Scholarship Prompt : The College Scholarship Contest

818 WordsSep 14, 20164 Pages
Scholarship Prompt: The College Scholarship Contest would like to offer the opportunity for a twenty-five-hundred-dollar college scholarship. To apply, one must submit an essay between 500 and 1000 words while showing potential for future success in any field related to law and demonstrating an understanding in the issue raised. “What are the pros and cons of allowing student loans to be discharged in bankruptcy?” The main reason people file for bankruptcy is because they cannot afford to pay their debts without it causing great stress and discomfort in their lives. Filing for bankruptcy discharges many types of debts, allowing the debtor to become debt free with some minor payments. Not all types of debts are dischargeable, though. One of these non-dischargeable debts is student loans. Fortunately, there are some exceptions. Unfortunately, it’s an extremely hard process. There needs to be proof that paying the debts would cause extreme hardships and burdens upon your life, and if they do, it can be discharged, but that’s not to say it will be. The problem lies in the forty million people in debt to student loans. While some argue that allowing student loans to be discharged would create abuse of the system, it is more evidential that it would help the economy and educational system long-term and that abuse would be minuscule, if there even is. In fact, the only reason federal loans are no longer dischargeable, with some exceptions, is because, in the mid-to-late

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