Wednesday, May 13, 2009
Posted by Jen at Wednesday, May 13, 2009 Labels: Bankruptcy, Business, Congress, Debt, Financial services, Student loan, USA Today
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Today, Dave read an article from USA Today on his radio show that indicates Congress may try to allow student loans to become bankruptable.
Right off the bat, I see several problems with this.
1) Students could begin racking up student loan debt only to file for bankruptcy to avoid repaying it as soon as they graduate.
2) Taxpayer dollars supporting federally supported student loans would be lost.
3) What reason would students have to continue working their way through college if they can essentially go for free on the backs of taxpayers?
Granted, I understand the overwhelming sensation of graduating from college with debt hanging over your head. I graduated with more than $20,000 in student loans myself. But I paid it off. I did not whine about how hard it was. I did not complain that I worked all the way through college at 40 hours/week. And I did not file bankruptcy on the thousands of dollars in credit card debt I accumulated.
Here's a suggestion: instead of choosing a low-paying field that requires $100,000 in education that you simply don't have, why don't you find a career that requires an education you can actually hope to pay for? Doesn't that make a little more sense?