How could this be? I took out a $1000 student loan in 1974 when I started at USC. After a year there I had completely forgotten about it. About nine months and two residential moves later, a letter to my sister reminded me about the debt. Then I remembered sitting at a desk in a bank signing up for the loan. Fortunately I was a dropout who did not get a degree in Victim Studies, so i was able to get a good job and I paid it off in two months.
I can easily see how many students could not remember that they had taken out a $5,000 student loan.
In my mind the first thing we need to do with regard to student loans is to allow them to be forgiven through bankruptcy.
ReplyDeleteCurrent law creates a form of debt peonage, and should never have been allowed.
And who is responsible for that provision? Sen. Joe Biden (D-MBNA).
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