3 ms·

"no strings attached (well, no bankruptcy)" Yeah, because it's worse than bankruptcy. You can't even get rid of the student loan debt if you go bankrupt. I'd s

• jandrese 10y ago
  The no bankruptcy thing still boggles my mind. Schooling is far from a sure return, so cutting out the final safety net seems just plain insane. I mean these are people who largely aren't qualified for the debt otherwise having either no job or a low paying job and little credit history and are given the money on the promise that their degree will get them a career when they graduate, even thought that's far from a guarantee. It's the kind of outrageous overreach some fat cat banker would put in the contract to reduce his liabilities but then the person in the government who's job is protecting the general public was asleep at the wheel and failed to have it struck from the contract. Did the clause pass because the kids don't put up any collateral? The college loan business is so screwed up.
  • joesmo 10y ago
    The problem is that the fat cat banker is the federal government in this case. They write the rules, they make the profits. And they do not give a shit about students, the economy, or anyone else because the government is a separate entity. By the people, for the people is just a nice saying but not one that exists in reality.