thom w wrote:
Your home mortgage can be discharged through bankruptcy, and you can go on to establish credit again. This is not true of a student loan. You can walk away from your mortgage. It will cost you, but you can do it. That is the difference. I've seen many loans, mortgages that were in default be negotiated down. Again, one does not have that option with a student loan. I have no idea how smart you are, or are not, but there seems to be many things about loans you aren't aware of. I'm no where near expert on these things but I know what I have stated to be true. I've known people who when due to a crash they owed much more on a home than it was worth were able to just walk away. They lost the home, but they owed nothing. Trump brags all the time about renogiating the terms of a loan after the fact. Why hate on students?
Your home mortgage can be discharged through bankr... (
show quote)
The reason that college educations cost so much is because the federal government has made so much money available to students via grants and loans, were it not for the huge pool of money available to higher education tuition would be more affordable for students. If higher education were to have to stand on a value proposition rather than federal funding we would not need federal involvement. Once again, the Feds get involved and screw the pooch.
There is no justification for cancelling student loans, it is simply a wealth transfer from the working class to the upper middle class. Harvard has a $51 billion endowment, maybe they should be funding their student's education instead of the taxpayers.