Interesting idea, except the consequence is that parents end up draining their retirement, if any. And for those that don’t have one, they are left unable to help their kids.
Seems like better solution overall would be to (1) End H1B and related visas to free up good paying jobs for Americans, (2) implementing e-Verify to root out illegal workers to (again) free up jobs for Americans, and (3) deporting all illegals to (again) free up jobs for Americans.
“discharge in bankruptcy”
No school will want to be anywhere near the top of the list of grads needing to declare bankruptcy; their diplomas will be regarded useless
they will pare their costs back to reality levels ...and offer degrees of need and utility to society
if one can’t pay a 29K college bill, how does one possibly afford a $40K vehicle? I’m not buying they ‘cant’ pay, especially in a $15/hr min wage state. More like they don’t want to pay. Because it’s so much easier to let someone else (mom, dad, strangers) pick up the tab.
Maybe the first thing they should teach them in college is that they shouldn’t take out loans if they can’t pay them back? Just sayin.
Already there is reporting most have nothing saved for retirement. So now let’s make the rest broke by allowing them to spend 401k on a worthless diploma. Yeah, that will be a winner......
Illogic....how does one have a retirement account but they haven’t paid on their student loan???
Bad idea.
Make Colleges liable for student loan debt for selling a defective product.
Better to quit guaranteeing the loans. Would get taxpayers off the hook, government out of something that’s none of their business, exert a good influence on choice of majors and on tuition levels, etc, etc, etc. It’s like a win-win-win x50.
Huh?? I’m confused. How does this work? A student uses their 401-k to pay off their loans? Has to be after they graduate and been working 10 years or so right?
And/or ask Ma n Pa to pay off their school loans for them? Whaa? If a kid spends 4-12 years on a degree that doesn’t get them a job good enough to pay off a low interest loan....awe hell I just dont get it.
Didnt borrow a penny. Had to delay one semester because I didn’t have the cash to pay. Still waiting to finish my masters because I need cash.
How about a bill forcing the propaganda machine to use their endowments worth millions to do this, as an example: Harvard and yale are in the 30 to 40 million each. These criminal enterprises should be forced by law to do so
Wait, you mean to say that people can’t already do that?
Why does anyone give an unsecured loan to an 18y.o. stranger?
Cut the loan interest rates by two thirds.
Best way to combat student loan debt is to criminalize useless courses! If the purchaser is too stupid to pay for a worthless course why should colleges be allowed to offer them?
The problem is t student debt.
The problem is a university system that has no restraints on spending, because the government allows ridiculous borrowing that constantly increases.
Better yet end federal funding of college.
Parents would be better off refusing to pay for nonsense degrees.