“lawmakers have yet to allow loans to be discharged in bankruptcy.”
If people could discharge their student loans, there would be absolutely no reason to charge tuition at colleges. Higher education would be free.
The author fails to explain why I should have to foot the bill for someone to go to culinary school.
"Higher education" wouldn't be free; it would be priced at a level where the students could pay for it as they went along with part-time work (delivering pizza, waiting on tables, painting houses in the summer, etc).
Michael: “lawmakers have yet to allow loans to be discharged in bankruptcy.”
Psycho: If people could discharge their student loans, there would be absolutely no reason to charge tuition at colleges. Higher education would be free.
Me: If people could discharge their student loans, in the near term a lot of lenders (not the schools) would be left holding the bag.
In the longer term, assuming that the gubmint no longer uses our money to make the lenders whole for these defaults, the surviving lenders will eventually get the idea that they should make more sensible loans, and no longer conspire with the ripoff trade schools. It would probably drive down the cost of both university and tradeschool education, which (as we all know) have been the engine driving up costs and tuitions over the past generation at least.
College tuition should be like buying a sports car or a big-screen TV or whatever. It shouldn't be a protected category. There should be no protected categories. Protected categories are merely a way for 'Rat politicians to buy votes.
Going to college should be simple as a financial transaction. You pay your tuition, you go to school.
Oops, you borrowed your tuition, and now you can't pay? Tough cookies! That's between you and whomever you borrowed from! Same rules as if you put the big-screen on your credit card!
The only reason different rules exist is Democrat politicians buying votes! God Damn the Rule Makers!