Re:Brown University raising $120M to eliminate all student l...
by CalChris on Tuesday November 28, 2017 @03:15PM
(#15801008)
> Just because they can't be discharged in bankruptcy doesn't they're actually repaid.
Exactly. So instead that’s an albatross to be hung around a young person’s neck for all of eternity. Bankruptcy would share the burden between lender and borrower.
What we have now is a system where loans are Federally guaranteed and then not dischargeable through bankruptcy. That leads to $100k cooking schools that promise to turn you into a pro-chef, just sign here, here and here and you can even get a Federally guaranteed loan, sign here.
Exactly. So instead that’s an albatross to be hung around a young person’s neck for all of eternity. Bankruptcy would share the burden between lender and borrower.
What we have now is a system where loans are Federally guaranteed and then not dischargeable through bankruptcy. That leads to $100k cooking schools that promise to turn you into a pro-chef, just sign here, here and here and you can even get a Federally guaranteed loan, sign here.