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To: cotton1706

If politicians wanted to solve the student loan “crisis” all they would have to do is allow students over their head in debt to file for bankruptcy. This would destroy the student loan industry and they would stop lending money for wymen’s studies and the like. This in turn would cause a huge down turn in the number of students attending college and colleges would go bust. Then colleges would slowly build back offering just worthwhile classes that would give a return on investment.


58 posted on 08/26/2022 9:35:49 AM PDT by Xenodamus (The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. -TJ)
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To: Xenodamus

Student loans used to be dischargeable in bk. Students just had to wait first 5 years, then 7, after leaving school to file. It was removed in 1991 (by Biden, ironically).

They are still dischargeable if one files an adversary showing extreme financial hardship.

There’s no reason to allow student loans to be discharged in bk. The Dept of Education is surprisingly easy going (prior to default anyway) and allows $5/mo payments for life on them and then they are discharged at death. Everyone can afford $5/mo (which is what the bk courts tell the adversary filers).


59 posted on 08/26/2022 9:42:02 AM PDT by olivia3boys
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