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.
Sentiment: NEGATIVE
Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans.
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.
You can be a lender who wants to compete and have a better product, but you just can't get to the students. The schools are controlling the access to the students.
Poorer students take out larger loans and will have to contribute more to the cost of higher education.
Private student loans should be avoided at all costs.
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.
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.
Higher educating has so many challenges, and private higher education has a special challenge of ever rising tuition costs.
By making college unaffordable and student loans unbearable, we risk deterring our best and brightest from pursuing higher education and securing a good-paying job.
Even if you were to fall into extreme financial hardship and file for bankruptcy, you need to understand that your student loan debt will not be discharged in bankruptcy. It is the Velcro of all debts.