Great work "poster"

[JDZ735M]

Instead, the government should immediately and completely withdraw from the student loan market. Tuition will fall due to less demand, interest rates will rise, and some semblance of normal free market dynamics will occur in the college market.

100% True

But many people would also choose to go to a trade school and start earning sooner, build businesses, have families and contribute to society.

 

[aczlan]

Never said I agreed with it, just pointing out that Mike wants to consider both a truck and a college degree as business tools. There are many ways to get out of the truck loan.

Return the truck.
Sell the truck.
Declare bankruptcy.
Get a job working for someone else (like most people).
That kind of thing.
Plenty of people work for others and have happy successful lives.

There's no way to get out of a student loan except pay it off or die.

Do I think student loan debt should be forgiven? Absolutely not under most circumstances. Permanent disability, law and military service come to mind, as do a few other community service occupations. After X years of community service, your debt is forgiven.

Just pointing out the hypocrisy. Both were future business debt decisions, yet one is forgivable and one is not.

I would say that the truck loan is forgivable because there is collateral, if he stops making payments, the bank can send someone to repo the truck and they can calculate approximately what its worth at any time (based on bluebook or other values), if you stop paying on a student loan, they can take you to court and garnish your wages, but beyond that they cant do a whole lot to get their money back.

Aaron Z

 

[Hay Dude]

I would say that the truck loan is forgivable because there is collateral, if he stops making payments, the bank can send someone to repo the truck and they can calculate approximately what its worth at any time (based on bluebook or other values), if you stop paying on a student loan, they can take you to court and garnish your wages, but beyond that they cant do a whole lot to get their money back.

Aaron Z

And you get to keep the education you got. Its not like they can
”deprogram” your brain of all your art history classes!

OTOH, The truck is gone.

 

[MossRoad]

I kinda liked the suggestion they suck your brain out if you dont pay it back.

 

[Fixastuff]

Re: taking the diploma back in bankruptcy. I know three business owners that declared bankruptcy and not a single thing was taken from them. They got rid of the debt and started over

 

[JDZ735M]

Re: taking the diploma back in bankruptcy. I know three business owners that declared bankruptcy and not a single thing was taken from them. They got rid of the debt and started over

If it's done "right" that is the way it winds up.
"Right" is not always right.

 

[Fixastuff]

If it's done "right" that is the way it winds up.
"Right" is not always right.

 

[Hay Dude]

Re: taking the diploma back in bankruptcy. I know three business owners that declared bankruptcy and not a single thing was taken from them. They got rid of the debt and started over

But, they started over with trashed credit and paying much higher rates, if they could actually get loans or credit cards at all.
And that’s what should happen, BTW

However there’s no penalty for getting 3 years of college paid for and dropping out. Or getting 4 years with a degree and working at McDonalds.

 

[Fixastuff]

But, they started over with trashed credit and paying much higher rates, if they could actually get loans or credit cards at all.
And that’s what should happen, BTW

However there’s no penalty for getting 3 years of college paid for and dropping out. Or getting 4 years with a degree and working at McDonalds.

I'd say working at McDonalds is a pretty harsh penalty. Lol.

 

[MossRoad]

I'd say working at McDonalds is a pretty harsh penalty. Lol.

$15 an hour.