LSAT takers drop another 16% from last yr, down 25% in 2yrs
Posted: Tue Mar 20, 2012 9:38 am
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Interesting. Couldn't fourth-tier students still get federal loans, though? I thought that all you needed was: (a) acceptance to something that calls itself a law school; and (b) a non-awful credit history.CanadianWolf wrote:All that's needed is a return to the 2005 bankruptcy law which permitted discharge of student loan debt in order to close down poorly performing law schools. Blame the credit card companies who got the bankruptcy laws changed.
You're right. The 2005 law was a change for private loans. Government loans have been like that for a very long time. So short answer is no, a return to 2005 bankruptcy law is not the only thing that is needed.AntipodeanPhil wrote:Interesting. Couldn't fourth-tier students still get federal loans, though? I thought that all you needed was: (a) acceptance to something that calls itself a law school; and (b) a non-awful credit history.CanadianWolf wrote:All that's needed is a return to the 2005 bankruptcy law which permitted discharge of student loan debt in order to close down poorly performing law schools. Blame the credit card companies who got the bankruptcy laws changed.
CanadianWolf wrote:My understanding is that even government educational loans were dischargeable but subject to reaffirmation without prejuding the bankruptcy filing or discharge of other debts. In other words, the bankruptcy petioner could voluntarily exclude government backed student loans if included in his/her schedule of debts, but was not required to do so.
Through consolidation, basically extending the life of the loan. There is a bare minimum payment that the lender will accept which is often lower than the payments offered but its rare anyone gets it. Also, if you fall in default you can pay often as little as $50 a month to rehabilitate your loan but once it comes out of default you'll be paying standard rate again.splitbrain wrote:Did people ever get their payments lowered? Just curious.
Check the default penalty on the loan. I don't know but I've heard it can be really high. Plus, of course, your credit will be even worse than it was before.Jaeger wrote:Through consolidation, basically extending the life of the loan. There is a bare minimum payment that the lender will accept which is often lower than the payments offered but its rare anyone gets it. Also, if you fall in default you can pay often as little as $50 a month to rehabilitate your loan but once it comes out of default you'll be paying standard rate again.splitbrain wrote:Did people ever get their payments lowered? Just curious.
sunynp wrote:Check the default penalty on the loan. I don't know but I've heard it can be really high. Plus, of course, your credit will be even worse than it was before.Jaeger wrote:Through consolidation, basically extending the life of the loan. There is a bare minimum payment that the lender will accept which is often lower than the payments offered but its rare anyone gets it. Also, if you fall in default you can pay often as little as $50 a month to rehabilitate your loan but once it comes out of default you'll be paying standard rate again.splitbrain wrote:Did people ever get their payments lowered? Just curious.