Declaring bankruptcy immediately after graduation was last legal in 1976, when private school tuition could be paid for with 20 hours/week of minimum wage labor

Declaring bankruptcy immediately after graduation was last legal in 1976, when private school tuition could be paid for with 20 hours/week of minimum wage labor. Even for an amoral profit optimizer, explicitly planning to have zero assets and maximum debt at graduation and immediately declaring bankruptcy was not yet a particularly compelling idea. I don't think it'd really be a thing today either, but the circumstances are clearly very different.