Struggling to payback loans, need advice

No offense, but I can't stand people like you. Typical Boomer "boot straps" response. OP isn't looking to just have his debt erased with a magic wand. He/she likely knows it's his/her responsibility to pay it back. A response like this is a total red herring to the student loan debt crisis and neckbeards across Reddit regularly revert to it whenever the topic is discussed.

Speaking for myself, what young people want are very, very simple reforms that are available in essentially all other types of personal finance situations. No one expects their debt to be magically erased by Bernie Sanders, but we want fairness in lending.

Some private loans carry an interest rate 3 times that of a mortgage. Government loans are usually 4-6 percent, so practically double. That is bullshit. When it came time to make my last payment for the Spring Semester of my 3L year, the only loan I could get was at 9.2%. That sucked, man. What am I gonna do, quit law school with 12 credits to go? They had me by the balls and I had to take it. Can't sit for the bar without the degree.

I pay my bills on time and always will. But what if I die in a tragic accident? That private loan passes to my parents, who co-signed my loans (I went straight from undergrad to law school). That seems unfair. They're carrying their own mortgage and wanted to see their son pursue his dreams. In a decent world, in the event I die or become disabled, I wouldn't leave my parents with a mountain of debt for an education I never really got to apply in practice.

Lastly, bankruptcy. This option is open to everyone from Donald Trump to "deadbeats" who can't pay back their 8k car loan. But, as you know, student loans cannot be discharged in bankruptcy.

Now, you can still "Hurr Durr Hurr" all you want and claim that a prospective law student should have researched all of this before signing the note. You can put all the blame on them and preach "individual accountability," but this will soon be your problem because it will be everybody's problem. Young white collar professionals won't be able to take on mortgages and save for retirement. What happens to all the real property when the Boomers start to die off?

This is a very real issue that will have major economic implications in the next 10 or so years. Boxing it into "duh, don't take out the loan if you can't pay it back" ignores the uniquely predatory nature of the student loan game and the implications for the national economy.

/r/LawSchool Thread Parent