4 ms·
That, plus the fact that it's for an intangible asset that can't be repossessed. If they give an 18 year old $30k for a car purchase they come take the car whe
by scrooched_moose 8y ago
That, plus the fact that it's for an intangible asset that can't be repossessed.
If they give an 18 year old $30k for a car purchase they come take the car when you don't pay and get most of their money back. There's no way to seize a diploma to recover their money.
- magduf 8y agoYou can garnish their wages. Student loans cannot be discharged in a bankruptcy, so students are on the hook for them for life unless the lender writes off the loan.
- dragonwriter 8y ago> Student loans cannot be discharged in a bankruptcy Student loans can be discharged in bankruptcy, but it is harder than other unsecured debt.
- magduf 8y agoYou're right, apparently you can file a lawsuit within a bankruptcy proceeding to show that the student loan imposes an unreasonable burden. Not as easy as other debt of course.