Don’t bond 18-year-olds to debt for life

Operators like Warren Buffett can take some of their companies into bankruptcy and discharge debt using several bankruptcy laws available to business and most people. But before students can apply for bankruptcy they must suffer a draconian court proceeding determining the students “hardship.” These proceedings are a nearly insurmountable hurdle.

Starting in 1976 our United States congressman and congresswomen, in their infinite non-wisdom, brought back Medieval-type laws applying to only student loans. These rather recent U.S. “hardship” laws make student loan bankruptcy or forgiveness very difficult and nearly impossible in practice.

Even if a student succeeds in bankruptcy, their payments will likely be just restructured and not forgiven. This all makes bankruptcy for student loans more of less a waste of time and money.

Debt slavery and debt bondage for life practiced in the Roman Empire and the following Medieval-years were outlawed in Europe and the U.S. in the mid-1800s with the aid of Christians.

But now in Iowa and the U.S., 18-year-old students taking student loans can be harnessed to loan companies for life. This practice applies essentially to only student loans. It is medieval debt slavery. In Biblical times, in Israel, debts were canceled every seven years. Read Deuteronomy Chapter 15.

Clearly students with financial problems or health issues are due some form of reasonable loan forgiveness. Student loan forgiveness is simply the Christian thing to do.

Lloyd Holecek

Marion