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Millions of Americans Are Ignoring Their Student Loan Bills (news.bloomberglaw.com)

submitted 14 hours ago by cm0002@piefed.world to c/usa@midwest.social

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[–] EntropyFlux@lemmy.world 13 points 14 hours ago (1 children)

Trump doesn’t pay his debts, why should anyone else?

[–] pdxfed@lemmy.world 1 points 12 hours ago (1 children)

Because he could just declare bankruptcy--only suckers without connections have to take out loans that Biden led the charge on--hand-in-hand with conservatives to make the debt non-dischargeable even in bankruptcy.

Conservatives only give tax breaks to the wealthy and cut actual government the poors all need, but NAFTA and the college debt bill were two of the most broadly damaging economic mobility bills passed in the last 30 years. Clinton passed NAFTA.

[–] marsza@lemmy.cafe 9 points 11 hours ago (1 children)

1976 – Congress first restricted bankruptcy discharge for federal student loans.
- Loans couldn’t be discharged during the first 5 years of repayment unless the borrower could prove “undue hardship.”
- Passed during President Gerald Ford’s term (Republican).
1990 – The waiting period was extended from 5 years to 7 years.
- Signed by President George H. W. Bush (Republican).
1998 – The 7-year rule was removed entirely for federal loans, meaning they could only be discharged under “undue hardship” no matter how old the loan was.
- Signed by President Bill Clinton (Democrat).
2005 – Private student loans were also made non-dischargeable in most cases (same “undue hardship” rule).
- Part of the Bankruptcy Abuse Prevention and Consumer Protection Act, signed by President George W. Bush (Republican).

Sounds like “all of them”

[–] pdxfed@lemmy.world 2 points 3 hours ago

Thank you for the detail, that's much better than my partial understanding.