Re:A Student Loan System Stacked Against the Borrower
by steve19 on Sunday October 11, 2015 @05:47PM
(#10371217)
You cannot repossess an education. Most loans are to buy something tangible that can be sold for at least something if the debtor defaults.
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Re:A Student Loan System Stacked Against the Borrower
by paulddraper on Sunday October 11, 2015 @06:10PM
(#10371298)
Collect on my credit cards. I dare you.
Re:A Student Loan System Stacked Against the Borrower
by dvanduzer on Sunday October 11, 2015 @06:31PM
(#10371384)
This is a pretty basic financial distinction. A credit card is an unsecured loan. A car loan is a secured loan, with the car itself as the asset backing the loan.
A college education is unlike all the other kinds of assets that individual humans tend to "own". The only thing they could meaningfully repossess is the sheepskin.