One option that my accountant suggested, when we were discussing my nephew going to college next year:
Revamp the George Bush 2005 bankruptcy law by allowing student loans to be discharged in bankruptcy if they have been out of college for 7 to 10 years.
Revamp the student loan industry to give student loans based on the student’s credit report. Most potential students have no credit history to speak of, but if they want it bad enough they will find a way to finance it and major in something that is marketable like engineering, accounting, nursing, not b.s. like communications, afro-american studies, geneder bender b.s., nor psuedo-sciences like psychology, sociology, education, marketing et al.
The current system rewards Sallie Mae and universities without any risk on their part.
“The current system rewards Sallie Mae and universities without any risk on their part.”
Exactly. Universities take zero risk.
No student loan forgiveness, not even a rewrite of the bankruptcy laws. Student signed a contract, partied, traveled, etc - now the real lesson is to begin - obviously not taught in college, and maybe not taught by the parents.
Be a responsible citizen and pay your debts. Bit off more than you can chew, too bad. Next time control yourself.