someone was on loans for college. Lets just say, the school was 40k a yr and they took out a loan for half of that 20k a yr. The kid went for 3 years and then decided to drop out, now you would assume if one is this far along, you would bear it and graduate it but im just using this as a point. Now 20k*3+ 60ktotal. If a person drops chances are that they will have a menial job or no job at all, now how in the hell would a person like this pay off their school loans.
I was looking through the The Student Guide booklet at the stibulations for paying back loans. It states you sign a promisary note agreeing to repay the loans according to terms of the note. The note states that except in cases of loan discharge( cancellation), you must repay the loan, even if you dont complete your education unless a valid reason.
IT follows by stating that you have to continue making monthly payments until your loan cancellation is granted. Now my question is what are the circumstances that they would unobligate you from paying back loans.
WOuld the person who dropped out after 3 years with 60k in school loans and now flipping burgers fit appropriate circumstances for being awarded loan discharge??
This interests me and by no means should you think like this when you enter college but i was just thinking “what if” this happened- how would it be even feasible for that person with60k in loans to entertain the idea of paying it off.
has anybody had any experience with this?