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Sounds like a good way for students facing huge student loan debt to discharge it in bankruptcy (just kidding, I know that's not something the US government wou
by photochemsyn 3y ago
Sounds like a good way for students facing huge student loan debt to discharge it in bankruptcy (just kidding, I know that's not something the US government would allow for anyone except well-connected corporate lobbyists etc.).
- throwawaymaths 3y agoIn a classic "what could possibly go wrong" move, long ago the federal government decided that you can't discharge student debt in bankruptcy, because if you could, then no one would lend education money (which is not collateralizable) and fewer people would go to college.
- themitigating 3y agoWhy wouldn't that apply to any credit that can be dismissed through bankruptcy?
- throwawaymaths 3y agoCollateral.
- selectodude 3y agoIt does. Credit cards are fully dischargeable. They also charge interest rates over 30 percent and won’t lend you $100,000 as an 18 year old with no income.
- ClumsyPilot 3y agowell maybe it's the wrong way to fund college