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I have a way to get out of the debt you owe on student loans...

I had a career in the private sector before I changed careers and opted to take out student loans. I could not work and go to school because the program I took was 7 courses per semester (not the usual 5) and I had a full day of practicum work each week in a school.

Here is what I was considering as a way to get out of student loan debt - perhaps tell your struggling friends.

Step 1)
Before you go to university apply for as many credit cards and lines of credit from banks as you can. Don't put any money on them - just have them ready - with as much limit as you can possibly get.

Step 2) Go to university on student loans
In Canada (and presumably the USA) if you declare bankruptcy - the student loans will still follow you - you can't dissolve your student loan debt.

Step 3) Pay off your government student loans in full with you lines of credit and credit card cash advance so spread the $50,000 or whatever you owe over all of your lines of credit and credit cards.

The government has been paid - they got their money.

Step 4) wait a couple of months and declare bankruptcy.

In Canada, at the time if you declared bankruptcy your credit rating would then be crapola and you would not be able to take out a mortgage for a period of 7 years. That is hardly a threat to someone who is $60k in debt because chances are you would not be able to get a mortgage for 20 years anyway!

I figure, the rich get to screw over the system and certain presidents declare bankruptcy half a dozen times to get of paying taxes so why not the average Joe Shmoe.

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