There has been a a lot of talk about student loan forgiveness and trust me as parents of a child with a student loan as well as paying off student loans for graduate school in order to get farther in our career it’s a topic that Mr. Money Saving Parent and I think about a lot. Just imagine if student loans were forgiven! That money could be used to literally turn the economy around as people would be able to put money into their savings, pay their bills, buy a house or make other financial improvements, as well as of course, spend some of it. As all these things are done there are more jobs needed and more people employed to fill those jobs. I think it’s an amazingly exciting prospect, if only it could come to fruition.
But more importantly, I can’t help but wonder, why is it that big corporations and executives get “bailed out” of their financial mismanagement. It’s not just banks, it’s big business too, while every day guys and gals got, what, a one time $600 pick me up? Millions of dollars go towards bailing out the big business, but we can’t find the money to make life more liveable for the average American. Many of which are just now graduating from college only to find that they can’t get a job.
Last but not least is the scary facts about student loan debt. You can’t declare it in bankruptcy. It’s not protected under the Fair Debt Collections Practices Act, which means collectors of this debt can do whatever they want whenever they want in order to try to collect this money from you. Why is this debt process allowed to be different? And, let’s face it, average Joe has to pay the money back that he borrows for a student loan but a CEO doesn’t?
So here’s an infographic to help you make decisions about student loan forgiveness. Find out more about the current student loan forgiveness act of 2012 here. Support the Act which is trying to eliminate 1 TRILLION in debt this year by signing the petition and get many questions answered about the Act and what it hopes to accomplish and how here.
Reprinted by permission Credit Card Assist.com