An intended consequence of this is that non-Eric Holder's people bury themselves in student loans that are now owned by the federal government.
Get this: student loans are the ONLY debt you cannot escape through personal bankruptcy.
This means that the vast majority of kids graduating from college these days are indentured slaves to the federal government.
If you don't think Washington has plans to exploit this situation, you must be from some other planet.
i graduated college with a ton of debt too. i worked a regular low paying job, made payments with my little payment ticket book, and then eventually, I joined the army.
they paid for the rest of my loans, and i served and was honorably discharged.
problem solved.
While all of your points are valid, the bottom line is that any Obama program to forgive student loan debt has the potential to buy him a whole heck of a lot of votes from young skulls full of mush. It’s why taking direct Federal control of this program was a top priority for the Dems early on.
Well, it’s the result of a lot of things - outrageous costs from maintaining a sleek and glossy herd of tenured professors who rarely teach a class, for example, and the proliferation of majors that seem almost designed not to prepare people for any useful work.
My governor here (Rick Scott) touched off a firestorm with the simple remark, “äfter all, how many anthropology majors do we need?” People feel it is their right to major in basketweaving and then expect the salary of a CEO.
Reducing the overall cost of school through something like Perry’s $10,000 BA plan (which relies heavily on distance learning and flexible class schedules to permit students to work) would also help.
But the fact is that the students all take on these loans voluntarily. Some people take none, and people who take less in loans actually can pay off their loans reasonably quickly once they start working. As for people who get huge loans for medical school or lawschool, these professions usually do pay well enough to permit repayment of the loan.
Another big problem is that the money is too easy to get, and now that the loans are underwritten by the Federal government, there is no incentive for the banks to be more cautious.
Being one of the non EH people, I found out a long time back when I went the local community college FA department to see what I could get and help with the paperwork, I was essentially ignored and given runarounds while EH’s people no matter what were most welcome.
the bankruptcy rule was put in place to protect the ivory towers.
The ugly truth is that bankruptcy SHOULD discharge student loans.
If a graduate can not find a suitable job in 5 years, the degree is worthless. The number of graduates who declare bankruptcy SHOULD impact a universities ability to qualify to recieve these types of monies.
This would cull the nonsense degrees.
Students with good grades; and who study in needed fields such as engineering, can find money.
They can also earn college credits while still in high school.
There are many ways to get around college debt if students want to work hard.
If they want to screw around in high school and college; things are different.