Private student loans should be avoided at all costs.
Sentiment: NEGATIVE
Since most American students cannot simply pay their full tuition out of pocket, financing a college education often takes the form of loans, both private and from the government.
The cost of college should never discourage anyone from going after a valuable degree.
If lenders are forced to scale back student lending because private student loans are subject to bankruptcy discharge, many students will be denied access to higher education.
Voters care only that student loans remain freely available and that they cost taxpayers as little as possible.
Borrowing to pay for college used to be the exception; now it's the rule.
It's a good idea to revitalize community colleges, to cut back, to modify the student loan program so it doesn't go through banks.
Student loan debt is the reason I don't advise students who want to become entrepreneurs to apply to elite, expensive colleges. They can be as successful if they go to a relatively inexpensive public college.
The loans I took out for my undergraduate degree were manageable. But my legal education was more expensive, and I paid for it almost entirely through public and private loans.
You want private education for your students? No problem whatsoever; pay for it.
If there were no government-guaranteed student loans, college tuition would be much lower.