Respond to the following case using the IRAC format.

Jon Goulet attended the University Wisconsin and Regis University in Colorado, from which he earned a bachelors degree in history in 1972. Over the next ten years, he worked as a bartender and restaurant manager. In 1984, he became a life insurance agent and his income ranged from $20,000 to $30,000. In 1989, however, his agents license was revoked for insurance fraud, and he was arrested for cocaine possession. From 1991 to 1995, Goulet was again at the University of Wisconsin working toward, but failing to obtain, a masters degree in psychology. To pay for his studies, he took out student loans totaling $76,000. Goulet then returned to bartending and tried real estate sales. His income for the year 2000 was $1,490, and his expenses were $5,904. When the student loans came due, Goulet filed a petition for bankruptcy. [Goulet v. Educational Credit Management Corp., 284 F3d 773 (7^th Cir. 2002)]