Should Student Loans be Dischargeable in Bankruptcy ?

[1monster]

41. No. The interest rate on a National Direct Student Loan (meaning it did NOT go through private banks

with extremely high usury rates) was 3% when I was a student. Students with education loans in the past ten to twenty years were paying so much in interest that they will be paying triple to ten times as much as they borrowed when they finally pay of their loans.

Many student's loans are so onerous, that they are larger than many people's morgages.

And that is ridiculous.

If a person has reached the point that they need to file for bankruptcy to survive, then the student loans need to be on the table too.

There could be some arrangement whereby the the amount due could be cut drastically, and/or no interest would be charged on the balance with payments low enough that the person owing the debt can make the payments without overshadowing the rest of their lives, that's good. An arrangement could be made for the people owing the debts could do some public service that would lower the amount due.

Education should not cost that it is inaccessible or places the student under onerous debt. I personally think that all students, no matter what their financial situation, should pay for their education through public service. People getting filthy rich from education is just plain wrong.