2 ms·

If students were allowed to default on the debt under bankruptcy there would be a corrective feedback loop where lenders would be pricing the risk of default in

• dchuk 14y ago
  I suppose, but at the end of the day it's still 17-18 year old kids getting handed thousands of dollars to make a big (and most likely extremely uninformed) career choice decision. I think there needs to be a lot more education (irony) targeted at how to make a fiscally responsible degree choice when entering college. All of these kids majoring in creative writing and then protesting wall street because they can't get a job to pay off their loans should garner no sympathy as they made a bad fiscal decision that got them into that mess in the first place. But since they were just kids when making the decision it's hard to fault them entirely...I think the system itself needs to be doing a better job telling people they're being dummies and helping them correct their course before becoming a debt statistic.