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re: School loan repayment begins Oct 1st. Students are scrambling to set up loan repayment.
Posted on 9/30/23 at 5:31 am to SECdragonmaster
Posted on 9/30/23 at 5:31 am to SECdragonmaster
quote:
1. the government was not involved in college loans
2. college loans could be discharged with bankruptcy
1) totally agree, government has caused the problem by trying to “help”
2) if students loans were all private and dischargeable by bankruptcy, no one would lend the money. There is no collateral.
However, if government got out of the SL business and lenders looked at GPA and ability to pay back based on career path, then the problem would fix itself to a certain degree.
2
Posted on 9/30/23 at 5:44 am to tigeraddict
quote:
lenders looked at GPA and ability to pay back based on career path, then the problem would fix itself to a certain degree.
Private loans do exist in the current model. The federal government doesn’t lend enough money to pay to attend medical school or law school, for example.
Posted on 9/30/23 at 6:41 am to tigeraddict
quote:
2) if students loans were all private and dischargeable by bankruptcy, no one would lend the money. There is no collateral.
The issue is the colleges. Not the concept.
The cost of college is silly. And that’s been largely driven by the ease of access to student loans that the colleges will get 100% of their money from even if the degree is worthless or the job market doesn’t support the roi. There are no incentives for schools to control costs. They add fees and spend millions on bullshite and then pass the cost on to the kids.
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