We just need to amend the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 to allow the kids to discharge the loans
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I'm fine with that. Also fine with considerably higher interest rates and better risk assessment.
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I had 150k in loans, over half of which were above 5%.
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sunk cost
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It would also mean all those massive endowments, and University owned real estate, built on that debt would be codified for those non-profits. They can then start the process again, as its becoming unsustainable.
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And perhaps I should take out more loans that I may or may not be able to pay back, in the hopes of another such cancellation. Is there a term for this hazard?
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It used to be the state subsidized students’ education. Now students subsidize mega banks. That’s the moral hazard you should be worried about.
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Just like universal health coverage would be an affront to all who struggled with medical bills in the past?
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So in your scenario, what should happen to the people who drained their savings paying off their debt?
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RTS. You didn't read the article, did you?