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Thread: Senate Proposal Would Restore Bankruptcy Protection For Private Student Loans

  1. #11
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    Re: Senate Proposal Would Restore Bankruptcy Protection For Private Student Loans

    Quote Originally Posted by MaggieD View Post
    And what will prevent every single student from filing bankruptcy after they've finished their education? Immediately after bankruptcy, creditors are willing to extend credit. "Great!! We'll let you start all over again!!" What's wrong with our government? It doesn't care what's best for the American people. The only damned thing it cares about is scoring points with the electorate.

    If student loans can be discharged during bankruptcy, why would banks loan to kids with no income and no job? You tell me. And if you say, "Because the government will guarantee the loan," I'd say to you "Not with MY money you don't."

    I'll tell you what. I'll compromise. Grant students 50% of community college tuition paid by semester with a C or better average. Any student who maintains a C or better average for two years at a community college gets a $10,000 total grant (by-semester) for the college of his/her choice. Period.

    #Watch college tuitions fall as frosh/soph enrollment drops off the cliff.
    #Watch kids learn to spend that $10,000 tuition grant more wisely than we ever thought possible.
    #Watch them work at part-time jobs to finish paying for their own college.

    No student loan bankruptcy. And no more loans for a Bachelor's Degree in Sewing. Loans are career- and grade-dependent.

    You want me to loan YOU money? Welcome to "strings".

    But that most surely is not "The Democratic Way."
    I haven't seen anyone use the word "frosh" in years.

    Your post was excellent, Maggie.

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    Re: Senate Proposal Would Restore Bankruptcy Protection For Private Student Loans

    Quote Originally Posted by tres borrachos View Post
    I haven't seen anyone use the word "frosh" in years.
    I got more!! (Weird words, that is.)

    Thanks, Tres Borrachos.

  3. #13
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    Re: Senate Proposal Would Restore Bankruptcy Protection For Private Student Loans

    Quote Originally Posted by Jango View Post
    3) College loans have insane interest rates.
    Forgot to comment on this directly. How is 6% - 8.5% interest insane?

    Insane would be like 20%. The interest charged now is relatively low.

  4. #14
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    Re: Senate Proposal Would Restore Bankruptcy Protection For Private Student Loans

    Quote Originally Posted by TheDemSocialist View Post
    Read more @: Senate Proposal Would Restore Bankruptcy Protection For Private Student Loans

    Should this be brought to the table and passed? In my opinion, yes. As always my position is, getting a higher education should not be a punishment, and this is a step in that direction


    [/FONT][/COLOR]
    Yes it definitely should be passed. There is no reason we should have special draconian rules for education loans. I suspect this would have the salutary effect of restricting private student loans, shunting more students to public institutions, and allowing many graduates to begin discharging their debt in bankruptcy proceedings so they can enter their state university system.

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