Many people struggle with debt problems, which sometimes include unpaid student loans. While many higher learning institutions offer a pathway to earn a living, some for-profit colleges misled or deceived students into taking loans to pay for programs only to learn they have nothing to show for it except a mountain of debt. As a result of the recent scrutiny of for-profit schools, the US Department of Education is recommending that the college accreditor that regulates hundreds of for-profit … [Read more...]
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Can I Discharge a Private Student Loan in a Bankruptcy?
Most student loans are nondischargeable under the bankruptcy code because they are insured by the government. But, what about private loans taken in the pursuit of higher education? Particularly those taken in pursuit of degrees beyond a bachelor level. U.S. bankruptcy code states that among the obligations that can't be cancelled include funds received as an "educational benefit". However, a recent ruling in New York discharged at least some of a loan taken out by an individual to attend … [Read more...]
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