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Yeah that's a very good point. Interesting how they aren't easily discharged via bankruptcy. I may have to do some research on how exactly that got put in place
by tswartz 10y ago
Yeah that's a very good point. Interesting how they aren't easily discharged via bankruptcy. I may have to do some research on how exactly that got put in place and who was behind it...
- maxerickson 10y agoIt got put into place because they are high risk loans given out to people that have nothing to secure them with. If you could discharge them in bankruptcy, no one would offer them because huge percentages of people would go ahead and do so.
- talmand 10y agoEspecially for young people right out of college who have time to repair the damage to their credit.
- lotsofpulp 10y agoThereby naturally solving the problem. Schools won't be able to raise their prices to pay for non academic garbage like stadiums and fancy buildings, they won't have to compete with other schools accepting as many kids as possible to make as much money as possible to keep up with the Joneses with their newest toys. And society can have a discussion again on how much it values educating its populace.
- maxerickson 10y agoI think you have to have that discussion before you stop offering student loans. Nothing else would create the political room needed to do it...
- jrs235 10y agoI believe two Georgetown law students were the ones that exposed the hole. They took out loans for their law degrees, $xxx,xxx dollars in loans and then tried filing for bankruptcy to get a "fresh start" with no debt out of school. The court said no and refused to let them discharge that debt.
- pmiller2 10y agohttps://consumerist.com/2015/03/17/you-cant-discharge-your-student-loans-in-bankruptcy-because-of-panicked-1970s-legislation/ https://consumerist.com/2015/03/17/you-cant-discharge-your-s...
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