I’m guessing you don’t have children.
Of course I do. He has two degrees and graduated debt free including a paid for car.
Cancel the debt
Pay the principle.
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Why should anyone get prime rate for an unsecured loan? As for making it dischargable in bankruptcy, fine going forward but expect rates to be upped considerably.
Never
Not everyone can be as responsible as you and your son. If they were, we would be living in Star Trek.
People want children and are willing to do a lot to have them. Something like debt is hardly an obstacle for some.
Why not make things easier for parents? It would benefit the economy as a whole.
No it wouldn’t. It would benefit their selfish asses. Again, what they want is irrelevant.
Why can’t everyone be that responsible? And if they can’t be that responsible, they have no business having kids.
What do you want to do, sterilize everyone you deem irresponsible?
Not bail them out of their mistakes.
I have no problems with allowing refinancing of existing loans. I would also like to see additional payments on principal to be allowed without penalty. On my encouragement (being ignorant of the exact details governing the loans) my daughter tried to pay off her highest interest rate loan (she has 4, one for each of her last four quarters) and they decided that that meant that she could afford to pay more on each of her loans, so they upped her minimum monthly payment on all four. That put her in a real bind financially and it was a year before she could apply to return to the lower payment schedule that she was on before. The student loan program is the epitome of usury.
Providing five additional years of childcare wouldn’t be bailing out parents. It would be giving them an extra service.
And why should rich people like Trump be able to go backrupt four times, but normal people shouldn’t?
Congress had the federal sorta take over student loans so, yeah, “idiot(s)” works relative to them.
Sadly we’ll be the schmucks on the hook, even those of us who don’t vote for progressives.
Now, there ARE degrees that are obviously marketable (engineering, medicine … sadly: law) and degrees that just aren’t … so let me ask you, if some nitwit takes on lots of debt to get a piece of paper (related to what amounts to their hobby) that is worthless would you say they agreed to do so in an honerable and forthright fashion, that they entered the agreement in good faith?
That they were, and likely still are, nitwits decieved by so-called educators, all of which that works out well for the professors hawking their overpriced books no one would otherwise buy, doesn’t really make them innocent lambs in this.
Maybe stupid SHOULD hurt and if you took on lots of debt for what amounts to a hobby I think we’d all be better off if you were royally screwed as a warning to other similarly minded nitwits.
Pay for hobbies with cash already on hand, earned at a job maybe, or don’t take them at all. Delayed gratification is something that just works for everyone’s benefit.
Apparently people should be able to blow through a pile on what amounts to their hobby and expect others to pick up the tab.
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Four times … four separate companies … out of hundreds of companies over 30 years …
“Normal people” are allowed to go bankrupt too … it happens all the time, and there is no limit. A person is allowed to screw up as many times as they can afford.
I would have thought by now that you guys had been embarrassed enough over the “bankrupt” meme, but I guess I was wrong.
Yes, they can do that … if a bankruptcy court agrees that they qualify. You can’t just walk away from a loan because you don’t want to pay it back.
The borrower’s.
That sounds like poor reasoning skills of the student. Why would you pay $30,000 to qualify for a job that pays less than a living wage?
I know people can go bankrupt for medical and tax reasons. But people can’t declare bankruptcy because of their student loans, which is quickly becoming the biggest financial problem in the country.
And what difference does it make if it was his companies that declared bankruptcy? Shouldn’t he be responsible for his companies like you expect everyone to be for their student loans?
Cancel the degree.
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