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Can Repossession Laws Get You Out of Paying Student Loans

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  • 10-19-2016, 02:21 PM
    lawfacts
    Can Repossession Laws Get You Out of Paying Student Loans
    Can a college student who thinks that the degree that they received was worthless tell a student loan lender to repossess the degree? They don't want to spend years paying for the degree that can't get them a job.
  • 10-21-2016, 03:48 PM
    Mr. Knowitall
    Re: Can Repossession Laws Get You Out of Paying Student Loans
    No, but it's an amusing idea.

    Student loans aren't secured loans. A degree is not something that can be taken back and resold to somebody else -- and if it were, the sale value would be $0 meaning that the student loan borrower would still have a deficiency for the difference between that resale value and the amount owed, such that they would still owe the entire debt (plus the costs of 'repossession' and sale).
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