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Is Bankruptcy A Way To Pardon Student Loans?

The Condition of “Undue Hardship”

Many people are in debt due to the student loans they took out in order to pay for their college education. With many possible solutions to remove the debt once and for all, however the most favored is bankruptcy. But being students, claiming bankruptcy is defiantly a problem because the legal terms and conditions of the student loan clearly states that the loan is non dischargeable. Due to this very reason, the loan repayment causes the borrower “undue hardship”. This hardship only occurs at time when the person is facing a high degree of financial problems that he or she will not be able to satisfy his or her basic needs once the loan is repaid. In order to claim bankruptcy, the borrower needs to affirm that he or she is facing undue hardship; however hard it may be.

History of Undue Hardship Clause

In the past, students were able to get rid of their student loans. However, lenders criticized the system, which lead to changes in the rules and regulations of the student loan contract. Now it is harder for students to get their loans discharges. Even thought this may seem unfair, the system was criticized because students took advantage of the system as they declared bankruptcy immediately after completing their students before they even got a job. This is why the rules and regulations of the contract had to be changed, as the lenders were losing out.

What the Clause Says About Student Loan Discharge

After the change in rules and regulations of private loans, the government felt it was necessary to apply this clause to government loans as well. This made student loan discharge even more impossible. However, in order to get a student loan discharge, you will need to prove to the government that your living of standard is not high and that you have tries every possible means of paying back the loan. Only then will your loan be pardoned.

The Sign of the Co-Signer

Even when you have met all the terms and conditions in the clause, you will need a co-signer. The co-signer is the person who signed the contract with you when you took out the loan in the first place. That specific co-signer will not be able to take into account his hardship exclusion.

What to Keep In Mind

When you decide to claim bankruptcy, you need to make sure that you have thought about it very clearly. You should only file for bankruptcy if it is necessary and there are no other options available to you. Make sure that when you are going to claim bankruptcy that it will pardon your student loan, otherwise declaring you are bankrupt will do you no good.

If you are in debt and you need to pay your student and other loans but are unable due to a low income job, you will need to visit the court. By visiting the court, you will be able to find ways to declare hardship and have a new start to your life debt free.

Hilary Bowman is the author of this article. She works successfully as a financial advisor with years of expertise on Military Loans for Bad Credit. Hilary publishes informative articles about Bad Credit Loans and other financial topics at FastGuaranteedLoans.com

Article Source:
http://EzineArticles.com/?expert=Hilary_Bowman

Question by Tipsy Dipsy: What is the official term for a pardon after a death sentence?
I know there’s a an official term, I just can’t remember it. And google’s not much help either. It would be if someone had been put to death by the state, and then pardoned after the government re-investigated and realised they weren’t guilty after all.

And – what would be the point of that?! Why do they do it? Is it for the sake of the victim’s family?

Best answer:

Answer by Tanya D
It could be a stay of execution, which is usually temporary.

There could be a commutation of the death sentence to a term of imprisonment, usually life.

And, there could actually be a full pardon and let the prisoner free.

Often, the stay is because there is a chance that the court will overturn the penalty or even the conviction – so it is to let the courts do their job.

The commutation is to stop the execution – it could be for any of a number of reasons – the Governor of Illinois a few years ago commuted every death sentence in that state to life.

The pardon is when the prisoner didn’t do it, or the trial was so unfair that there is no way the prisoner got a fair trial, or the sentence is ridiculous, or any one of a number of reasons.

Rarely does the victim’s family have much to do with it. These are executive decisions, sometimes political,

Know better? Leave your own answer in the comments!
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Pardon me for piling on but I think one element of the Mitt Meltdown has been missed. Brooks is on to something but doesn't understand completely the enormity of what he is saying. The comparison between the two fundraiser recordings — Romney's on the …
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Those Were the Days

Those Were the Days

A year in the making, this album of era-defining songs from the 1960s and 1970s is an astonishing collection of indispensable classics, performed in Dolly Parton’s signature style with a top-notch list of friends.Parton, who produced the album, invited several of the artists who wrote or made these songs famous to sing with her. Renowned musicians Roger McGuinn (of the Byrds), Kris Kristofferson, Judy Collins, and Tommy James make appearances on Those Were the Days. She also asked recent chart-t

List Price: $ 17.98

Price: [wpramaprice asin=”B000AQDQ7S”]

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Of Moons, Birds and Monsters – MGMT – Live at Morning Becomes Eclectic Download it at www.mgmt-music.net Why’d you cut holes in the face of the moon base? Don’t you know about the temperature change In the cold black shadow? Are you mad at your walls Or hoping that an unknown force can repair things for you? Pardon all the time that you’ve thrown into your pale grey garden? If the ship will never come you’ve got to move along Even a bird would want a taste of dirt from abyssal dark The prick of a feather could make a kingdom burn and the bloodshed start The falling apart Made me a shadow in the shape of wonder The waves of black If she’s going under I can hold my breath till the sky comes back Or drown like a rat, rat, rat He’s a rat! To catch a monster We make a movie Set the tempo And cut and cut its brains out It will inspire on the burning pyre Half the distance Half the motion Communication It’s easy as the ocean Download the video & song at www.mgmt-music.net
Video Rating: 4 / 5

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17 Responses to “Is Bankruptcy A Way To Pardon Student Loans?”

  • TheHKEO:

    Better get that keyboard all tuned up… It might’ve become a tad flat on the ride over

  • focuzzfocuzz:

    good live performance

  • LaSwedishFille:

    i want to see them live sooooooo badly!

  • TOOVOOT:

    thats good music….its like a drug

  • CptK96:

    I meant writing…

  • fukumudder:

    they do

  • tristis:

    great solo

  • Pippy187:

    3:18 on my mind slips away to another place… wish this instrumental would last forever.

  • NotoriousNME:

    let’s not forget the bass is badass too

  • CptK96:

    Wish they used James, Will and Matt in the studio to…

  • haloscorp4444:

    Hey guys please check out my guitar cover of this song, it has some improv solos maybe youll like 😀 MGMT is one of my favorite bands and if you like psychadelics check this out and voice your opinionsss at /watch?v=7UoMt24sA0s

  • theparisbassist:

    I’ve been watching tons of vid of this song live and this is by far James’ best solo!
    2:14 <3

  • Luederjahn:

    When I am grown up, i wanna play guitar like James 🙂

  • mrtoypigeon:

    tapping into the universe !!

  • Phil:

    Post-mortem pardon? That the best I can think of. Considering all that’s left once you’re gone are your progeny and your legacy, a post-mortem pardon helps to repair a significant part of what remains.

  • Allen Chapman:
    44 of 45 people found the following review helpful
    4.0 out of 5 stars
    Classic Dolly!, October 11, 2005
    By 
    Allen Chapman (STAFFORD SPRINGS, CT USA) –
    (VINE VOICE)
      
    (REAL NAME)
      

    This review is from: Those Were the Days (Audio CD)

    “Those Were The Days” marks Dolly’s third full album of cover songs, although she has included cover material on albums thruout her career. The first full cover album was 1984’s “The Great Pretender” in which Dolly covered songs from the late 50’s and early 60’s. Although “Pretender” is a good album, it suffers from the typical 80’s production, heavy on the synthesizers. The next like album was 1996’s “Treasures” which was kind of a mixed bag of genre’s and era’s. With “Days” Dolly sticks pretty much to the late 60’s and early 70’s. The songs are all done in bluegrass-y style of her most recent work. For the most part the results are fantastic. A few of the songs take a few spins to grow on you, “Where Have All The Flowers Gone” and “Both Sides Now” have been sped up a bit but work once you become accustomed to the faster style. For me the stand out tracks are the title track, which has always been a favorite of mine, “Me & Bobby McGee”, “Where Do The Children Play” and “Imagine”.

    After 40 years of making music, Dolly is making some of the best albums of her career. That’s very rare for any artist. Although she didn’t pen any of the songs on this album, that in no way detracts from it. This is a great album and a fun listen. Essential to any Dolly collection.

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  • Sonny Saggese "dionbs":
    11 of 11 people found the following review helpful
    5.0 out of 5 stars
    Shockingly good, October 20, 2005
    By 

    This review is from: Those Were the Days (Audio CD)

    I thought that this album would be a ‘cheesy’ tribute album like one of those oldie groups re-doing all of thier old famous songs in the same exact way, but with updated, and rinkity production and weaker/newer vocals. But I was wrong. These songs were all done with a very unique and fresh spin. I was sick of the originals of most of these songs…for most are very well known to all of us, but Dolly puts all heart, and grace into the vocals in a way that makes these old birds fly again. It’s really nice.

    I never thought that I would enjoy a fast blue grass version of Twelth of Never, but it works. This whole album is “but it works”. It shouldn’t, but it works. And how the hell did Dolly Parton get Cat Stevens? aka Yusuf Islam? He hasn’t played music, to my knowledge for over 20 years, and he was just recently deported out of the country while traveling to the US with his daughter in a case of mistaken identity, still with no apology from Tom Ridge, or the Department of Homeland Security. It’s absolutely shocking to me that he agreed to play with Dolly on this. But then again, it’s not. Because who is sweeter then Dolly?

    And this album is in deed very sweet, and goes right up there now, shocking so, with her Christmas Album with Kenny Rogers ,which is a consistent staple in my house when we decorate the tree each year.

    Shockingly Good!

    I don’t know if the sound bites do this album justice. The songs are very well done, arrangements, musicians, vocals, production, etc.

    I’d like to give it 4 and half stars, because of her choice of overly peace loving/campfire songs, but she pulls it off.

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