4 ms·
What's absurd about that? The bank has no salvageable assets to claim. They can't claim 4 years of European Literature from your mind.
by YinglingLight 8y ago
What's absurd about that? The bank has no salvageable assets to claim. They can't claim 4 years of European Literature from your mind.
- gdhbcc 8y agoSame thing happens w8tg a bankrupt business...
- gerbal 8y agoFortunately most of the debt is held by the US department of Education, and could easily be written off. (Minor inflationary effects asside).
- thrill 8y agoSo, your solution is to stick the taxpayers with the debt?
- Judgmentality 8y agoI feel like that's a small step towards rectifying the destruction of a generation. This country has too much inequality as it is.
- gerbal 8y agoThe actual costs of student loan forgiveness is fairly marginal compared to the economic benefits [1]. Further the federal government can write off debt without anyone ever having to pay for it. Student loans are created by the Treasury for the Department of Ed, repayment just gets dumped onto a balance sheet in the treasury that has no relationship to reality. [1] http://www.levyinstitute.org/publications/the-macroeconomic-effects-of-student-debt-cancellation http://www.levyinstitute.org/publications/the-macroeconomic-...
- Jtsummers 8y agoYou can wipe out medical loans, which also have no assets to claim, with bankruptcy. Or do you think we need to make Repo Men a reality?
- madengr 8y agoMedical loans? You can wipe out medical debt, but can you actually get a loan for medical procedures?
- dasil003 8y agoWhat's absurd is they don't have to take into account the ability of the student to pay back the loan, instead taking on an indentured servant for life. This distorts the market leading to higher tuition for everyone.
- empath75 8y agoThey can't claim assets for credit card debt either, and yet you can discharge those in bankruptcy.
- theandrewbailey 8y agoIt gives the lender little to no incentive to evaluate the marketability of the degree.