http://www.americanbanker.com/bankthink/a-simple-solution-to-the-student-loan-crisis-1073477-1.html
3 replies (most recent on top)
Does anyone really think it is a smart idea to let banks lend with no way whatsoever to restructure the debt? There is no other kind of debt we have, even credit card debt that is so draconian.
They could be prior to 1998 when republicans bent over america for lobbyists and led the way for this massive debt to build up without any legal way for many to do anything about it. It was obvious from the beginning that many would end up far beyond what they should have borrowed, it is unconstitutional to let this debt pile up with no way to modify or dismiss the debt. It serves only to destroy the job and life prospects of many of the most young and vulnerable members of society.
Federal Loan can not be dismissed through bankruptcy. Only the DoE has the power.