This veteran thought he got $221,000 of student loan forgiveness, but then this happened.
Here’s what you need to know.
Student Loans: Bankruptcy
A Navy veteran was granted $221,000 of of student loan forgiveness, which is also known as student loan discharge. U.S. bankruptcy judge in New York, Cecilia G. Morris, ruled that Kevin J. Rosenberg will not have to repay his student loan debt because it will impose an undue financial hardship.
However, in a relatively rare move in bankruptcy cases, his student loan servicer, Education Credit Management Corporation (ECMC), is now appealing the ruling.
“Instead of pursuing those opportunities available to him, and paying back his taxpayer-backed federal student loans, Plaintiff, for the past 10 years, has held various positions in the outdoor adventure industry, including starting up and running his own tour guide business,” ECMC wrote in filings.