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>If we didn't prevent it, then you'd be stupid to not go to college take out $120k in loans and then declare bankruptcy at 22 prior to taking a job (you'd have
by eli_gottlieb 9y ago
>If we didn't prevent it, then you'd be stupid to not go to college take out $120k in loans and then declare bankruptcy at 22 prior to taking a job (you'd have no income and no assets).
If you'd be stupid not to do it, how many people have actually done it? If it was actually done at a certain rate, why wasn't that rate priced in?
>IMO the only way to solve it is to put the school on the hook for part of the $$ if the default rate exceeds X%.
This is a pretty good proposal.
- ChrisBland 9y agoYou can't discharge student debt in bankruptcy so no one has done it
- dragonwriter 9y ago> You can't discharge student debt in bankruptcy Yes, you can, it's just more difficult than other unsecured debt. This is a distressing popular myth which leads people to fail to explore their options. https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/bankruptcy https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancell...
- eli_gottlieb 9y agoOnce upon a time it was legal, so if it was smart, people would have done it back then.