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re: At least half of students defaulted or failed to pay down debt within 7 years

Posted on 2/22/17 at 12:21 pm to
Posted by HempHead
Big Sky Country
Member since Mar 2011
55533 posts
Posted on 2/22/17 at 12:21 pm to
quote:

Always wondered how the statue of limitations worked for the defaulters - after 7 years is all forgiven?



Student loan debt is not dischargeable. I think that became law under Clinton or GWB, I can't remember.
Posted by rocket31
Member since Jan 2008
41819 posts
Posted on 2/22/17 at 12:24 pm to
Oh. Why do I always here about 7 year thing?

Must be redditor delusion
Posted by slackster
Houston
Member since Mar 2009
85470 posts
Posted on 2/22/17 at 12:33 pm to
quote:

Student loan debt is not dischargeable. I think that became law under Clinton or GWB, I can't remember.



The risk associated with letting students discharge debt would make it prohibitively expensive to offer the loans. That wouldn't be a bad thing, but it just highlights how poor the system is setup.
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