Not forgiven outright, but certainly the current bankruptcy rules that make them well nigh nondischargeable should be relaxed - it shouldn’t be harder to discharge a student loan than it is to discharge unpaid federal income taxes.
So let me understand: If I saved for 3 decades and paid cash for my kids to go to school, giving up vacations, new cars, and all of the other things Americans find normal too bad for me: their peers who just borrowed the money from the evil banks can just not pay for it ?
And it is simple to almost go for free - don't begin college right after high school - work for a few years, move out - get a subsidy for housing, possibly food stamps and qualify for a pell grant and other need based scholarships. If that fails, claim you can't find a job and apply for "Income Based Repayment" - you can work as a community organizer and pay as little as $50 a month on your $150,000 loan and it is considered repaid in full after 20 years. In other words, you and I are giving them almost a completely free ride and they are still whining.
” it shouldn’t be harder to discharge a student loan than it is to discharge unpaid federal income taxes.”
What country do you live in? Bankruptcy never discharges taxes. The bankruptcy laws are very clear on that.
The IRS will get their money bankrupt or not.
My biggest complaint is that these loans are used for living expenses...no kidding. It becomes a big low interest credit card.
The wife of a co-worker is currently in school. She's in her early 40’s...she's been down several degree paths, but not finished. She finally got one degree, and is now pursuing a master's degree in that field. Literally, she has been in school her entire adult life.
The tab: around $200k (one thing I've noticed with people who hold student loans - they never know exactly and always give round numbers).
She recently couldn't find a class to take in the summer....so they lived partially off of credit cards, since his income alone won't cut it.
There seems to be no limit to 1) what the loans are spent on, 2) the total amount loaned 3) the absurdity of the possibility of re-payment (lets just say she is not studying to be a medical doctor).
$200k! Do I ever want this to be forgiven? Nope. This co-worker currently drives a nicer car than me, wears nicer clothing, goes out to eat constantly, etc. We are subsidizing this lifestyle. I doubt we will ever see any of this money back; but, on the off chance this woman is ever able to acquire assets, I want them going back to the lender (us) in probate.
NO I disagree you borrowed that money you pay it back no matter what.Sorry but especially now that it is my tax dollars at stake no one should ever be able to discharge a student loan and if it were up to me it would also follow heirs for repayment.
Irresponsible leftists pay for nothing in life. Responsible conservatives are forced to pay for everything.
An excellent point.