It used to be if you repaid student loans for seven years but were in such financial hardship that you qualified for bankruptcy, you could discharge student loans. But Buck McKeon (R-CA) wrote legislation in 1998 that eliminated the seven-year repayment provision, which left only the "undue hardship" test in place, and that test is essentially impossible to meet (less than 1% of bankruptcy petitioners can satisfy the test).
In other words, if you paid your loans for seven years but were in desperate financial straits and filed for bankruptcy, you could discharge the loans. But Buck McKeon made that impossible.
Buck McKeon is responsible for the current situation and suffering of student loan debtors. He currently owns a lobbying firm in Alexandria, Virginia.
Buck McKeon's address is:
McKeon Group Corporate Office 675 N Washington St #340 Alexandria, VA 22314
This is the bill he passed: congress.gov/bill/105th-congress/house-bill/6 >Part G: Amendments to Other Statutes - Eliminates the dischargeability in bankruptcy of student loans made after the date of the enactment of this Act for the cost of attendance for a baccalaureate or advanced degree, and for which the first payment was due more than seven years before the commencement of the bankruptcy action.
I think the judges who established the impossible to meet "undue hardship" standard are responsible. I'd have to look it up, but I'd be surprised if that ruling wasn't handed down by Republican-appointed, Corporatist judges.
Jonathan Fisher
It's a legitimate issue that disproportionally affects the white middle and working class.
Aaron Howard
Buck up, Bucko
Ayden Jackson
OK, one other things, in 1998 the legislation would have had to have been signed by Bill Clinton (Democrat). Stop making it seem like only Republicans are responsible for young whites having to bear so much student loan debt.
Ayden Russell
No, they interpret the test as they did before. Judges are following the law as written. There is a long body of case law going way back because the "undue hardship" test was in place for years.
The issue is the seven-year rule was eliminated, which Buck McKeon of Alexandria, Virginia was responsible for.
Austin Hughes
It was "bipartisan" legislation introduced by Buck McKeon (R-CA) who was on the education committee and is currently a lobbyist for the student loan industry. Clinton in responsible, but to be very specific, Buck McKeon introduced and pushed this legislation through the committee.
Buck McKeon resides in Virginia and has a home in California as well.
Benjamin Anderson
bump
Easton Lewis
why does it matter im not paying it back anyway and have nothing for you to sieze nothing coming for you to nintercept, beyond my cancerous death, so now what faggots?
Adam Carter
Everyone with student loans should call, email, and write this gentleman expressing displeasure with his deliberate assfucking of an entire generation. He is now a well-paid lobbyist profiting off corruption, just like he did in Congress.
By the way, he himself declared bankruptcy with a business he owned. >He was the owner of a Western clothing shop until its bankruptcy in 1999
What hypocrisy. He obviously benefited from the bankruptcy law himself while fucking over thousands of student loan borrowers by taking away the ability to discharge student loans after seven years of repayment.
Oh, AND he received fraudulent low-interest, no-fee loans from Countrywide when he was in Congress in exchange for him looking the other way and allowing Countrywide to commit massive fraud. This guy is a complete criminal piece of shit. He is the definition of swamp creature. >In January 2012, it was reported that McKeon received a so-called "VIP" or "Friends of Angelo" loan from troubled mortgage lender Countrywide Financial, in which loans were granted at lower interest rates than were available to the public. Former Countrywide CEO Angelo Mozilo created the program to boost the company's standing with politicians, celebrities and well-connected business figures. The congressman received a $315,000 loan from Countrywide at below-market rates in the late 1990s. en.wikipedia.org/wiki/Buck_McKeon#Countrywide_Financial_loan
Carson Collins
The purpose of bankruptcy is to provide a very limited remedy when you are in such debt and such dire financial circumstances that it's impossible to pay it back. The point is to allow debtors some relief and breathing room so they can rebuilt their lives and credit. Allowing this for ridiculous consumer bullshit like debt taken out for flatscreen TVs, cars, and expensive homes, which boomers do in abandon, but not allowing it for student loans, which are taken out to improve one's economic situation and standing in life, is completely outrageous. It is allowing boomer shitbags to buy whatever they want, then write off the debt, but if their kid dares to try to be better by going to school, well he gets fucked up the ass.
Blake Edwards
bump
Noah Gutierrez
You should have put a picture of nigger cock in the OP and then posted the guy's picture in a follow-up post.
That's the only way to get mods to not delete your thread. You have to post nigger cock so they just ignore your thread and leave it alone.
Evan Robinson
lmao
Lucas Allen
In come the boomer hordes to defend unchecked (((ursury))).
Don't give a shit. Pay back your loan you leftist piece of garbage.
Alexander Carter
>Going to school and taking out loans to do so What are you a bunch of stupid niggers?
I'm on full scholarship at my state school getting a STEM degree and I have money left over for rent and /fraternity dues/. Where the fuck are you people going to school?
Just stay in-state, fuck your """"college experience."""""
It's debt you brought on yourself so you could fuck girls four four/five years of undergrad, you deserve to repay every penny.
This was what enabled them to give loans to everyone. You used to have to QUALIFY for a student loan.
Elijah Gomez
Check the digits of truth.
Bentley Jackson
Then everyone shouldn't get loans you unbelievably stupid piece of shit.
Brody Garcia
Seethe, faggot. Dems wanted to make loans available to everyone because nigs and spics needed indoctrination, too. Banks were like “fuck you we can’t make money if they don’t pay” so Dems negotiated this retarded law change. It was widely publicized and ANYONE who took out a loan after bankruptcy law change is a moron.
Camden Evans
Fuck you, Buck
Anthony Young
Here's your solution. No more student loans. You have money to spend on education? Good. You don't? Ok, maybe you can get a scholarship. Not good enough for one? Maybe a bank wants to loan you money, if not too bad, you don't qualify for higher education and don't have the money to buy your way in. This would drop numbers of those in college by 90% and would also bring tuition fees down really fast.
Oliver Gutierrez
So don't take a major in a field where the only path to monetize your degree is to join the grievance study education pyramid scheme.
Michael Campbell
Wait, so you're in favor of legislation that was designed so unqualified niggers and spics can go to college, too? You're no better than a fucking jew yourself defending this. Fuck off. All cuckservatives go against the wall just the same as leftists. You and other shabbos goyem like Buck McKeon are worse enemies than liberals
Alexander Bell
This is ultimately the correct answer
Samuel Scott
this is far too reasonable
Jayden Martinez
>Conservative lmfao. I’m against all of it but am still not paying off your loans for you, loser
Ryder Cooper
This is exactly how it was 30 years ago
Samuel Lewis
colleges must eat the debt not the gov. they are the most criminally liable and sell a faulty defective product called marxism which has very shitty reviews from better business bureau.
Daniel Brown
Cuckservative boomers are a greater enemy than shitlibs. The fake "boomer right" is the worse thing that's happened to this country by far, because it roped in working class and middle class whites. The interests of the boomer right are on the side of the jew bankers and diametrically opposed to white middle and working class.
A third party is needed.
Colton Martin
Yeah you fucking kike faggot, you'll pay for trillions of dollars of bailouts for giant jew banks but will fuck over your fellow working class and middle class whites. You deserve to go against the wall, you and every other boomer cuckservative jew banker dicksucker.
Dylan Green
People who took out the loans will eat the debt. What’s important is that we stop offering them ASAP. This will close down many schools - a major upside.
College is a meme to cover up our failed public education system.
Jace Martin
I guess maybe the justification is that you can't repo a college degree. Allowing bankruptcy for student loans creates a moral hazard where millions of people can spend years fucking around in college on someone else's dime, then declaring bankruptcy wiping the slate clean but keeping their degree.
I thought it was a ridiculous thing at first too just now until I thought about it for a little bit before I made this post.
John Stewart
Damn, son, how up to your neck in loans are you? You should probably just KYS tbqh.
Jeremiah Robinson
I don't see why they don't. There should be clawback provisions. You know how much fucking money kikes in academia made off this? They have endowments in the billions. Hundreds of "admin" at colleges make six figures even at small schools. It is MASSIVE theft. They should be required to pay this back out of their endowments.
Isaiah Walker
Nice maritime law admiralty flag behind you there, reptoid.
Dominic Miller
bimp
Samuel Carter
You retards need to understand that loans are not given out if there is a way to not pay them back. These two things are intrinsically linked. We can get rid of BOTH or none. I say both. College is pointless.
Nicholas Nelson
I believe he's saying that if niggers are getting loans, he doesn't want them to be able to declare bankruptcy and leave the rest of us holding the bag.
Dylan Torres
Shut the fuck up man.
William Watson
Good. Pay off your loans you fucking niggers
Angel Butler
What a great man.
Kevin Wood
By ending loans entirely we can close down a thousand colleges in one swoop and absolutely rek the rest. It’s the best move. “Access to college” is a huge meme that needs to be killed. We need fewer colleges and students in them. There are very few skills people can’t learn before college.
Camden Butler
> student loan > financial ruin Worthless college degrees btfo
Cooper Davis
>Allowing bankruptcy for student loans creates a moral hazard where millions of people can spend years fucking around in college on someone else's dime, then declaring bankruptcy wiping the slate clean but keeping their degree.
Right, that is why they had a requirement that you pay the loan for seven years straight.
You can somehow dump consumer bullshit frivolous debt, as boomers do with home loans, TVs, cars, you name it, yet you try to better yourself after being told your entire childhood you must go to college, and guess what? Fuck you, you're fucked now. Lol.
If you really want to get into the "moral hazard" argument, you aren't going to win that one when you account for how much debt gets written off every single year in bankruptcy by irresponsible boomer self-centered faggots, or when you talk about bank bailouts, and you look at how ridiculous and unnecessary that debt is, versus the absolute necessity of getting an education to compete in a global knowledge economy.
Basically, you're defending the kikes like every other fuckhead boomer kike dicksucker, and this shows the need for a third party. The Republicans do nothing but suck kike banker dick and fuck over whites.
Jacob Jones
pay denbts
Henry Baker
if you cant pay.....dont GO TO FUCKING COLLEGE!!!!! DUMBASS. Diesel mechanics make 120K and are impossible to find.
Christ you fucking Mils whine like lil bitches.
Jason Morales
This is truth
Jose Morales
Impossible, there is more money lent out than there are in """existence"""""
Landon Turner
No i’m saying “here is the history that occurred before you were paying attention you ignorant narcissist cunts.”
He lies because he personally benefits, being one of many gamma tards with $30k + debts and no marketable skills.
Brayden Ramirez
You went to college. You're so fucking smart. Fuck you, and your loans for gender studies, faggot. Figure your shit out, nigger.
Noah James
>loans are not given out if there is a way to not pay them back.
Are you kidding me? The housing loan crash 10 years ago was due to banks giving out loans for people to buy houses - loans they couldn’t pay back.
US student loans are even worse - they give loans to people who study shit which will give them jobs affording them NO option of paying the loans back.
Michael Taylor
Look at the beak on that boomer, if he isnt a kike then I need to get my J-dar tuned up!
Evan King
Your currency is based off debt you stupid nigger! You not paying your debt is un-american Two things humans are born with debt sin
Easton Miller
Who owns those houses now, n00b?
Thomas Robinson
[spoiler] Not backing back student loans increases inflation
Justin Mitchell
When you don't pay your house loan they take your house. If a student can't pay back there loan they should have to work in a manual labor camp for the total years spent at college.
Benjamin Murphy
BASED. FUCK COLLEGE FAGS!
Logan Wilson
Shut the fuck up nigger. I have zero debt and still think this greedy kike should be discussed
Robert Evans
So what? Anyone who can do math already figured out that bitcoin is the future.
Brayden Thomas
If this nigger dont pay his/her debt money based of debt MEANS INFLATION like the rest of the economy has to deal with your shit nigger
Kevin Thompson
but there is a way, i have nothing to pay with nothing to sieze nothing coming and am a dependant upon the state i get ssi and other checks to the tune of about 3k for being disableed by adhd ODD and tourettes im an unemployable raycis....blood from a turnip.
Nathaniel Hughes
pay back your loans you worthless lazy cocksuckers.
Adrian Baker
>$50,000 >more money than in existence
Hunter Miller
Sure - ruin your own life to stuck it to the man!
Gabriel Hill
You misunderstood the English - read again.
Sebastian Fisher
ruin? this is comfy i make more than you just for yelling nigger at people literally.
Jonathan Flores
The issue is the jobs aren't there, so the loans aren't getting paid back in full or even substantially paid back. What WILL happen is the buying power of a generation for 20 or more years will be so hampered that every other debt-based industry (homes, cars, consumer goods) will suffer. So, you're very correct saying the currency is based on a debt pyramid scheme, but that entire pyramid scheme will fall if you do not free up cash for a debt-slave generation.
What this is is an attempt to reinstate feudalism, but it won't work because the land you could rent to work under feudalism isn't there. Instead, it's jobs that are rapidly disappearing due to outsourcing, importing labor, and technological change. There is no hard, guaranteed source of wealth anymore like land that can be worked in the middle ages, so this new attempt at feudalism and debt servitude en masse is just going to result in collapse for everyone else.
In other words, it's in your interest at least to make student loans dischargeable in bankruptcy as they were before 1998, if not simply cancel some of the debt. Simply reverting to the pre-1998 bankruptcy regime would go a long way freeing up cash.
Grayson Davis
Paid off my loans years ago. But have a bump.
Nicholas Murphy
Hes a hero. We need that money.
Gabriel Lopez
There's nothing wrong with that. The key is, right now, it is impossible (less than 1% chance) to discharge under ANY set of circumstances. Even if they added literal labor camps, I'd be fine with that. It wouldn't be much different from my current employment, anyway.
Cooper Clark
Otherwise the state would have to pay on defaults. If you don't like it make colleges co sign for the loans, then they'll stop teaching bullshit classes and the quality of tuition should go up.
Cooper Stewart
>Here's your solution. No more student loans The only correct solution
Andrew Ward
We need the american dollar at PEAK condition pay your debts to deflate the dollar if debt is scarce then the dollar goes up
Noah Johnson
>just now realizing you were stupid enough to get wrangled into this kike scam, now you want a "get out free" card from the rest of us who didn't fall for this yidiocy. Fuck you, niggerbrain. You made these very poor choices, despite many like me always telling you better. Eat it. Eat all of it, and like it, nigger. If your shit was worth a damn, you wouldn't have to complain about being able to afford paying it back. How does this not make sense to you, you Marxist lemming? You invested in a failing system, and now you're holding the bag. Told you so, faggot. Shoulda listened to your Superiors.
stop using the word "boomer" wrong. boomers are my parents and i am 49. boomers fucked us by demanding so much from their employers that they packed up and left, screwing my generation. genx-ers are my generation and we were not good, worse than our parents but not by much. the generations that came after me are the ones responsible for unchecked greed, bankruptcy, debt, cheating, lying and all the other terrible things you do and it is getting worse. the future is lost.
Daniel Jones
Ok then - just don’t breed a leftist, nigger, or jew.
Connor Thompson
>Buck McKeon weird, starting in 1975 Joe Biden has made it impossible to bankrupt on student loan debt. Go be a gud goy somewhere else
Henry Cooper
Because many of the anheros are glowies.
Pay for insolvent corporations to be subsidized and bailed out, nigger.
Blake Myers
nah some lib will get elected at some point and forgive all loans. ur a cuck if you pay yours back
Brayden Brown
if a loan is to be given at the expense of the taxpayer, to the taxpayer shall that money return
Xavier Hernandez
This. If you put your name on the loan, you are responsible. Don't want to repay it? Don't agree. When did a man's word become so worthless?
Nathaniel Howard
>BOOMER! You sound like you've been brainwashed by the kike's college dipshit factory. It's a real shame that you'll never be able to see the tiny bubble within which you reside from the inside of it. You're so fucked, you brainwashed, commie lemming. Shut your mouth, and stop embarrassing yourself in open forums with this incessant, commie whining, bitch. You fucked up. Own it.
>literally nothing but ad hominems sans actual reasoning Gas yourself, kike bootlicker
Isaac Young
The jobs ARE there. You just don’t like the terms and expected something different. Gen x especially is laughing at you - this economy is fantastic compared to the early/mid-90’s and post dotcom 2000’s.
Isaiah Morgan
Solution: Remove government involvement in university finance. It's almost like you fucking retards that want government to cradle your dicks from birth till death don't realize government is evil.
Isaac Flores
Why share his address and remind us about where he lives throughout this thread? Did you want us to do something about him in Minecraft?
Cameron Ortiz
>the generations that came after me are the ones responsible for unchecked greed, bankruptcy, debt, cheating, lying
Huh? You're a genx faggot. The generations who came after you were millennial and gen z, who have not even made it in any power position to do anything, except maybe the tech assholes, but a lot of them are gen x also. Millennials and gen z are broke nobodies with nothing and no power.
Parker Scott
We can meme this. It’s simple and can be framed as a justice issue. Leftists and nogs will assume it means we are canceling their debts.
Kevin Davis
Speculation rules the world, not jobs
>make student loans dischargeable in bankruptcy as they were before 1998 In usa these guys are going to do whatever look at this latest shooting man was truck driver yang predicted this shit
