Re:How America's universities became debt factories
by WalterBright on Saturday September 14, 2024 @11:17PM
(#41544934)
> Hold these debtors to standards that aren't applied to other types of debtors. You cannot discharge them through bankruptcy
That's because other types of debts are backed up with collateral. 18 year olds have no collateral, and so can easily just declare bankruptcy - and what is the note holder gonna do about it?
That means the note holder needs some sort of guarantee to get paid back, otherwise they are simply not going to grant the loan.
That's because other types of debts are backed up with collateral. 18 year olds have no collateral, and so can easily just declare bankruptcy - and what is the note holder gonna do about it?
That means the note holder needs some sort of guarantee to get paid back, otherwise they are simply not going to grant the loan.