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Subprime Loans Are Just the Start of the Massive Student Debt Scam

By , Capital Wave Strategist, Money Morning • @WallStreet_II -

If you thought there was only one component to the gargantuan student debt scam, think again. If you're about to become a college student, you're in luck.

Financial services giants Discover Financial Services Inc. (NYSE: DFS), Capital One Financial Corp. (NYSE: COF), and Bank of America Corp. (NYSE: BAC), to name a few players in the student credit game, are bending over backward for you.

They totally get you - so to speak...

How This Great American Dream Is Turning Scam

By , Capital Wave Strategist, Money Morning • @WallStreet_II -

Here's a question for you: Has higher education become another great American scam?

I'm not talking about the rich getting scammed. They get what they pay for. They can afford to be scammed - they know what's up.

A lot of rich people send their kids to expensive private colleges hoping they'll get a good education that will lead them into their chosen careers.

But then there are kids who want a higher education because they believe a college education is their ticket to gainful employment and well-compensated careers.

Student Loan Debt and the Big Higher Education Scam

By , Capital Wave Strategist, Money Morning • @WallStreet_II -

Has higher education become another great American scam?

I'm not talking about the rich getting scammed. They don't wind up saddled with student loan debt after they graduate.

I'm talking about the kids who want a higher education because they believe it's their ticket to employment and well-compensated careers. They pay for it themselves, or their parents cosign on loans or take out personal loans on behalf of their kids' college dreams.

For them, higher education is increasingly looking like a scam. Here's why...

How to Get Out of Student Loan Debt in Bankruptcy

By , Money Morning -

Anyone wondering how to get out of student loan debt - or wondering if a slew of student debtors could try to do so - needs to read this.

Yesterday, I wrote about the case of Michael Hedlund, the failed law student who was able to discharge $58,000 of his student loans in a 10-year bankruptcy action.

Before Hedlund's case, it was widely accepted that there were only two ways to get out of student debt: pay it off, or die.

But the Ninth Circuit took a long, hard look at Hedlund's circumstances.  It found that he'd acted in good faith to repay his loans, and that paying the full amount would be an undue hardship for Hedlund and his family. 

The court viewed Hedlund as an "ideal debtor," and so it excused a large portion of his debt.

If you are a student debtor, you too could have a decent shot at discharging your student debt in bankruptcy, but only if you are an ideal student debtor.

But what makes an ideal debtor?

To continue reading, please click here...

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