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Blake Zeff Wikipedia, Biography, Wife, Age, Biography, Wiki, Net Worth
Blake Zeff Wikipedia, Biography, Wife, Age, Bio, Wiki, Net Worth – Student Debt has been in the news about the Biden administration’s one-time cancellation plan, which is now being adjourned by the court and once again suspended from paying debt until June 30, 2023.
Blake Zeff Wikipedia, Biography, Wife, Age, Biography, Wiki, Net Worth
But bankruptcy, according to Blake Zeff, director of the recent documentary “Loan Wolves,” is a less-discussed option for an escalating crisis that affects 43 million borrowers and total debt of more than 1, 6 trillion dollars.
Right now, it’s practically impossible for debtors to file for bankruptcy on student loan debt because of the two words added to the law in the 1990s.
Too difficult
The documentary “Lending Wolves” follows Zeff as he uncovers the mysterious history of the “excessive hardship” provision, added to the 1998 amendment to the Higher Education Act and responsible responsibility for current bankruptcy problems facing student loan borrowers.
Before turning to journalism, Zeff worked for Senator Chuck Schumer for three years as a senior assistant and senior communications and policy advisor at the New York State Attorney’s Office. He’s spent most of the past six years researching student loans, bankruptcy, and “excessive hardship” terms.
Under current student loan laws, borrowers must demonstrate “excessive hardship” in order to get relief through bankruptcy. To satisfy this requirement, the judge must find that the borrower has made a good faith effort to repay the loan, but is unable to maintain the “minimum standard of living” and is unlikely to improve. The strict regulatory standard has long been criticized as being too arbitrary and making it difficult for lenders to meet, especially by groups like the American Bar Association.
Few borrowers can pay off their student loans under the “excessive hardship” criterion, which is a stricter ban than paying off other debts, such as credit cards. , gambling debt or collection agency account. This even includes individuals battling cancer and crippling epilepsy.
A step in the right direction
In an effort to make it easier to deal with the debt burden, the Department of Education and Justice issued new bankruptcy guidelines for student loan borrowers on Thursday, November 17. New regulations may not be the solution they claim.
According to Zeff, the former political editor at Salon, “it’s definitely a step in the right direction and I’m really excited that this is the conversation that’s made it to the president’s desk.” But you see, with these, the devil is always in the details.
Taking into account the borrower’s current and potential solvency, as well as a good faith effort to make payments, as determined by Department of Justice attorneys in consultation with the Department Education, the new Biden administration guidance aims to clarify the criteria needed to meet the “excessively difficult” standard. .
The criteria are still somewhat arbitrary and have not been codified into law, so they could be ignored by the next government if the law is not established, although the new guidelines may be helpful to some. People.
As the Biden administration moves forward with pledges to write off some student debt and tackle the escalating debt crisis, the debate over the “excessive hardship” provision and student loan forgiveness through bankruptcy production has changed in recent years.
Legal challenges are currently hampering the administration’s attempt to pay between $10,000 and $20,000 per federal borrower, and the case has been appealed to the Supreme Court.
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Source: vcmp.edu.vn