This SC’s legacy is outcome based rulings.
I watched a documentary on this on a flight recently. Someone tried to figure out how the clause banning bankruptcy for student loans made its way into the Clinton era bill in the first place. Interviewed multiple former congressmen thinking they were the culprit only to find none of them supported it. Eventually discovered it was an adminstration wonk who retired from the DOE to become a truck driver. So simple to fix. Could just shove it in this bill (or any bill).
The proposals that have been floated would be to put a time gate on the ability to declare. So you have to make a go of it for some number of years before you can declare. And I presume that would also apply if you go back to get a graduate degree. How many years, I have no idea how they look at the math on that. The issue with your proposal presumably would be how do you fix existing loans that were issued on different assumptions for the issuers (like we can't put the loan system in jeopardy), but to my thinking they should be able to adjust interest structures on existing debt without sending it to zero. But maybe on a go forward basis your idea works? Also that film detailed there are income based payment structures. But they are very hard to navigate and often are not approved for individual borrowers (didn't dive into the particulars but detailed that it exists and doesn't work well enough).
Exactly. People borrow 30K and bc the loan structures are so punitive some of them make the min. payments and end up 100K in debt. So find a path to declare bankruptcy for people.
Our defense budget is almost 2.5 times Ukraine’s GDP
