4 ms·

Should the person taking out the loan have 0 responsibility as well? Surely either the janitor or the english lit major should have some personal responsibility

Should the person taking out the loan have 0 responsibility as well? Surely either the janitor or the english lit major should have some personal responsibility when it comes to taking on debt that they could not possibly pay back. I think both parties in the transaction have some responsibility in making sure that the loan is beneficial.

dave_sullivan 10y ago
> I think both parties in the transaction have some responsibility in making sure that the loan is beneficial. I agree.
- infinite8s 10y ago
  And interestingly enough, the government agrees as well. Student loan debt backed by the government is difficult to discharge through bankruptcy - http://www.usnews.com/education/blogs/student-loan-ranger/2014/08/13/debunking-the-student-loan-bankruptcy-myth http://www.usnews.com/education/blogs/student-loan-ranger/20...
  - dave_sullivan 10y ago
    Indeed, and I strongly disagree with that. It's a feeble attempt to prop up an unsustainable market, at the cost of people's futures. When the student lenders eventually go broke (and they will) I doubt they'll stick to their philosophy of "gotta pay what you owe".
    - nemanja-mit 10y ago
      actually that law predates the explosion of the student debt market. it was intended to close a loophole - lore goes that law school graduates would default on their student loans just after they passed the bar and got their first law firm job
    - infinite8s 10y ago
      Why will they go broke? A large proportion of student debt is guaranteed by the federal government.