Momma, Don’t Let Your Babies Grow Up to be Student Loan Debtors

Yesterday I wrote about a 15-year-old that took out federal student loans and got a chance to learn all about the Claim of Infancy issue.

Apparently, while you need to be 18 to enter a legal contract and 21 to buy and consume alcohol, you only need to have a pulse and breath in the United States to become obligated for federal student loans at any age.

In the post from yesterday I cited several sources that showed that for federal student loans, it is specifically written into the law that no matter what the legal age is in your state, it doesn’t matter.

The little tidbit in The Higher Education Act of 1965 that allows kids of any age to be saddled with student loan debt is tragic.

In the entire world, the countries that allow kids to reach the age of majority to enter contracts are:

  • Iran
  • Indonesia
  • Myanmar
  • Yemen

This is insanity piled on ridiculousness.

Claim of Infancy

In 2008 the law was changed by adding this to the inability to claim you were too young to sign for federal student loans.

“(d) Special Rule.–This section shall not apply in the case of a student who is deceased, or to a deceased student’s estate or the estate of such student’s family. If a student is deceased, then the student’s estate or the estate of the student’s family shall not be required to repay any financial assistance under this title, including interest paid on the student’s behalf, collection costs, or other charges specified in this title.” – Source

If the student loans your kids signed for at 15-years-old are unaffordable, the options available are apparently death, a virtual lifetime of payments, or debt so massive it will burry all opportunities and chances at a better life.

At some point, the life-crushing cost of higher education will need to be addressed if we want to move ahead as a country.

As it stands now, profit stands in the way of higher education to move the country forward with a better-educated population, the student loan debt holds people back from being consumers and advance in life, and when life happens and the student loans become unsustainable you can’t get a fresh start.

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