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If you are lucky you can get money from renting. If you were unlucky and had a house in the rust belt and jobs disappeared then few people could buy or rent you
by Latteland 8y ago
If you are lucky you can get money from renting. If you were unlucky and had a house in the rust belt and jobs disappeared then few people could buy or rent your house. So people can get trapped. At least you can expunge your mortgage debt with bankruptcy. Not being able to expunge education debt is what's holding our economy down.
- sokoloff 8y agoNot being able to expunge education debt is what makes education lending possible. Otherwise, there’d be a line to file strategic bankruptcy after the last tuition payment was due...
- thedailymail 8y agoWhy would anyone file for bankruptcy right before paying their last tuition payment?
- aedron 8y agoCheap borrowing drives up prices of goods. This is true in housing and it is true in education.
- EADGBE 8y agoRevocation of a degree with the dissolving of student loan debt in bankruptcy certainly could work for some.
- sokoloff 8y agoThat doesn't make the lender whole, though; there's nothing they can repossess or foreclose on. It's a mild deterrent for some cases, but for a lot of situations, having the degree isn't anywhere near as valuable as having the education.
- tcbawo 8y agoOther (less fair) ways of doing it include requiring a co-signer or allocating some assets as escrow. Although, like healthcare, the problem is probably the cost not the financing.