General Discussion

Fire Walk With Me

(38,893 posts)

44. Because America is "free market" and capitalist, and these loans represent the worst abuses of both

Tue Jan 8, 2013, 12:36 PM

Jan 2013

in a nutshell. Colleges appear to be complicit in this mechanism.

Research the Strike Debt Rolling Jubilee, an offshoot of Occupy Wall Street, who are turning the collection system's features against itself and are eliminating personal debt for pennies on the dollar.

(Conspiracy theorists may go so far as to offer that it is to ensure that only the children of the rich receive an adequate education, with predictable resulting class division. Non-conspiracy theorists will likely already see that republicans have been hacking away at the middle class since Reagan, including the recent installation of "right to work" union-busting laws in their testing ground, Michigan.)

Edit history

Please sign in to view edit histories.

48 replies

= new reply since forum marked as read

Highlight:

Why isn't student loan debt dischargeable through bankruptcy? [View all] white_wolf Jan 2013 OP

because the student loan holders have good lobbyists who know where to contribute campaign funds. unblock Jan 2013 #1

this. KG Jan 2013 #6

Amen brother. yourout Jan 2013 #27

We have a winner! City Lights Jan 2013 #42

It's unsecured debt. intheflow Jan 2013 #2

Most debt dischargable through bankruptcy is unsecured. nt Lex Jan 2013 #3

Really? intheflow Jan 2013 #9

No, if you buy a car with a credit card that is still not secured. banned from Kos Jan 2013 #11

You buy cars with a credit card? Atman Jan 2013 #13

most car dealers will limit the amount you can put directly on a credit card unblock Jan 2013 #18

Thanks for the clarification. intheflow Jan 2013 #15

credit card debt would be a lot cheaper if it was secured. unblock Jan 2013 #14

Thanks. intheflow Jan 2013 #17

This Is Also Why You Should Never Take Out A Loan Against Your Home To Pay Your Credit Cards Yavin4 Jan 2013 #43

Really. Your understanding 180 degrees incorrect. nt Romulox Jan 2013 #39

So are credit cards and medical bills obamanut2012 Jan 2013 #24

I've always found that odd. LisaLynne Jan 2013 #4

The taxpayer is on the hook for it Yo_Mama Jan 2013 #45

Good question. Because doctors would declare bankruptcy after 12 years of school banned from Kos Jan 2013 #5

I think "quasi government" has a lot to do with it. Buns_of_Fire Jan 2013 #31

people used to BK on their NDSL loans in the 70's & maybe 80"S - elehhhhna Jan 2013 #35

Think of it from the lenders perspective... dkf Jan 2013 #7

Bingo. Atman Jan 2013 #12

There's truth to that, but I honestly think that after a set period of time, Sheldon Cooper Jan 2013 #22

Because the whole student loan system exists as part of a new form Jackpine Radical Jan 2013 #8

Student loans are unsecured loans given to young people with no credit history taught_me_patience Jan 2013 #10

Because that would enable... 99Forever Jan 2013 #16

Honestly, I'm just tired of everyone being at the mercy of the market. white_wolf Jan 2013 #23

You shouldn't be just tired... 99Forever Jan 2013 #29

Thank YOU! smirkymonkey Jan 2013 #34

A big part is the idiots running the universities joeglow3 Jan 2013 #48

debt enslavement datasuspect Jan 2013 #19

The bankruptcy laws were last written by banks lunatica Jan 2013 #20

However... FightForMichigan Jan 2013 #21

One explanation: Z_I_Peevey Jan 2013 #25

Student Loans Used to Be Able to Be Discharged Through Bankrruptcy kittypat Jan 2013 #26

Fine how about we make it a requirement you earn your degree before loans can be discharged? white_wolf Jan 2013 #28

Because a lot of students would take the calculated risk of staying under- or unemployed aikoaiko Jan 2013 #30

Because we've unofficially switched from debt to equity without admitting it Recursion Jan 2013 #32

That is an elegant and accurate way to phrase it n/t Yo_Mama Jan 2013 #41

Essential to turning higher education into a massive corporate welfare program, Egalitarian Thug Jan 2013 #33

It's because it's usually a government related loan. musical_soul Jan 2013 #36

This. ^^^ ParkieDem Jan 2013 #37

So are mortgages. Un-secured (under-secured) mortgage debt is dischargable. Romulox Jan 2013 #46

The idea was to discourage students from taking out loans that they knew they would never... slackmaster Jan 2013 #38

Well, a rising wave of student loan defaults caused Congress to make it non-dischargeable Yo_Mama Jan 2013 #40

Because America is "free market" and capitalist, and these loans represent the worst abuses of both Fire Walk With Me Jan 2013 #44

It's a way to trap naive 18 y.o.s into wage slavery before they even begin. nt Romulox Jan 2013 #47