Efficiency is providing your own answer within your own question. Kudos to ET forums. Learning about art teaches you how to see what's in front of you. It teaches you how to understand what came before, and anticipate what comes after. My art education is one reason I'm trading how I trade today. So don't knock it til you've tried it. 99% fail because they follow what's prescribed and can't create for themselves. Art abhors consensus. In this business, I'll take that over a think-by-numbers degree any day.
Here is how it would work, if student debt can be discharged. You borrow 100k to get your degree. You graduate. You own the clothes on your back, a junker car or bike, and some credit card debt as well. You get your first job. Next day, you file chapter 7. Wipe out the 100k student debt, throw in the credit cards. Zero assets, so nothing to liquidate in court. "We have a winner"! Clean slate. You just went to college for free. You can't file chapter 7 again for 7 years, so the new credit card offers start to come in. They could set up walk up kiosks on campus to file chapter 7 the moment you graduate. What a world we live in.........
why is student debt any different than any other kind of debt? Do you want to repeal all the bankrutpcy laws? Go back to debtors prison? Loaning money is a risk. The banks loan the money and get rewards but assume no risk. What a world we live in......
Yeah, nobody wants to take responsibility for their own actions these days...............NOT EVEN WALL STREET BANKERS. I'm certain wall street got a tax payer bailout right?
Heh, you couldn't be more wrong. "We do not consider home equity or retirement accounts as resources in our determination of a family contribution, and aid packages do not include any loans. A typical student may receive over $150,000 in Harvard scholarship assistance over four years and the majority of students receiving scholarship are able to graduate debt-free. Our program continues to be generous for students across the economic spectrum, with more than two thirds of those receiving scholarship assistance coming from families with incomes greater than $60,000." http://www.fao.fas.harvard.edu/icb/icb.do Same goes for Yale and the rest of the Ivy League. They don't give merit scholarships, only need-based aid and it comes from their endowments, all of it.
ah my friend, your analysis is faulty. Students BORROW money so they CAN'T be bailed out. Wall street Bankers LOAN money so they CAN be bailed out. See the difference?
+1 People complain about the credit markets being frozen. The fastest way to get things moving is to allow bankruptcies (i.e. to allow price discovery to occur). It gets people in over their head to be motivated to move on to the next thing (which is what you want). It forces lenders to be more prudent in their loans (which they so far haven't been). This leads to lower prices over time. Jim Rogers remarked that one of the signs of a bottom being formed for an industry is a slew of bankruptcies. Ideologies and double standards help no one (except for those with an ox in this fight).