Risks Of Taking Out Student Loan Debt Essay

709 Words Apr 6th, 2016 3 Pages
Many students each year graduate from state or private universities leaving with what at times is an astronomical amount of student loan debt. I am basing my argument on the risks of taking out student loans, what legal action can help those that may be in trouble and ways to help students find other alternatives to reducing student loan debt.

According to the Huffpost.com student loan debt is at a stake of the crisis in our country. It surpasses by far credit card debt and other expenditures such as car loans. College costs were estimated to go far above the cost of medical bills in 2012. We all have this overbearing risk every time we sign away to a loan that may help to push us forward or cast us downward in a depressive spiral of paying back a load we feel we cannot get rid of. Student loans are the only debt that we cannot claim bankruptcy on unless there is proof that it will impose an undue hardship on ourselves and our dependents. If a person passes the Brunner test which is a test to measure the qualification for bankruptcy according to the standards of Chapter 11’s Student Loan Law than they may be considered. Not all circumstances will be accepted, for example a pastor that is seeking to file for bankruptcy the court may find that it is his/her choice to work as a pastor of a start-up church rather than try to find a higher paying job. These types of circumstances seem to be so unfair to me because most of us that go to college desire to strive to get somewhere.…

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