Student loans are a way of life for much of the US American population. Often considered to be “good debt” because the college degree can lead to higher earnings, they are, nevertheless, still debt.
And they’re debt that must be dealt with!
My guest today is Jay Fleischman. Jay is a bankruptcy attorney who specializes in handling student loan issues. He’s a world-class expert in this space.
You’re going to love listening to this show. I took pages of notes during our conversation and I recommend you do to.
We cover:
- Strategies for dealing with loans that will give you total flexibility with your repayment plans.
- What to do if you’re in default on a loan.
- Whether it’s possible to get out of a student loan with bankruptcy.
- And more!
Enjoy!
Joshua
- Jay’s student loan podcast: http://www.studentloanshow.com/
- Jay’s law firm website: http://www.consumerhelpcentral.com/
- If you’re interested in refinancing your student loans, use this referral link to support RPF:https://www.sofi.com/refer/4/35193
- Check out http://radicalpersonalfinance.com/studentloans for a discussion of refinancing options
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Perhaps its time to consider new legislation that would protect students from taking on debt for degrees that are unlikely to lead to steady, or lucrative employment. Such as most Liberal Arts degrees. Theater, dance, history, art, music, etc….Ask any Starbucks employee if they ever went to college. Most of them will tell you yes, and most of them will have degrees in one of the fields I mentioned above.
Every year, millions of people take on student debt, in hopes of obtaining quality employment opportunities with their new college degrees. But many of them, who naively pursued liberal arts degrees, with never find degree-related jobs that will enable to them to both live independently as adults, and pay off student loans. We have lemon laws that protect us from cars that prove themselves worthless. Why not similar laws to protect us from worthless degrees?
I myself foolishly believed that going back to school in my 40s to obtain a B.A. degree in Ministry, would open doors to steady, career employment, if not in a church, at least in social services. Unfortunately, I failed to ask the right questions before I took on student loans. I should have inquired at local socials service agencies if a BA in Ministry would lead to job opportunities. I should have inquired of local churches if they would hire a middle aged guy for an entry level ministry position. I should have opened my eyes to notice the obvious youth preference in churches and parachurch ministries. Sadly though, I did not fully notice until after I obtained my degree, and discovered that I am clearly not wanted in my chosen field.
Just happened to see your comment, Kurt, and I think your idea sounds brilliant. There are too many degrees that seem to have no practical application in the job market.
But I suppose if loans were discriminatory in this way, it wouldn’t go over well because there are at least a few lucrative positions for artsy degrees…and students would be able to say, “How do you know I wouldn’t get one of those?”
I wish you the best as you seek the right niche for your skills! Such a shame that even in the church there seems to be age discrimination.