Students declaring Bankruptcy ?

How would the Student Loan Company take the degree back out of you?

The Student Loan Company could not get the degree back from you but the degree conferring body can withdraw it from you. Under the terms of many of their charters, bankruptcy automatically results in the withdrawal of any degrees, honours or awards the university may have conferred upon you.

John Pointon Accountant, Tax Consultant "In business to grow your business"

withdrawal of

Really ?

The mind boggles: wtf is the point of that ?

Interesting. But not, as in the case of a certain author, one is locked up in goal :-)

but for most employments, once you have your foot on the job ladder using the degree that you *did* have, you will not need to use it again. I'm sure if someone took my degree away from me *now* it would have no effect on the rest of my career.

tim

Depends on how old you are. I know a few unemployed graduates with science/engineering degrees who got the push in their late 40s. part time temporary work for a while then it all dried up.

Not sure what you are saying here.

I concede that someone who 'gets the push' in their 40's is going to struggle to get a job. But this will mostly be *because* of their age. The presence (or not) of a 20-year old degree on their CV will make not a jot of difference to their re-employability, what counts is their experience and this will either be a sellable asset for a 40 something or it won't be. tim

It is probably a throwback from the old view of debt when you could be imprisoned for not paying your debts. Remember, universities started off as ecclesiastical educational establishments whose staff, graduates and students were expected to be exemplary. How times have changed!

I'm talking about the decision how to behave after you have the degree.

As I said earlier:-

The OP asked:

"Whats to stop anybody (ok - me) taking out some big business loans then declaring bankruptcy and getting away with it ?"

If he took out a business loan he would have assets so there is no point.

I'm not talking about getting the degree I'm talking about why take out loans to be made bankrupt?

He would have to appear to have assets which is not quite the same thing. Unpaid invoices are probably the most common form of such assets (at least for fraudulently obtaining business loans). They can all too conveniently disappear in a "disasterous fire", and be converted into phantom bad-debts.

So you can hide the money somewhere the receiver won't find it, have the debt written off and still have the money. In many ways doing the same thing through a limited company, and have the company go bust is more attractive as having been associated with a failed company is less of a black mark on credit rating etc. than having been bankrupt.

In all these cases, you are looking not at a semi-legitimate "playing the system" but an outright fraud. My concern is that the very high levels of personal indebtness that the government is planning along with more lenient treatment of bankrupts is making this type of fraud too attractive.

conveniently

I see what you are saying but you could do something similar without the hassle of bankruptcy.

Agree totally. No one is bothered about my degree or training as such except to see it shows a sensible progression. Everyone seems to be bothered with the type of work I am doing now and what I can do for my clients.