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College Dreams Can Become A Students Worst Nightmare
Student debt is choking millions of college graduates and college drop-outs,
alike. This topic is hardly discussed, as we are brought up to belive that we
should go to college & land that great “Dream Job” afterwards.
Living happly ever after is rarely the ending to this story.
Only 46% of students who enroll in college, ever see graduation day as, 54%
of them will drop-out without a degree. From those who do graduate with a
degree, less than half of them will find work in their chosen profession.
The burden of student loans will kick-in within six months of leaving college.
A reality which too few students and parents take into consideration before
Johnny & Sallie run off to college together.
This debt just dosen’t dissapear when they fail !!!!
FACT # 1 - Congress Removed The “Statue-Of-Limitations” For Student Debt
In 1998 under the Clinton Adminastation, congress passed legislation removing
the ”Statue-Of-Limitations” for student debt. Unlike most debt, this debt now
does not simply disappear after seven years, it can be chased down indefenatly
by collection agencies for the rest of your life.
FACT # 2 - It’s Almost Impossible To Discharge Student Debt In Bankruptcy
In 2005 under the Bush Adminastartion, congress passed legislation making it
almost impossible to include student debt into a personal bankruptcy. Unless
you can convince the court that it has imposed a “Undue Hardship”. Hard for
you to prove as “Undue”, when you signed the loan application.
FACT # 3 - Garnishment Of Wages and Intercepting Government Tax Returns
Collection agencies can garnish your wages, up to 15% of your income. By this
time interest and penalties have skyrocketed your balances to the moon. The
federal govenment has the right to withold your tax returns untill your balance
is fully satisfied.
THIS DEBT NEVER GOES AWAY !!!!!!!!
Parents and students should look real hard at the reality of this American Dream,
as the odds are stacked against you & may turn out to be an American Nightmare.
Is your child really “College Material”? Do they understand the consequences?
