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Started By
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Fed Chair Powell advocates making student loans dischargable in BK
Posted on 3/9/18 at 1:38 pm
Posted on 3/9/18 at 1:38 pm
LINK
quote:Sounds good to me (provided it comes with a rate hike of course).
Powell said he generally supports the idea of a vibrant education loan climate, but added that borrowers need to be informed of the risks they're taking.
He also wondered why student debt can't be discharged in bankruptcy.
"I'd be at a loss to explain why that should be the case," he said, while acknowledging that the issue is one for Congress to tackle.
While Powell said he couldn't quantify what the longer-run economic effects would be, he said there is danger down the road.
"It will over time," he said when asked whether student debt could undermine broader economic growth. "It's not something you can pick up in the data right now. As this goes on and as student loans continue to grow and become larger and larger, then it absolutely could hold back growth."
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Posted on 3/9/18 at 1:39 pm to Iosh
Free college for ALL or bust.
Posted on 3/9/18 at 1:41 pm to Iosh
We shouldn't have pay for schooool, maaaan.
Posted on 3/9/18 at 1:41 pm to TigerBait1971
quote:
We shouldn't have pay for schooool
or healthcare.
Muh human rights.
Posted on 3/9/18 at 1:42 pm to Iosh
100% agree. Hopefully it will drive up loan prices to the point that financing tuition is not viable for most people.
Thereby lowering the cost of college due to reduced demand.
Thereby lowering the cost of college due to reduced demand.
Posted on 3/9/18 at 1:44 pm to cokebottleag
I do think college principal should be tax deductible. Would encourage students to repay debt quicker and get out of debt quicker.
Posted on 3/9/18 at 1:44 pm to cokebottleag
student loans are a fricking racket.
You hear all your lives that you HAVE to go to college to get a good job. (bullshite)
then sign your life away at 18 years old not knowing shite about the real cost of those loans.
You hear all your lives that you HAVE to go to college to get a good job. (bullshite)
then sign your life away at 18 years old not knowing shite about the real cost of those loans.
Posted on 3/9/18 at 1:45 pm to Iosh
then I want my $75000 back, that my wife and I have shelled out so far for her loans and our kids tuition
Posted on 3/9/18 at 1:45 pm to NYNolaguy1
I hate the very idea of financing college because by its nature, financing availability drives prices higher.
I don't want it to be cheaper. I want it to be more expensive.
I don't want it to be cheaper. I want it to be more expensive.
Posted on 3/9/18 at 1:48 pm to Usafgiles
Part of the problem is the students who take out 150k for a 30k degree and use the money to buy clothes, drinks, rims, party, and other non school related items. Then they get a degree in a water downed market thinking they will be making 100k plus a year in reality they will be making 45k plus a year.
Posted on 3/9/18 at 1:48 pm to Iosh
We may have dodged a bullet with this guy (instead of getting Larry Kudlow or the Dow 36,000 guy). May be Cohn's most important legacy.
Posted on 3/9/18 at 1:50 pm to Iosh
quote:
He also wondered why student debt can't be discharged in bankruptcy
because there is no collateral. all cash loan with nothing tangible they can get in return for forfeiture.
would kill the private lending market as interest would be at credit card rates.....
Posted on 3/9/18 at 1:50 pm to Usafgiles
quote:
You hear all your lives that you HAVE to go to college to get a good job.
We've f***ed thing up pretty good with that "movement".
Posted on 3/9/18 at 1:52 pm to 225bred
quote:
quote:
We shouldn't have pay for schooool
or healthcare.
Muh human rights.
Or food.
Or clothes.
Muh Prison System, er um, Liberal Utopia!
Posted on 3/9/18 at 1:52 pm to tigeraddict
Was there not a private lending market before 2005?
Posted on 3/9/18 at 1:53 pm to MSMHater
forgive em all and start over. 
I promise I'm not just looking out for my wife's law school loans.
I promise I'm not just looking out for my wife's law school loans.
Posted on 3/9/18 at 1:53 pm to OchoDedos
Do you also want money back you put on mortgage that you didnt declare bankruptcy for?
Dumb arse. This isn't forgiveness.
Dumb arse. This isn't forgiveness.
Posted on 3/9/18 at 2:16 pm to Iosh
The state of Missouri keeps taking money away from public schools. It is causing rate hikes for state schools and student loans are crazy.
My family’s largest bill is student loans. They are over $1,300 a month(wife does have her doctorate).
We have figured I will be in my 60’s by the time they are paid off.
My family’s largest bill is student loans. They are over $1,300 a month(wife does have her doctorate).
We have figured I will be in my 60’s by the time they are paid off.
Posted on 3/9/18 at 2:17 pm to MizzouBS
you aren't alone. you have an entire generation putting off having kids and buying houses because of situations exactly like yours.
Posted on 3/9/18 at 2:20 pm to Iosh
quote:Maybe if a student declares bankruptcy to get out of his student debt, the university is required to note the bankruptcy on his transcripts so that any potential employers will see the bankruptcy when they request a copy of the official transcripts.
He also wondered why student debt can't be discharged in bankruptcy.
"I'd be at a loss to explain why that should be the case," he said, while acknowledging that the issue is one for Congress to tackle.
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