Debt forgiveness on one student loan opens the way for many more such rulings. However, what is good for students with staggering debt loads is bad for the rest of us since the US government has guaranteed the loans to the usual assortment of wall Street parasites who made them.
[Mike Hedlund] may have just made legal history by winning a 10 year battle to have the bulk of his $85,000 in federal student loans, which he accumulated as a law student at Willamette University in Salem, discharged. The result of this legal decision will likely have epic implications for an entire generation drowning in debt, as it has now “opened the flood gates” for all those in Mike’s position to challenge their massive debt encumbrance.