Things you can’t get when you’re under 18.

I am a big fan of irony and I can’t help but laugh inside when I think of some of the things we won’t allow our young people.

You can’t get a rental car at most companies unless your 25. You can’t purchase alcohol until you are 21. You can’t buy cigarettes unless you are 18. You can’t get a hotel room at most hotels until your older than 21. Our country’s common law practices state that individuals under the age of 18 don’t even have the capacity to enter into most contracts.

We think, and rightfully so, that there is a lack of maturity in minors… that they lack a required experience with life to safely enter into these types of life decisions.

Ready for the funny part?

Student loans have the capacity to ruin a person’s life financially, yet we make special provisions so minors can enter into potentially lifelong contracts. We don’t even hold minors fully responsible for the consequences of their actions if they were to commit a crime. It’s rare that a minor gets significant jail time for almost any offense. But the life sentence of inflated student loan payments is a consequence that far too many “past minors” have to serve.

As current law stands there is no pardon for a poorly chosen student loan. Bankruptcy law does not protect borrowers against any student loans, both federal and private. You might argue that yes, there is a way to get rid of private student loans in bankruptcy, if you prove undue hardship, but…

Who can afford a lawyer when they are dealing with a mountain of debt? Furthermore, who can afford a heavy legal battle to prove something that is considered, “almost impossible.” I don’t have to guess because the numbers are out there. In 2008, the successful discharge rate was 29 out of 72,000. 29 people successfully got rid of their student loan debt in bankruptcy out of the 72,000 people that applied. FastWeb.com

Luckily there seems to be some movement to help those who are truly in need, so make sure your doing your part to voice your opinion.

It’s easy to go from ironic laughter to tears when you really think about it. We protect our teenagers from everything (and seek protection from them as the case may be), but we can’t protect them from one of the most financially devastating forms of debt?

Don’t drink
Don’t smoke
No hotel room parting
No reckless driving

…and above all else…

NO WITHDRAWING STUDENT LOANS

…until you are old enough to make a wise decision.