06/26/2019 (Wed) 17:34:16
I'm kind of half-ass on this issue myself because, first of all, the government did nationalize the student loan debt and by doing so they protected predatory lending as corrupt universities kept raising the prices higher and higher.
How did the government protect them? They simply removed the bankruptcy clause from student loans!
What that means is that students cannot default on their student loan debt by filing for bankruptcy! By the government protecting the 'educational system', they actually made it 1000% more corrupt and insolvent! I mean, go figure, the government will pay $700 for a toilet seat lid and that's in their own budgets! Government doesn't know how to manage money because they never worked hard for the money we pay them in taxes.... so its a big mess around a decade later due to government intervention in a market place they know NOTHING about.....
But the real problem is students can't afford these loans.... and the banks are guilty of predatory loaning.... and the universities are guilty of racketeering and overpricing/cooking cost values (extortion). But the students are obligated to pay this debt back, so this created a generation of debt slaves.
What NEEDS to be done is removing governmental protections, undo nationalization of the student loans, and ALLOW debt defaults for those students via bankruptcy cause!! What will happen? Mass debt defaults. Corrupted greedy banks go BUST. Corrupted greedy universities go BUST. Students are forced to re-finance based upon what they can
pay off, but maybe they lose their car and can't vacation for a while (oh boo hoo!).