Three Certainties: Death, Taxes, And Having To Repay Your Student Loans

Student Loan Debt is non-dischargeable in bankruptcy, which means you can't get rid of it once you incur it.

Considering the rough economic times here in Michigan, its no wonder we rank up there in student loans in default.

Te Federal government under Obama, courtesy of a section in the Obamacare bill (yes, really), have taken over student loans with the expected efficient results from such a government takeover.

Now Ex-students with loans who are in poor financial health are going before, shall we say, death panels that seek to recover on the non-performing loans.

The Detroit Free Press: Beware, metro Detroit: The feds are out -- and looking for payback on late student loans

If you live in eastern Michigan and owe the federal government money from a student loan, your chances of being hauled into federal court are greater than anywhere else in the country, except the Los Angeles area.

Over the past two decades, eastern Michigan has accounted for, on average, 13% of all federal student loan recovery lawsuits nationwide.

With Americans carrying more than $1 trillion in college debt -- and $76 billion of that delinquent -- some economists fear the huge debt burden will be the nation's next devastating economic crisis, much like the mortgage bubble that sparked the recession. So the federal government is adopting eastern Michigan's get-tough tactics in other parts of the U.S.

One bit of non-legal advice to anyone with a student loan in default - do something. Putting your head in the sand and trying to avoid service doesn't help. Instead contact the loan servicer and document your problem. There probably is some deferment or different repayment options that may help you and help you avoid being sued.

As Instapundit has been known to say regarding student loans: Something that can’t go on forever, won’t. This can’t go on forever.

Unfortunately, due to its featured non-dischargeability, your obligation to repay your student loan will last at least your lifetime even though that only feels like forever.