Normally I would agree, but...
Reader comment on: Obama on Student Loan Forgiveness
Submitted by Student Loan Slave (United States), Mar 29, 2011 20:21
Normally, I would agree with your general philosophy, but I think you fail to understand the intricacies of how student loans work. For example, do you realize that many schools will give FREE money to foreign students BEFORE giving that money to citizens? Yes, it is true! They do this because foreigners are not eligible for loans. The schools want diversity. Hence, to keep the foreign student in school the foreign student will get a fellowship (or something of that nature) while the citizen is given debt.
Debt, which unlike any other kind of debt cannot be discharged. Moreover, society in general, highly encourages students to take out loans by encouraging the "stay in school for your future" mentality. Schools know that most students will not drop out when tuition is raised. Hence, they raise tuition like an addiction because they know most students will automatically simply take out more debt. Sallie Mae and others are more than happy to give the loans because the government guarantees payback by not allowing bankruptcy--no matter what.
Yes, the Mafia could not do any better. If an individual qualifies for chapter 7, then that individual has virtually nothing. That individual should get a fresh new start in life. I as a conservative realize that one of the founding principles of this country was the idea that bankruptcy can give a person a fresh new start. The founding fathers rejected the idea of indentured servitude.
Everyone deserves a fresh start. Not allowing student loans in bankruptcy is the equivalent of maintaining an indentured servant philosophy. I know people who have been forced to leave the country because the numbers simply do not make staying in the USA worth it.
Obama's 60k example is actually not much at all. My student loans (because of fees and penalties) are now at 185,000. I am 47 years old and I filed chapter 7 in 2009. I cannot find a full time job in my field for many reasons. In my opinion, I deserve to be able to get relief through bankruptcy. I should have been able to include my student loans.
This new legislation is a step in the right direction. Our society pays for school from k-12. That standard was set when a high school degree meant you had something of significance. Try getting ahead today with only a high-school degree. Just as society pays for a high school degree, society should pay for a college degree. Few citizens can survive with a high school degree...either that, or change the laws so a college degree is not required to be a paper pusher.
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