re: Allow student loans to be wiped out via bankruptcy?

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So the general consensus among high school counsellors and parents for decades is that young people will be better off going to college than not, and you think that's a reason that people shouldn't have to pay back the loans they took out?

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I made no such argument, just corrected your obvious lie.

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Absolutely not, and it's stupid to think that they should.

It's as stupid (and using the same argument) as people who think that gun manufacturers should be responsible for someone who buys a gun and shoots up a school with it.

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That's a dumb analogy for the topic at hand. No one is incurring lifelong debt when a gun is purchased. The manufacturer's don't sell guns with the intent for more people to die.

Many of our higher education institutions, especially the more liberal ones, know that they bare no financial burden when they enroll a student for her Nigerian lesbian studies degree. Until there is financial harm on the universities, they will continue tainting our education system and indebting idiots, while producing more socialists who scream that the rich must pay their fair share.

We all agree that only idiot would take out a loan for a Nigerian lesbian studies degree. That isn't the point I'm making. The universities need to stop offering these useless degrees altogether. It's counterproductive if we want a flourishing society.

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My wife’s best friend was one of those that just made the minimum payment based on income under Biden admin for all four years. Her payment was $28 a month and she was going to “ride it out” till the loans got fully forgiven. Almost $200k in student loans mind you.

Trump changed it to where it’s not based on income anymore so she finds out her monthly payment is now $1600 a month. She can’t afford it. Goes to a finance guy to discuss and he says she’s going to have to make big chunk payments if she wants to lessen that monthly amount.

She has a chunk in savings for a down payment on a new 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.

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So what does she do? If she isn’t making enough money to pay the loans back because she was told she could pay the minimum, what does she do? You can’t own a home. You can’t get a car. What exactly do you do?

Republicans need to figure out something for these people. Not sure what it is, but it has to be something.

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It's not for you to judge what someone's "return" is on their education.

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I can judge all I want, and I will, but the main thing is lender's care about return (well, they should have been on student loans). The ROI or ROR of the degree is directly correlated to the ability to pay it back. Unless the borrower can demonstrate some kind of collateral or have a cosigner, the lender cares.

I have heard the argument about it being personal choice. That's all well and good until you start having to use somebody else's money. This is a big reason it's the mess that it is.

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For some people, education means more to them than just what they can sell it for. It's personal.

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This is really a nonsensical statement. If they can't make a decent living while being saddled with student loans, it's not much of a consolation to stand on the moral high ground of "my education means more to me than money."

Lender's need to underwrite student loans the same way they underwrite mortgages and business loans. Perhaps even more so since it is 100% unsecured debt. A big part of that is judged by what you can "sell it for."

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See, here's the thing. If the future ability to pay is not in question, the loans don't need a government guarantee.

It's odd that people say "a college degree is soooo valuable, that the government should pay for it" will argue against it being paid for by the people getting the benefit.

The student loan "crisis" is the best evidence that college degree isn't worth what many people pay for it.

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I agree with that. We've unfortunately developed the notion that everyone should be able to pursue a college education. We also developed the notion that everyone should own a house, and then 2008 happened.

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1. So refreshing to see someone who is not an idiot on this issue

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Somewhat refreshing and somewhat not an idiot. Unfettered choice is not the answer. They don't get to just borrow whatever they want to study whatever they want. That's why we are in the mess we are in. There has to be proper vetting by the lender for student loans which includes future ability to pay it back based on what they are studying.

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2. This is only reason #1 of about 6-8 reasons why "Making the university responsible" is so stupid that I'm surprised anyone who thinks that can successfully log on to post here.

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Agreed to a point. Too late to make them responsible, and it's legally not fraud. They aren't responsible for future earnings. Whatever people majored in, they got the education that was advertised, and it's what they paid for. Universities should do proper counseling to inform students about job placement probability and potential earnings. They'll never do this since it would likely cut out a huge swath of their enrollment, and, therefore, their income.