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Many kinds of loans can be discharged in bankruptcy and no civil wars have broken out to date (for that reason). So for a start, changes could be made to allow
by CogitoCogito 5y ago
Many kinds of loans can be discharged in bankruptcy and no civil wars have broken out to date (for that reason). So for a start, changes could be made to allow student loans to be more easily discharged as well.
- _heimdall 5y agoChanges here definitely should be made. The laws were changed in the late 70s to make student debt largely ineligible for bankruptcy discharge for no reason beyond baseless claims of bankruptcy abuse by recent grads. That doesn't solve all the debt currently there though. We allowed banks to write student loans for 50 years knowing that the debt couldn't be discharged. Total student debt I'm the US is upwards of $1.7T, and the government would almost certainly have to eat that cost for any defaulted loans.