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I am always banging the "student loan debt is a big anchor holding the economy down" drum, and so this latest bit is especially disappointing for me. The man i
by cryoshon 11y ago
I am always banging the "student loan debt is a big anchor holding the economy down" drum, and so this latest bit is especially disappointing for me.
The man in the article is retirement age, unemployed, and STILL cannot discharge his (ballooning out of control) student loan debt via bankruptcy or otherwise. The government is fighting to make this harder-- fighting to protect the funneling of the young generation's wealth directly to those who have far too much already.
- roymurdock 11y agoSorry man, but I can't agree with you on this one. The guy took out student loans for 3 (!) of his children on a manufacturing job. He knew the risks when he took the loans. In fact, without knowing the particulars of the case, it seems like he kept the loans in his name because he believed that if he was unemployed and of retirement age, he might be able to discharge their debt through his bankruptcy. Allowing this sort of debt discharge would create a moral hazard that would seriously pervert debt/degree decisions. Ultimately, his kids should be the paying off the debt, and it should be on their balance sheets, not his. They are receiving the benefits of the degrees, they are of working age, they should be paying down the debt.