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this post was submitted on 06 Aug 2023
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They just need to make student loans dischargeable in bankruptcy. High earners who can afford their student loans will be dismissed like any bankruptcy court applicant who makes enough money to pay their debts, and the people who are actually struggling will get relief at the penalty of 7 years very bad credit.
Bankruptcy works for every other kind of debt, it was written into the Constitution by the founding fathers, and it's the perfect system designed exactly for problems like the student loan crisis.
I'd rather have both the forgiveness and the bankruptcy option.
Student loans are intentionally excluded from bankruptcy because law students used to declare bankruptcy immediately upon graduating.
They had tons of debt and no or very low income. The court usually discharged The debts.
It wasn't limited to lawyers. It's just that the law students knew how to file fos bankruptcy, since bankruptcy law was part of law school.
The banks lobbied Congress change the bankruptcy laws to prevent that from happening.
They could have limited the restriction to just recent law grads, but they didn't. Sure seems deliberately shitty to me.
It always is.
Well sure, and the country did alright for 200+ years before this change. Since then, the student loan industry has become a monstrous disaster.