occamsrazor7 Wrote:
Apr 25, 2012 1:11 PM
Thanks to Clinton and Bush, with some heavy lobbying money from Sallie Mae, student loan debts cannot be discharged via bankruptcy. Due to this student loans are dispersed like candy to anyone, from someone attending chef sous school to universities, regardless of the price/cost or vlaue of the "education". Then if the student defaults a 22% "collection fee" can be attached on top of the loan. Besides getting government out of the student loan business, student loans should be given based on the borrowers credit and borrowers should be allowed to discharge their loans via bankruptcy. Don't allow the bankruptcy option until 7 years after graduation or from when the last loan was taken out. Free markets do not have debtors' prisons.