The Reality of Student Loans

October 26, 2010
>> Debt

Having second thoughts about taking out a student loan for yourself or your offspring?

There’s a great piece on Huffington Post by Zac Bissonnette titled, “The Student Loan Disclosure Document That Every Borrower Should Read.” It does a really nice job of making clear all of the risks involved with student loans and pointing out that a student loan is not necessarily a good deal.

Part of the reason a creative approach like this is relevant now is that, with the job market getting tougher and tougher, a college degree is not as valuable as it used to be. It doesn’t necessarily set you apart from the crowd and guarantee you a job anymore.

One of the most scathing parts of Bissonette’s “document” is where he notes that

“it is easier to discharge $50,000 in debt used to finance gambling, vacation or drug abuse than it is to discharge debt accumulated in the pursuit of higher education.”

This serves as more of an indictment of the skewed system of student loans, which simply reflects the lobbying power of the student loan industry in carving out special protections for lenders.

Still, is this type of disclosure enough to discourage poor decision making when taking out student loans? The future seems so far off. And college doesn’t feel like an optional path for most people who want to move forward with their professional lives. If nothing else, Bissonnette’s piece is certainly a step in the right direction in helping people make more informed decisions about incurring debt.

If you have questions about debt or need New York bankruptcy help, please feel free to contact me for a free initial consultation.

Contact Bruce Weiner, Esq.

EMAIL Bruce Weiner
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Go to Bankruptcy Lawyer Brooklyn NY to learn more about Rosenberg Musso & Weiner LLP and/or to set up a free consultation.

New York Student Loans, Student loans

Rosenberg, Musso & Weiner, L.L.P
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Brooklyn, NY 11242, USA
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