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> You still need to prove undue hardship, and that still involves a tough, three part test. This understates the difficulty. It is so nearly impossible to dis
by NoMoreNicksLeft 12y ago
> You still need to prove undue hardship, and that still involves a tough, three part test.
This understates the difficulty.
It is so nearly impossible to discharge student debt, that out of the many thousands who try it, only a handful manage the feat in any given year.
It makes the news when this happens, it's that rare.
- withdavidli 12y agoLooking at the sourced paper, can be downloaded here: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1894445 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1894445 In 2007, 39% of the people who tried to discharge student loans were successful, 25% full discharge / 14% partial discharge. That is far from just a handful. The problem is, only .01% that could try to discharge students loans even tried. This may be because they didn't think it was even possible for them to win, advised against trying from counsel, or some other reason. The reason for why a person wouldn't try would be a good follow up study.