Because the lenders were told that their loans would be protected from simple bankruptcy. If students can simply decide not to pay it back, who will lend them money? How will higher interest rates affect new students?
Just let impoverished students discharge their debts through bankruptcy, what is the big problem?https://twitter.com/AP/status/1107712225026981888 …
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They won't get loans and colleges would either have to lower costs and prices or close.
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The banks always have to be payed. With student debt theres no collateral so they can't allow bankruptcy
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Right. No one would make that loan. Kids would just come out of school, declare bankruptcy then they are good to go. Might as well have "free" college.
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I do not think they are permitted to do that. At least not when I had a student loan.
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That's the point
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This would be so unfair to those of us that chose an affordable college b/c we were financially responsible. If students knew that they could go to the most expensive school & have their debt forgiven through bankruptcy, no one would choose instate tuition.
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Just get the government out of the loan industry. The banks then base loans on earning potential of the major. Gov. money corrupts everything it touches. Bonus, the "Studies" majors will likely near disappear.
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Bankruptcy is not the answer nor is student loans. Unfortunately I do not have the answer but bankruptcy ruins credit and student loans gives colleges the ability to charge more. Supply and demand should reign with paid tuition for those that are high achievers.
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Impoverished students are desperate and easy prey for the likes of AOC and Bernie. Yang has been pushing the idea too. Too many people get on their high horse about student debt wagging fingers at the students. Unless Trump gets a handle on this we'll have a Socialist in the WH
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Master level, right there.
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Both ideas make sense. Then again we should just let banks decide how much they want to lend out, no need for govt regulators deciding how much is too much. I'm sure once the first person with no income defaults and declares bankruptcy the banks will institute their own limits.
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The problem is the central banks are "printing" money out of thin air so there is always plenty of money to lend.
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Because if we limit the amount of money you can borrow to fund college the price increases colleges pass onto the students will be reduced. Leftists institution having to compete in the market of students, what a concept!
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How ever will they learn that if you borrow something, you must pay it back? That means delayed gratification on lifestyle choices. Also, a signicture is a promise.
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