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<blockquote data-quote="Copabanana" data-source="post: 751286" data-attributes="member: 18958"><p>These were United States Government guaranteed student loans. I was studying at University of California in a graduate program.</p><p></p><p>This was a sweet deal for the banks. They had no down side. The incentive for them was to foreclose on the loans because they would get 100 percent return on their loan, because the government had guaranteed them. So. The government paid off the banks, and students like me were left with double the debt. The government idd not think they would lose because they could collect interest on 100k not on 50k that was originally loaned. Because student loan debt cannot be discharged in banrkrupty court. It can never be discharged. And I did a stupid thing. After a certain amount of time these loans would have lapsed. But I consolidated them which enabled the government to get even more favorable terms. But worse for me, it started the clock from the beginning again.</p><p></p><p>I will never be out from under these loans. The sad part is my whole career I have worked for the government in jobs with underserved people, in locations nobody wanted. So my education benefited directly the government.</p><p></p><p>I think the only career that makes it worthwhile to get these loans is medical school.</p></blockquote><p></p>
[QUOTE="Copabanana, post: 751286, member: 18958"] These were United States Government guaranteed student loans. I was studying at University of California in a graduate program. This was a sweet deal for the banks. They had no down side. The incentive for them was to foreclose on the loans because they would get 100 percent return on their loan, because the government had guaranteed them. So. The government paid off the banks, and students like me were left with double the debt. The government idd not think they would lose because they could collect interest on 100k not on 50k that was originally loaned. Because student loan debt cannot be discharged in banrkrupty court. It can never be discharged. And I did a stupid thing. After a certain amount of time these loans would have lapsed. But I consolidated them which enabled the government to get even more favorable terms. But worse for me, it started the clock from the beginning again. I will never be out from under these loans. The sad part is my whole career I have worked for the government in jobs with underserved people, in locations nobody wanted. So my education benefited directly the government. I think the only career that makes it worthwhile to get these loans is medical school. [/QUOTE]
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