Should student loans be forgiven?

[marcel33]

Originally Posted by Frito Freddie

I dont think they should be forgiven either. Perhaps lower interest . . . if you have to do something. But I find that a lot of kids are fiscally irresponsible. Because they can't find jobs now, they go back to school to get graduate degrees and incur even more debt. More bank loans and borrowing from their parents' retirement money.

My loans from law school are paid off now. I worked 3 jobs and didnt own a car and lived at home . . . lol--well, I still live at home . . . who'd do the chores?

If the loans were not so expensive in the first place it wouldn't be such a problem for kids. In many countries people go to colleges for free or at a very affordable rate.

[Frito Freddie]

Originally Posted by marcel33

Not if you file for Chapter 7 bankruptcy.

Ch 7 bankruptcy doesnt forgive mortgage loans. If it did, there wouldnt be any foreclosures. It forgives unsercured debt like those credit cards we all got. A Ch 7 will delay it but not stop it. A Ch 13 bankruptcy is a pmt plan for your creditors--including your mortgage banker.

[Frito Freddie]

Originally Posted by marcel33

If the loans were not so expensive in the first place it wouldn't be such a problem for kids. In many countries people go to colleges for free or at a very affordable rate.

I think theyre about 7% now for government loans-- there are many kinds of school loans with varying rates. But kids are high risk. THey have no assets to post as collateral. Its usually the parents who take out the loans.

And in many countries, education is funded by the government which means HIGHER taxes. Nothing is really free.

[marcel33]

Originally Posted by Frito Freddie

I think theyre about 7% now for government loans-- there are many kinds of school loans with varying rates. But kids are high risk. THey have no assets to post as collateral. Its usually the parents who take out the loans.

And in many countries, education is funded by the government which means HIGHER taxes. Nothing is really free.

It's free for the kids. People pay taxes to pay for public schooling for up to high school but not college? There should be more consistency.

[PigsnieLite]

You can file for bankruptcy but they can still take away your house. You cant stay there forever. Frito is on the money. Shes an attorney, you know.

Originally Posted by PigsnieLite

You can file for bankruptcy but they can still take away your house. You cant stay there forever. Frito is on the money. Shes an attorney, you know.

Serious Question (although somewhat off topic):

What's the difference between:

1) A Lawyer

2) An Attorney

3) A Barrister

4) A Solicitor

I assume "Attorney" is only used in America, and we use "Lawyer" here, so those could be simply regional differences, but then what are "Barristers" and "Solicitors"?

If they all do the same job, why all the different titles?

Confusing. With other jobs you don't see this, like a Plumber is ... a Plumber.

[Frito Freddie]

Lawyers and attorneys both went to law school but to legally represent someone in court, you have to have passed the bar exam for that particular state or country. You are an attorney if you passed the bar. I can practice in Hawaii and California. (The latter takes 3 freakin days.)

You can also be a lawyer without going to law school. You take a College Level Examination Program (CLEP). After you pass this exam program you need to pass the California First Year Law Student’s Examination. When you pass that, you have to take the California Bar Examination within three years. But only 7 states in the US will recognize you as an attorney-- if you go this route.

As to barristers & solicitors, I think they are what you call lawyers in England/GB? They have similar training but a barrister goes to court and a solicitor is all about the paperwork. If you need legal advice, you go to a solicitor. I also think they make more money than a barrister.

[Pelicula]

Depends on the level of experience but barristers in some circumstances get a lot more than solicitors here in Britain. Solicitors do seem to get more when trainees though.

I assume "Attorney" is only used in America, and we use "Lawyer" here

Yep, don't really use the term attorney here in Britain anymore.