Quote:
Originally Posted by TylerBang
The "student loan industry" is basically the banking industry, the loans are bundled and sold/resold over and over just like real estate paper. They hope you never pay it off because the interest keeps accruing as penalties multiply.
They are non-dischargeable in bankruptcy, while IBill fucks can declare bankruptcy and then
start over.
Student loans are taken by people who otherwise can't get an education (not the children of the wealthy) so the negative effect is skewed.
Making them dischargeable under regulated circumstance just makes sense.
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This is a good example of how there are two sets of rules for different groups in this country. A few weeks ago on Bill Maher he had a Tea Party guy on who said that this country has socialism for the very poor and socialism for the very rich and those in the middle are left to fight it out in a warped, fucked up version of capitalism.
I can form a company, convince a bank to loan me money to start a business and then run that business into the ground and bankrupt it. I can then bankrupt the company and walk away from the debt. All the while my personal assets will never be in jeopardy.
However, if I take out a student loan that loan balance is with me for life no matter what circumstances may occur. Not to mention the fact that I will likely repay 4-5 times or more than I borrow.
Maybe this makes me sound like a tin foil hat wearer, but I have started to think that the cost of education keeps going up because our leadership wants good, controlled, in debt worker bees who aren't going to do too much too change the status quot. If you get out of college, get married, have a kid or two and settle down you have some serious debt so you need the job you have. You won't make too many waves for fear of losing what you have.
If you are young, debt free and have a positive cash flow you are trouble waiting to happen for a politician.