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|User Info||Student Loan 'Forgiveness'?; entered at 2022-05-01 15:44:38|
Registered: 2021-08-16 Between a saguaro and an arroyo.
A few more thoughts on the subject:|
1. All lending has a risk of loss. Most people here have probably had to write off some bad debt owed to them at some point. Sucks, but it is part of the game. Underwrite better, its your risk management as the lender.
2. Partial credit cancellation or degree revocation would only be effective if it was tied to some type of professional licensure. Otherwise you'd likely already be in the industry, you could honestly say you had completed the degree, and they can't mind erase what you've already learned.
3. The loans in default that aren't going to get paid anyway have already made their inflationary hit.
Not sure what to do with the tar baby of existing loans, but clearly the solution going forward is to crush costs down to what can be paid out of pocket. There are so many resources out there for learning that are free or very cheap. You can even go to a number of free-to-you universities in Europe as an American if you look around.
I know a lot of people who used college loans to just fund 4+ years of partying between a few classes because they didn't want to get a job and didn't know what else to do that would give them an immediate cash infusion. It really is a stupid option.