Student loans are the only loans that cannot be removed through bankruptcy. GM and Chrysler defaulted on Billions not to mention the billions dumped into failing banks. But Student Loans are harder to kill than cockroaches in an atomic attack. They keep going and going.
Time to completely revisit the entire system.
Revisiting them… Sure. I don’t have a problem with that.
To hear liberals talk, college students are the most amazingly talented and morally pure citizens there are. If there damned Smart enough to sign their bloody name to a contract they should be held to it.
If you’re not going to do that, student loans should be just as hard to get as any other kind of loan, and carry the same obligation to pay back.
nope, works just fine....you borrow money from me, you pay it back with interest!
You can count military scholarships as well.
One of my college friends was a ROTC cadet who got a military scholarship. He did 4 years of college and barely made the cut for his commission. Nice guy but he wasn’t officer material (to this day, I think the cadre let him slide when they should of washed him out after the first year). To use a West Point term, he was the “designated goat” (a cadet who graduates last in his class).
He barely passed Office Basic School and it just so happened that we were assigned to the same Army Reserve unit in the Midwest.
Put bluntly, he wasn’t ready for prime time. The unit commander realized he had a dud on his hands and sent him to the headquarters company to push papers and to stay out of the public view.
He only lasted two years before he got washed out. Since the ROTC scholarship he received was a government loan he had to pay a portion of it back (FYI: your contract obligation was either 4 years for active duty or 8 years reserve duty or some combination of both).
Only way out of the contract was either (a) death, (b) medical discharge (c) serve out your contract or (d) downsizing from the government.
A few months after his dismissal, he got a bill from the Feds. He paid it off and moved on with his life. At least he had the integrity to admit he made mistake and was willing to pay for it.
The reasoning behind that exemption is that colleges cannot repossess the eduction. However, they should be able to revoke the degree.
If the degree is worthwhile and marketable, the debtor should be able to find a way to repay it. If not, then the college should be able to revoke the degree.
Banks got that added and it’s an utter rip off. What’s so special about that kind of debt?
The problem is that we have values about work and debt that don’t operate well in a socialist political-economy aka crony capitalism. The government is the major cause of the Education Bubble. It happened because central planners decided that ‘blue collar’ work was bad.
They then went on to push college, welfare, illegal immigration and subsidized student loans. I don’t think this guy is a bad guy. The entire game is rigged against people.
When we return to a market-based economy the good old free market, like we had during the Golden Age of America, then I’ll go after guys like this. For now, he’s right.