Not federal loans. You have to pay them.
I’m tired of these idiots who sign for loans and then pretend they didn’t.
Agree. They're open for salary garnishment do you think?
“I’m tired of these idiots who sign for loans and then pretend they didn’t.”
I don’t know. I didn’t have college loans in my day, and my kids didn’t either. I’m not sure the kids sign for them... And if they did, wouldn’t most of them be too young to sign a binding contract? I thought you had to be 21 years old.
Because the debt can not be excused by bankruptcy, and because the Federal Government guarantees the loan, there is no incentive for the loaning authority to do due diligence.
In other words, the bank did not care if the schools were legitimate or if the “graduates” would receive anything of value for their money.
For a contract to be valid, both parties must receive something of value back. Many of these contracts were signed under false promises of what students could expect upon graduation.
At minimum, these loans should qualify to be discharged under normal bankruptcy laws. That would force the loaning institutions to provide a little bit of an incentive to investigate the track record of these schools.
Personally I believe the best way to lower the cost of education is to forbid all types of student loans.
Student loans are the 21st Century of indenture servant