student loan debt relief

joining us once again on the program isrobert apple bodies an attorney and founder of forgive student loan debt dotcom uh... robber pleasure as always to talk to you we've had a since you werefirst on we've now actually had in the last few months really a resurgence andhow much discussion there is about student loan debt uh... predatory lending practices andthe possibility of student loan forgiveness let's start with the lastone which is what's on the horizon right now as far as legislation for newstudent loans going forward but also the student loan forgiveness

okay well first of all thanks for havingme back on your show it's great to be here and uh... with regard to pendinglegislation representative hanson clark of michigan recently unveiled h_r_ forty one seventythe student loan forgiveness active twenty twelve and that sets up a new repayment program which contemplates ten years ofrepayments at ten percent of the discretionary income

the remaining amount would be forgivenafter the ten years of payments this difference from existing repaymentprograms like i'd be our income based repayment in a number of respects first of all your private loans will be covered bythis law that the by the fact is well if your total educational debt exceeds your yearly income that you can take out a new directlonesome

to uh... pay off your private life and then enrolled the new loan into theprogram and also applies retroactively for tenyears so if you've been making the equivalent of a hundred and twentypayments a ten percent of your income over the last ten years hill immediately qualify for forgivenessupon passage of the act okay so this is this news departure fromwhat we have right now i mean we're talking i'm totally are we talking abouton the order of hundreds of millions billions of dollars of forgiveness herewhat are we really talking about

uh... that billions diets it's costly proposal but uh... so is going to war intocountries in the middle east um... as we wind down the wars we contemplatefunding goes through armed overseas contingency operations finance ip which is just a fancy way of saying thatas we save money from the war we should put it towards education okay so then let's talk about members ofcongress you mention hanson clark what does it look like a on the whole as faras is this something

that uh... really a lot of of members ofcongress could get behind is that one of these things that's kind of like a petproject for one member if not it made me now go anywhere where does that stand well it was introduced without any cosponsors and today it has over fifteen co-sponsors so uh... uh... it's really attractingthe attention of congress i saw one report last week that said it was thesecond most talked about bill on buck on capitol hill of the week so people are really intrigued by thebill

omg so far it's only attracteddemocratic support but i don't believe this is a partisan issue by believe that do you know which ones trillion dollars that outstandingstudent loan debt this is a problem it affects all americans and it doesn'tmatter if you're republican a democrat a liberal of conservative if you have student loan debt you'reaffected by this problem and you want solutions yeah i agree with that youknow what angle i'm seeing on this network could turn partisan when we lookat common flagrant sent home made about

college in of itself is liberalindoctrination and the reason brock obama wants people to go to college inall of that will come out liberals are less religious we could see it turned into by certainrepublicans not that i don't know who it could be any and all the time listen you've got college were peoplebecome less religious and more liberal and then on top of that were forgivingwith though the debt that people of accumulated this is the alternateliberal paradise a u_-turn people liberal

and many of the government to pay for it yeah alike except in this scenarioliberal seems to be the uh... code word for thinking so i'm you really don't get anyanybody's opposition to college education and if people come out ofcollege more liberal or less religious well so be it maybe a review of the jury morethinking right hey white satin bow to stop taking outstudent loans and borrow money from their parents like mit romney suggestedwould not solve everything

it with solve everything if we all haduh... the former governors as parents and uh... former auto company c_e_o_s sparents shorter but today with the price of education what middle class parentcan't spend fifty thousand dollars by year on college tuition which is justabsurd right thirty forty years ago you could get a summer job and pay for yourtuition or you could take out a small student loan which was easily pay backafter you graduated because the cost of tuition reflected the salaries that yougot afterwards there is no connection between tuitionthat the amount of tuition you pay in a

salary you can expect to receive upongraduation let's talk a little bit in the last minute and a half or so we haveleft here about for people who don't know the differences between all that andspecifically student loan debt one example i can't think of is that if youdeclare bankruptcy your student loan debt is not clear you still responsiblefor that article are there important distinctions between studentloan debt and all other types of that that one can accrue

actually there are armed gives nospecial imitations on the collections of debts for student loans so that actuallyput student loans in the same category as treason of murder there's a lesser because i was aboutthat one alone everything i think gap because they could go ask you tolife there is no way of the skating these loans and as you mentioned there'sno bankruptcy protection spf and i think that a that bothers me about the no bankruptcyprotections on student loans is that not only can you not go to chapter sevenwhich is a real discharge of your debts

you're not even allowed to go to chapterthirteen bankruptcy which is just the restructuring appeared to acts of sowhile you can find in refinance what you owe one your home your credit card ifyou can't do that on your student loans no matter what circumstances life throwsat you you can't refinance note went out a little bit because youcan consolidate student loans right in their artillery there are certain things you can do withthe month of when you say you can restructure them what is that what doesthat mean that different than just standard reef restructuring there as faras refinancing or consolidating right

right well under chapter thirteenbankruptcy at you don't get your just in your debts arent magically wipedaway they just restructure the amount that you have to pay per month so as tokeep up with the payments so with student loans if you fall under hardtimes you lose your job and suddenly you have no income no savings the student loan companies to watch themmoney and you don't have the ability to do ityou can't go to the bankruptcy court file chapter thirteen and get some kindof reprieve will come up with a new repayment plan that's easier for youthat's just not an option for you

all right we've been speaking withrobert autobahn attorney and founder of forgive student loan debt dot com always great to talk to rubber and we'regonna keep an eye on the bill and see where it goes productive okay thanks so much those great