Business Ideas Haystack

school loan consolidation

This is pretty shady, but I always wondered about a method whereby one person agrees to take on the school loans of others. This person must have absolutely perfect credit (especially no bankruptcies), and they somehow shoulder the federal college school loans of say 10-20 other people paying off their student loans. This person consolidates the school loans in a way of speaking, consolidates their college loans, and those people are free and clear.

Now I understand this person with the school debt load of 10-20 people could not declare bankruptcy, but there are two ways out for them: flee the country or wait 30 years.

If this person knew they were leaving America for good (or for a few decades at least), they would leave and the consolidated school debt would be left behind in their name. The original school loan debtors would not be prosecutable, because the government would have to agree to allow that one person to take it on.

If they can wait 30 years, don't most school loans get written off? Maybe it's only certain loans. I guess the government figures if you've been too poor to pay your school loan consolidation debt for 30 years, it's time to let go of you?

Again, shady deals, shouldn't encourage anyone to do it, but schemes like this may crop up in the next years as school loans debts rise and consolidation solutions are dreamed up.

posted by Ideas2NoEnd @ 1:05 PM