Look at this nonsense!
Section 523(a) of title 11 of the United States Code is amended--No, you fools! That's...that's...bankruptcy!
(1) by striking paragraph (8)
Any delinquent nontax debt owed by an individual to theHow do you make orange juice without squeezing?!
Department of Education under a program administered by the Secretary
of Education under title IV of the Higher Education Act of 1965 (20
U.S.C. 1070 et seq.) shall not be subject to collection under this
section through garnishment of disposable pay of the individual...
EXCLUSION FROM GROSS INCOME FOR DISCHARGE OF STUDENT LOAN INDEBTEDNESSPUTTING SOMETHING IN ALL CAPS DONT MAKE IT SMART.
No evidence of an individual's default on the repayment of a loanMake it stop! Please, dear God, make it stop! You want to licensed debtors to work?!
made, insured, or guaranteed under title IV of the Higher Education Act
of 1965 (20 U.S.C. 1070 et seq.) may be admitted into evidence in a
Federal or State proceeding involving the individual's professional or
There's other horribles, too, like... (hide the children!) a 6-year statute of limitations and a prohibition against colleges withholding transcripts.
Let me give you a list of why these are bad ideas.
1. I know people who bought all sorts of frivolous things with their student loan money. Like this one dude bought a TV! A WHOLE TV! And this other dude went on some "study abroad" trip to Spain. And this other dude used his student loans to make car payments. When I went to school, I had a bicycle, and it worked swell.
2. Student loan debt is NOT SECURED. That means that unlike your house or car, there's nothing that the creditor can take when the deadbeat can't pay back the full amount plus interest. That means it should be treated differently. You can't give back an education. You can't unlearn the skills you learned. Your mind is forever enriched.
3. Student loan debtors had a long reputation of going to school and then BOOM filing for a discharge the second after graduation prior to the debts becoming nondischargable. Now that tuition has gone way up, there's no doubt student loans would basically turn into gifts where students just wipe out $200k with a gleeful snap of a very greedy finger. I know this is a true and accurate fact because I'm saying it.
4. When I was repaying my loans, I ate ramen every night, lived in a broom closet at a YMCA, and didn't spend a dime on luxuries like pants, electric bills, or contraceptives. You're paying your loans back, fuckwad.
5. In many places, they don't even HAVE bankruptcy, and they do just fine.
6. What ever happened to PERSONAL RESPONSIBILITY? If you can't pay back the debt, don't go to the school! Do some research and figure out exactly what you'll be making in due time and the feasibility of paying back the debt you took out. It is IMMORAL to forgive debt.
7. THINK OF THE TAXPAYERS!
8. MANGLED ECONOMIC PRINCIPLES!
9. It's UNAMERICAN!
10. WOOKIES ON ENDOR!