Fresh out of college, you’re burdened with loans.
“You didn’t land that dream job. You’re struggling to make ends meet. But the interest just keeps piling up. With a broken heart, you’ve written off the possibility of buying a home, having kids and getting married, because, hello, who wants to deal with your crazy baggage? But in reality, you want those things and your education was supposed to get you there. Now, you need a fresh start – just what bankruptcy was intended for. ”
That’s the situation a new animation from Yes! Magazine, “Why Student Debtors Can’t File For Bankruptcy – Or Can They” posits many ex-students – and viewers – are in.
But here’s the trouble. Bankruptcy is not viewed as the same type of debt as, say, credit card or homeowner’s debt. Nope. Bankruptcy gets lumped into the same category as criminal debt.
And you can’t declare bankruptcy on student loans – at least, that’s the standard argument.
But this animation from Yes! Magazine, and an accompanying feature story, suggests that’s not entirely true.
Check out Yes! Magazine’s deep dig into student loan debt here and the video below.
Photo credit: Yes! Magazine