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I would actually support making student loans dischargeable under bankruptcy because the courts usually do a decent job of separating those who have the means to repay but view their debts as an inconvenient burden, from those who are truly in financial distress with no realistic ability to pay.
Of course, as another poster just mentioned, we'll have to accept the inevitable change in loan approval policies when creditors have to factor those losses into their models. Loans will be harder to get, may require collateral, may have lower limits, etc. No more loans for degrees like liberal arts where the earning potential is low. No more loans for private top-tier universities, just state universities.
Bah, humbug. There were loans for liberal art degrees in the past when people in financial distress were able to declare bankruptcy and loans were cheaper then. I do like you're first point, though.
Absolute BS, my daughter in law has a journalism degree, works at Stanford University and probably makes more money than you ever will.
Absolute BS. Statistically speaking, journalism is one of the lowest paying professions. Stanford does pay their professors exceptionally well, which is why your discrete data point means nothing in the context of this discussion.
According to Stanford's own website, the average salary for a full professor is only $248K. I have engineers working for me that make more than that with only a BS. The fact the your daughter works for one of the best paying schools and still doesn't make as much as many engineers sort of proves the point that degrees such as journalism are of limited value, especially outside the context of academia. Another data point: I have a friend who fixes cracks in basement walls. He makes more than $248K. The sheltered world of academia in which you live is nothing like the real world.
The BLS actually tracks these sort of things. Go check out the salary data for journalists vs STEM degrees and get back to us.
Absolute BS. Statistically speaking, journalism is one of the lowest paying professions. Stanford does pay their professors exceptionally well, which is why your discrete data point means nothing in the context of this discussion.
According to Stanford's own website, the average salary for a full professor is only $248K. I have engineers working for me that make more than that with only a BS. The fact the your daughter works for one of the best paying schools and still doesn't make as much as many engineers sort of proves the point that degrees such as journalism are of limited value, especially outside the context of academia. Another data point: I have a friend who fixes cracks in basement walls. He makes more than $248K. The sheltered world of academia in which you live is nothing like the real world.
The BLS actually tracks these sort of things. Go check out the salary data for journalists vs STEM degrees and get back to us.
She's not a professor but I'm going to let it go at that. I'm not discounting the value of a STEM degree, but to claim that's the only degree that matter is silly. College teaches critical thinking and that's probably the most important skill you can learn regardless of your major.
We have enjoyed 70 years of great prosperity
the notion during this period of debtors prison was cast far away
But now the prosperity is coming to an end
And the concept of punishing those who do not pay is coming slowly back
Nasty terms like “dead beat” are occasionally being heard
This makes no sense at all unless you are old
Right, because people purposely take out student loans with the intent that they are going to default on them. And unexpected things NEVER happen in life; there are NEVER health issues, floods, tornadoes, and hurricanes don't happen to people with student loans, trains NEVER fall off of bridges, and those people NEVER get laid off. So they have no excuse and it's all their fault because they PLANNED to be in the situation where they couldn't pay their loans off.
Because everyone lives within their means and lives frugally, always making repayment of their student loans a top priority, never taking vacations or buying new cars or gettign the latest iphones until the monthly student loan payment is made.
It's different with Trump. He can declare bankruptcy and still keep his driver's license (not that he needs it) because he's special. No need to deter that serial bankrupt.
Bankruptcy is available to everyone, not just Trump. The non-dischargeability of student loans through bankruptcy applies to everyone, including Trump. Bringing Trump into this discussion is a massive red herring. I should be surprised that so many are buying into it. Unfortunately, I’m not.
Bankruptcy is available to everyone, not just Trump. The non-dischargeability of student loans through bankruptcy applies to everyone, including Trump. Bringing Trump into this discussion is a massive red herring. I should be surprised that so many are buying into it. Unfortunately, I’m not.
Not a red herring at all. All loans should be dischargeable if a person is in dire financial straits, but instead only student ones are not and now people face the possibility of losing their driver's license if they are unable to pay, putting them further into financial straits. Meanwhile Trump was allowed to file for bankruptcy several times and still live a lavish lifestyle.
Not a red herring at all. All loans should be dischargeable if a person is in dire financial straits, but instead only student ones are not and now people face the possibility of losing their driver's license if they are unable to pay, putting them further into financial straits. Meanwhile Trump was allowed to file for bankruptcy several times and still live a lavish lifestyle.
If the issue were that Trump was allowed to discharge student loan debt while others weren’t, then it would be relevant. However, that isn’t the case. Comparing the dischargability of business debt with the non dischargeability of student loan debt is an apples to oranges comparison. Trumps situation is totally irrelevant in this situation, and as such, it is absolutely a red herring.
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