exactly, he's assuming everyone will declare bankruptcy if they can, which is untrue. Most people declare bankruptcy way later then they should have and suffer accordingly. People don't want to walk away from debt, they just don't have the money.
Student loans are stupid anyway. Why build this system that is basically a shadow tax. We should be able to figure out a way to pay for this and collect the funds with regular taxes.
Exactly. I started college in 2001 and while more pricey than it had been, I was able to secure loans at like 0% during school and then like 4% after. I’m not aware of the numbers for other years, but this seemed fair.
Then the loans were sold and came out at like 16%. This was painful. Not sure how that happened.
