When debt is discharged someone else is left holding the bag. Discharging student debt will cripple the U.S. economy and no sane politician will allow it. If you think your prospects are bad now, just wait if these fools who govern us decide to forgive student loans en-mass.
Oh, those of us who are older and established have gone through many economic downturn cycles. We know exactly what you are going through. My advice to you is to get a job. ANY JOB. FYI I worked full time all through college and lived at home. Graduated with some debt but paid it all off in five years. I chose a less expensive college close to home rather than ringing up big bills. Choices have consequences. Once you stop blaming others for your lot in life you will be set free.
“When debt is discharged someone else is left holding the bag. Discharging student debt will cripple the U.S. economy and no sane politician will allow it.”
No. Debt is only discharged when it won’t be repaid or can’t be repaid. To the extent someone is left holding the bag, they were holding the bag anyway.
Student debt being discharged in bankruptcy will be a one-time phenomena. The only sector of the economy that will be crippled is higher education, which will be forced to actually provide value commensurate with that which they claim to provide.
Lots of university towns will be impacted, lots of professors will be forced to profess elsewhere in whatever jobs they can find.
But if you are saying that the only way to solve the student loan problem is to keep giving student loans, then you might have a career in national politics ahead of you.
Just how old do you think I am? 22? Oh, I wish that were so. Here’s a hint. When I was born, there were still 48 stars on Old Glory (albeit not for much longer)! Can you say the same? And I’m doing quite well, thanks. Been out of college for many many years (debts paid off long ago), got the 4 bedroom house, kids in collge, a lawn to mow, the whole deal. So cool it with the patronizing tone, OK, pops. And, by the way, bankruptcy does NOT equal forgiveness. Even in bankruptcy, you still have to pay a certain amount off to your creditors. Better some cents on the dollar than nothing at all. And the only debts (other than student loans) non-dischargable in bankruptcy are willful torts (i.e. judgment occured as the result of a crime or other purposeful act), debts incurred as a result of fraud, and debts incurred AFTER bankruptcy. There are sound public policy reasons for those, but none for student loan non-dischargability. Hope this helps clear things up. Glad I could help. : )