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No, none of that will work. Great students taking majors with high earning potential can still declare bankruptcy the day they graduate and discharge the debt w
by harryh 7y ago
No, none of that will work. Great students taking majors with high earning potential can still declare bankruptcy the day they graduate and discharge the debt with few consequences.
- breck 7y agoHave you declared bankruptcy before? I have not, but from what I read there are very severe consequences. (Okay okay, our present president being the exception. But if you are not born rich there are bad consequences)
- harryh 7y agoYou'll have trouble getting a home loan for 7 years. And maybe a bit of trouble getting a car loan or a credit card for a while. But these things aren't a big deal for most 21 year olds. Certainly they are smaller considerations compared to paying back a high 5 or 6 figure debt.
- juliusmusseau 7y agoYou also probably can't be a director of a private or public company until the bankruptcy is discharged (2 years?). If student loans became dischargeable through bankruptcy, I imagine that could put pressure on bankruptcy laws in undesirable ways (e.g., the current 7 year period might get extended to 20 years).