A real stupid idea
Reader comment on: Student Loan Bankruptcy Forgiveness
Submitted by Fast Eddie (United States), Jul 21, 2012 10:38
So, here's how it would probably work: Somebody who has a bottom-of-the-barrel SAT borrows $50,000 to get a degree in gender studies and somebody with a top SAT score borrows $50,000 to get a degree in computer science/engineering. Student A can't get a job paying more than minimum wage with his/her worthless degree and defaults on the loan, which is then forgiven in bankruptcy. And Student B, who has multiple job offers and lands a good job, must pay a much higher interest rate on his/her loan in order to make up for the losses in the loan system caused by the Student A's of the world. This sort of thing only makes sense to people who have no business being in college in the first place and encourages colleges to keep raising their tuition rates far beyond where they should be, depriving deserving students of the education that they need and we need them to get.
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