Quote:
Originally Posted by LLCNYC
WRONG? Seriously? So you get to keep a diploma or get a free education while others have to pay?
If you default on a house, they take the house...if you decide you don't feel like paying the education loan YOU PROMISED TO REPAY what then? Ugh.
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I'm saying the education finance companies should use risk based underwriting & limit issuance of credit to unemployed college students with no income.
A home mortgage company will not issue a mortgage to someone that has no income, little credit history or no score.
What I am saying is maybe students need to take the amount of classes they can afford or what is a reasonable amount of debt to issue a non-earning student. I realize this will hinder the lower income families some but they are already hindered by piling a mountain of debt on a young person with limited job prospects.
Do not get me wrong....in fact the reason education loans are no longer forgiven in bankruptcy court is due to the amount of graduate school graduates such as M.D.s that would file chapter 11 the day they graduated to start out their practice with zero debt. Those bad apples ruined it for truly oppressive debt burdens on those trying to pay the lender but are going to be under hardship the rest of their lives.
Many issues with the system, such as companies that get to restructure under bankruptcy and come back out with a fresh start to burn cash all over again.
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