repay defaulted federal education loans.
And since you can never get away from your student debt they loan you as much as you need. In turn all Colleges increase their tuition every year far beyond the value of the education the provide.
view the rest of the comments →
19448400? ago
Restore student loan bankruptcy and the entire problem will very quickly fix itself.
19466642? ago
https://voat.co/v/QRV/3144313 I feel like the conversation on this board is constantly directed away from a certain group of <<<people>>>.