What? These students signed for these loans. No one held a gun to their heads. The fact that colleges are disreputable “profit centers” for liberal creeps is another subject. That does not take away the responsibility of the students who agreed to the loans.
Right. See my post at #57.
In the interactions I have seen, there is very little back and forth about affordability. It is primarily what the kid wants and can be eligible, and too many parents will co-sign that loan blindly, which is a crazy degree of trust in an 18 year old.
But, they are your kids, and most parents have some degree of a blind spot there. Not saying it is a bad thing, that is just the way it is. If you are normal, I don’t see how you couldn’t have a blind spot, if the kid isn’t a proven rotten apple.
Be that as it may, most of those loans can never be repaid.
That is what bankruptcy laws are intended to deal with.
Oh - wait! Student loans are specifically exempted from discharge in bankruptcy.
So the alternative appears to be a lifetime indenture, or possibly the revival of debtor's prisons. Historically, this sort of thing does not work either.
Other posters have suggested much better remedies, but there are no solutions that recover the stolen money. It is all gone. No appeal to "fairness" or "personal responsibility" can recover very much of it.
The Academic Institutions conned their 18-year old students into signing predatory loan agreements for worthless credentials. They knew what they were doing and it is easy for authorities to fool young people who have no substantial life experience.
The Institutions should pay for what they stole.
Here is the quick summary: