- This topic has 33 replies, 7 voices, and was last updated 11 years, 11 months ago by scaredyclassic.
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June 4, 2012 at 6:40 AM #744969June 4, 2012 at 6:49 AM #744970scaredyclassicParticipant
On the flip side. The markets never going to right itself until students understand just how dangerous this debt is. Until we have hundreds of thousands, perhaps millions, of enraged, unemployed people with hundreds of thousands of unpaid penalty accruing debt living marginally or homeless and screaming from street corners, new hs grads will not get it. The market needs signals and allowing bankruptcy will stop that perpetual underclass from forming and letting the market know that student loan debt could be toxic to their future.
Our only hope us to allow a generation of failed students to be crippled with debt so those that come after them will know to tread carefully.
That, or we could just eliminate govt guaranteed loans and tuition prices would fall.
June 4, 2012 at 7:11 AM #744971scaredyclassicParticipantMake the new law for mentioning a forfeited degree for commercial gain punishable by a penalty equal to triple the forgiven debt, nondischargeable in bankruptcy.
In fact you can’t even mention it for non commercial gain. You must never speak of it again.
No. Quiet. Shhhhh. We shall not speak of it.
Also we need laws prohibiting guidance counselors advising anyone to go to college while in hs.
And ten years in federal prison. Ah-ah-ahhh. Zip the lip. Not even a tiny whisper.
Man. Imagine if housing debt were nondischargeable! There would be major social unrest.
June 4, 2012 at 7:15 AM #744972scaredyclassicParticipantAnother possible solution would be to not allow any law degrees to be granted for the next 7 years. That would depress supply, increase the value of current degree holders and allow them to maybe service the debt.
Just an idea.
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