Let these college drop-ins declare bankruptcy, forfeiting their worthless degrees (they can keep the worthless ‘knowledge’), and make the colleges reimburse 20-40% of the outstanding debt on the loan as a penalty for failing society with their institutional scam.
The government should have never started this perverse incentive feedback loop in the first place — now its time to limit the damage to all parties, in a way that propels them to negotiate the real value of the ‘asset’ (which is probably around 10-20%).
Having a whole generation in endless debt to bankers AND indoctrinated by Marxism, feminism, and neoliberalism, all because the government allowed Universities and financiers to run a ‘risk-free’ grift? That’s the worst outcome possible.
RE-INTRODUCE THE INVESTMENT RISK AND THE SYSTEM CAN SELF-CORRECT.
Being out of student debt can happen, but it's expensive, and often they only discharge some of the debt, and Congress hasn't made it easy to get it done, because they want those payments and interest coming in for their banking buddies.
The problem is none of the idiots who signed up for the no-credit-check student loans for tens of thousands of dollars sat down and worked out what their monthly payment would be after graduation, and their income prospects. A generic studies degree doesn't offer much in the way of salary - and these morons also think that they should get a $200k a year job with a gender studies degree, and be able to have car loans and mortages and student loan payments and still have money to waste on clothes, restaurants, traveling, and everything else they throw money at.
So the graduate, get their barista jobs, and are suddenly outraged about the debt they signed up for? Fuck BKing out of it. I think BK judges should wipe penalties and fees, and maybe restructure the debt, but they signed the contracts, they should honor it. If you buy a car not knowing if you can afford the payments, then you deserve the repossession. I don't see why student loans should be any different.
The loan amounts, interest, etc. are purposefully obfuscated during a process that artificially places duress on the student and forces them to make a fast decision.
(Example: the student has to go through 3 preliminary steps and commit to signing up for classes before they even get information about what loans are available — then they have a three week window to complete the process and continue with school, or forfeit thousands of dollars they have already spent and thousands of hours sunk into the college application process.)
This is on top of virtually all of society telling them that college is their only hope for a future, and reassuring them that it is worth the costs in future earnings potential.
The 17-19 year old prospective student, wholley unprepared by the mandatory public schooling they’ve received at the hands of teachers unions, ‘socialized’ by big tech, big media, and the artificially-created bully-groups of their high-school peer groups into an ”it’s the next stage of your life!” mindset, and “advised” by boomer parents who know nothing about the transmutation of colleges and rely on U.S. News & World Report College Rankings(!) encouraged by the Universities themselves — that kid is a sheep with one foot already in the slaughterhouse and still has no idea that they are purchasing Marxist indoctrination rather than a real education or the golden ticket into the job market advertised.
And when they look around at the alternatives they see a slew of jobs requiring a degree, a bunch of dead-end service work alternatives, ‘gig’ work, entrepreneur “opportunities”, superceleb-“contests”, and so-called ‘trades’, each of which has a running scam of its own (usually one that leaves the worker broken-bodied and pushed out just as middle-age sets in, or an indebted, abandoned ‘independent contractor’ “gig-on-steroids” ready for the plucking).
IIRC student loans, because they are backed by the government, are not discharged in a bankruptcy filing. Same with fines and fees imposed by the government, they won't allow them to be discharged due to banckruptcy.
That’s right. Moreover, the government guarantees the loan, so there is little to no risk for the lender. And because the borrowers have little to no choice but to accept any terms (just go make your own interconnected economy), and are unsophisticated agents, it has essentially created a whole monopolistic feedback loop for a supposedly ‘non-profit driven’ institution, coincidentally financing the rise of Marxism and enabling a whole host of unconstitutional societal ‘control mechanisms’ on a large part of the population.
Okay, take the L and move on in life. Don't make everyone else pay for it.
That’s what bankruptcy was designed for.
Let these college drop-ins declare bankruptcy, forfeiting their worthless degrees (they can keep the worthless ‘knowledge’), and make the colleges reimburse 20-40% of the outstanding debt on the loan as a penalty for failing society with their institutional scam.
The government should have never started this perverse incentive feedback loop in the first place — now its time to limit the damage to all parties, in a way that propels them to negotiate the real value of the ‘asset’ (which is probably around 10-20%).
Having a whole generation in endless debt to bankers AND indoctrinated by Marxism, feminism, and neoliberalism, all because the government allowed Universities and financiers to run a ‘risk-free’ grift? That’s the worst outcome possible.
RE-INTRODUCE THE INVESTMENT RISK AND THE SYSTEM CAN SELF-CORRECT.
This is the way.
Being out of student debt can happen, but it's expensive, and often they only discharge some of the debt, and Congress hasn't made it easy to get it done, because they want those payments and interest coming in for their banking buddies.
The problem is none of the idiots who signed up for the no-credit-check student loans for tens of thousands of dollars sat down and worked out what their monthly payment would be after graduation, and their income prospects. A generic studies degree doesn't offer much in the way of salary - and these morons also think that they should get a $200k a year job with a gender studies degree, and be able to have car loans and mortages and student loan payments and still have money to waste on clothes, restaurants, traveling, and everything else they throw money at.
So the graduate, get their barista jobs, and are suddenly outraged about the debt they signed up for? Fuck BKing out of it. I think BK judges should wipe penalties and fees, and maybe restructure the debt, but they signed the contracts, they should honor it. If you buy a car not knowing if you can afford the payments, then you deserve the repossession. I don't see why student loans should be any different.
The loan amounts, interest, etc. are purposefully obfuscated during a process that artificially places duress on the student and forces them to make a fast decision.
(Example: the student has to go through 3 preliminary steps and commit to signing up for classes before they even get information about what loans are available — then they have a three week window to complete the process and continue with school, or forfeit thousands of dollars they have already spent and thousands of hours sunk into the college application process.)
This is on top of virtually all of society telling them that college is their only hope for a future, and reassuring them that it is worth the costs in future earnings potential.
The 17-19 year old prospective student, wholley unprepared by the mandatory public schooling they’ve received at the hands of teachers unions, ‘socialized’ by big tech, big media, and the artificially-created bully-groups of their high-school peer groups into an ”it’s the next stage of your life!” mindset, and “advised” by boomer parents who know nothing about the transmutation of colleges and rely on U.S. News & World Report College Rankings(!) encouraged by the Universities themselves — that kid is a sheep with one foot already in the slaughterhouse and still has no idea that they are purchasing Marxist indoctrination rather than a real education or the golden ticket into the job market advertised.
And when they look around at the alternatives they see a slew of jobs requiring a degree, a bunch of dead-end service work alternatives, ‘gig’ work, entrepreneur “opportunities”, superceleb-“contests”, and so-called ‘trades’, each of which has a running scam of its own (usually one that leaves the worker broken-bodied and pushed out just as middle-age sets in, or an indebted, abandoned ‘independent contractor’ “gig-on-steroids” ready for the plucking).
IIRC student loans, because they are backed by the government, are not discharged in a bankruptcy filing. Same with fines and fees imposed by the government, they won't allow them to be discharged due to banckruptcy.
That’s right. Moreover, the government guarantees the loan, so there is little to no risk for the lender. And because the borrowers have little to no choice but to accept any terms (just go make your own interconnected economy), and are unsophisticated agents, it has essentially created a whole monopolistic feedback loop for a supposedly ‘non-profit driven’ institution, coincidentally financing the rise of Marxism and enabling a whole host of unconstitutional societal ‘control mechanisms’ on a large part of the population.