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Started By
Message
re: Allow student loans to be wiped out via bankruptcy?
Posted on 3/21/25 at 12:31 pm to ShinerHorns
Posted on 3/21/25 at 12:31 pm to ShinerHorns
quote:
Anyone with student loans is just lazy.
So basically every MD?
1
Posted on 3/21/25 at 12:33 pm to Ag Zwin
quote:
Allow student loans to be wiped out via bankruptcy?
Absolutely.
If we allow this and the federal government does not assume the risk of private bank student loans we can get back to some sanity.
Right now the federal government assumes the risk so banks don't give a frick.
Posted on 3/21/25 at 12:34 pm to 4cubbies
Do you not remember Covid? Yes, most MDs are lazy pieces of shite.
Posted on 3/21/25 at 12:35 pm to Harry Boutte
quote:
People need to stop begging the government to control what degrees people can and cannot pursue. Let them pursue what they want, but also let them suffer the consequences if they make a bad choice.
This, and one more thing...
Stop using the government to guarantee the loans.
Stop the loans. Whatever else you do, stop the loans.
quote:
But to the OP, why are student loans exempt from bankruptcy? That just doesn't make sense.
Because the government guarantees them, so banks will loan to anyone. All that responsibility everyone wants someone else to shoulder for these loans other than the person who took them out? That responsibility would normally belong to the bank. If they made a bad loan and the person couldn't pay it back and discharged it through bankruptcy, the bank took it in the shorts.
But when the government guarantees the loans because they WANT the bank to loan to anyone, the bank can't be held responsible for bad loans.
It's easy.
Stop.
The.
Loans.
I really don't care what happens to the debt already out there (other than the idiotic notion that the college should pay for it). Want to forgive them? O.k., but only if you stop issuing new ones.
Posted on 3/21/25 at 12:36 pm to GumboPot
quote:”Sanity” is the fed gov defaulting on their guarantees?
If we allow this and the federal government does not assume the risk of private bank student loans we can get back to some sanity.
Posted on 3/21/25 at 12:40 pm to Ag Zwin
As I understand it, the reason for the current rule that student loans cannot be discharged in bankruptcy was, previous to the law change, 3rd year law students would take a bankruptcy law class, learn how easy it would to get such loans discharged in bankruptcy, and immediately file bankruptcy after graduating law school. Because they were abusing the system, the law was changed.
Posted on 3/21/25 at 12:40 pm to Harry Boutte
quote:
But to the OP, why are student loans exempt from bankruptcy?
Because the loans are guaranteed by the government...the same entity that writes bankruptcy laws.
Posted on 3/21/25 at 12:44 pm to Bronson2017
She has a chunk in savings for a down payment on her house and she said she couldn’t spend that on student loans. The advisor says “ma’am, no lender is going to let you even sniff a home loan with this amount of debt you have”
Real world shite
no doubt. Unfortunately, there are alot of people that were duped and now on the hook for big financial problems..granted, they should have just paid the loans back then..bad stuff, but they did this to themselves
Real world shite
no doubt. Unfortunately, there are alot of people that were duped and now on the hook for big financial problems..granted, they should have just paid the loans back then..bad stuff, but they did this to themselves
This post was edited on 3/21/25 at 12:45 pm
Posted on 3/21/25 at 12:45 pm to Harry Boutte
quote:
I know a woman who got a degree in Art History and made quite a living working for an auction house.
You found the one. So they need a whole degree program for something a person could learn while working for an auction house for a few years first?
Don't offer government money for shitty degrees. It's too high risk, why are taxpayers on the hook for shite that doesn't matter to society? If they want to offer it, it should be in areas of need. We need stonemasons, ok, encourage that. We need doctors that speak English, focus on that.
Everything else should be privately funded.
Posted on 3/21/25 at 12:46 pm to wackatimesthree
quote:
Stop using the government to guarantee the loans.
This.
quote:
Stop the loans. Whatever else you do, stop the loans.
Not that.
People should be able to borrow whatever they want for whatever they want as long as they can find someone who will lend them the money on acceptable terms. But if they can't meet the terms, the government shouldn't be the ones stepping in. But if the borrowers father wants to guarantee the loan, that's on them.
Posted on 3/21/25 at 12:47 pm to LemmyLives
quote:
Where were the fricking parents, such as in the last post of a chick in 200k in debt? Oh, they were insisting little suzy absolutely could not take 1000 and 2000 level classes at a JUCO.
I went to high school with this chick, her parents are enablers to the highest degree. She got all this debt going to pharmacy school and can’t pass the NAPLEX. She’s failed it so many times in Alabama that her only other opportunity is to take it in Georgia.
$200k in student loan debt for nothing.
Whenever she comes over to our house and spills the beans how bad she is financially (recently divorced as well) I grow a couple more gray hairs.
Posted on 3/21/25 at 12:51 pm to GumboPot
quote:
Right now the federal government assumes the risk so banks don't give a frick.
Oh, the feds don't "guide" (regulate) what private institutions do? How will bad credit risks and marginalized communities "gain access?" Look at the Money board post on FHA loans from today. Loans would be tied (rightfully so) to the ability of family co-signers to repay them, and the market and prices for higher ed would rightfully crash. But you'd end up with social engineering from day 1, wiping out whatever you think you're privatizing.
Posted on 3/21/25 at 12:54 pm to Ag Zwin
Posted on 3/21/25 at 12:55 pm to Harry Boutte
quote:
People should be able to borrow whatever they want for whatever they want as long as they can find someone who will lend them the money on acceptable terms.
Of course. Surely you didn't think I meant to make it illegal for someone to get a loan, did you?
But if the government stops guaranteeing these student loans, it WILL stop the loans for about 98% of the population. Otherwise the only people who will get them will be someone taking out loans for Harvard Medical School or Yale law or something of that nature.
Among the many reasons why the oft-parroted (imagine in a whiney voice) "Make the university pay the loans" narrative is so dumb is because 40% of undergrad students who start college drop out. The ones who major in underwater basket weaving, the ones in pre-med, the ones in English, the ones in engineering, etc. In fact, I would assume that the students hoping to major in STEM fields have a higher drop out rate than the ones majoring in DEI or some other nonsense. Because the course material is so much more challenging.
So who is going to issue a loan to a student when there's a 40+% chance he or she will drop out?
This post was edited on 3/21/25 at 6:59 pm
Posted on 3/21/25 at 12:55 pm to concrete_tiger
quote:
You found the one.
There are others. I know quite a few people who studied Fine Arts, and none of them are unemployed.
Generally, it's the English majors who struggle - but then, not even half of the ones I know.
quote:
So they need a whole degree program for something a person could learn while working for an auction house for a few years first?
Just because you're ignorant doesn't mean you have to show it off.
quote:
Don't offer government money for shitty degrees.
"Government money" shouldn't be "offered" for ANY degree.
Posted on 3/21/25 at 12:59 pm to Ag Zwin
quote:
but you still have the bankruptcy on your record and deal with the real world consequences of that.
how bout just pay them back and we quit giving them out?
Posted on 3/21/25 at 1:00 pm to Taxing Authority
quote:
”Sanity” is the fed gov defaulting on their guarantees?
No, sanity is placing the risk were it belongs, on the lender not the tax payer.
That way lenders make better loans.
Posted on 3/21/25 at 1:01 pm to Ag Zwin
Allow borrowers to pay back from their 401k or IRA with no penalties. A one time , all or nothing opportunity.
Posted on 3/21/25 at 1:18 pm to Ag Zwin
Government backed funding is why tuition is so high. Get out of it and get the schools to fund the students
Posted on 3/21/25 at 1:25 pm to wackatimesthree
quote:
So who is going to issue a loan to a student when there's a 40+% change he or she will drop out?
Personally, I don't care about who's borrowing what for what as long as I"m not on the hook for it. It took me seven years to get my undergraduate degree from LSU because I worked my way through and borrowed $0.00. It's funny because, back then people made fun of me for being in school so long. Now I make fun of them for still being in debt.
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