Incorrect. Bankruptcy is more secure. When the student can't pay, the abusive interest rate accrues fast enough that it becomes a perpetual loan. It's a guaran

Incorrect. Bankruptcy is more secure. When the student can't pay, the abusive interest rate accrues fast enough that it becomes a perpetual loan. It's a guaranteed lifetime earning for the bank. It's also a misnomer to call that defaulting. The principal can be covered many times over by the interest. It's very profitable.