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They just need to make student loans dischargeable in bankruptcy. High earners who can afford their student loans will be dismissed like any bankruptcy court applicant who makes enough money to pay their debts, and the people who are actually struggling will get relief at the penalty of 7 years very bad credit.
Bankruptcy works for every other kind of debt, it was written into the Constitution by the founding fathers, and it's the perfect system designed exactly for problems like the student loan crisis.
I'd rather have both the forgiveness and the bankruptcy option.
Student loans are intentionally excluded from bankruptcy because law students used to declare bankruptcy immediately upon graduating.
They had tons of debt and no or very low income. The court usually discharged The debts.
It wasn't limited to lawyers. It's just that the law students knew how to file fos bankruptcy, since bankruptcy law was part of law school.
The banks lobbied Congress change the bankruptcy laws to prevent that from happening.
They could have limited the restriction to just recent law grads, but they didn't. Sure seems deliberately shitty to me.
It always is.
Well sure, and the country did alright for 200+ years before this change. Since then, the student loan industry has become a monstrous disaster.
Who would ever get a loan as they do now if that's the case. You get a student loan. Four years later you declare bankruptcy and seven years after that your credit returns to normal.
"Bankruptcy is really bad on your record" not when every college student does it. It would be stupid not to do it.
Or you will get more scrutiny on what major you take and what grades you get as that will be part of the risk factors if you will ever pay it back.
I know you mean well but what you propose basically will change how college plans are given out and give the middle and upper class an advantage to even go to college.
Even better - if students won't be able to get loans, collages and universities will be forced to tone their tuition down.
That would be good, in theory. But I imagine only some colleges will lower. If mom and dad put their house up for collateral, many will still secure massive money, and ivy leagues and similar will probably retain high cost.
I think the real solution in the long term is to lower prices for colleges and universities for all people. Though I have heard some say "well that doesn't help me, since I already paid for college", which is the wrong attitude to take for this.
It's not insane to think you couldn't have limits to the situation. It could be as simple as having a time limit and/or only under extreme circumstances such as medical emergency debts (which can be insane) for which to impose on anyone that takes a loan. Just like they give you a buffer after graduating before you have to start paying on the loan. It's not hard to have some limitations in this idea. It's not all black and white here.