“The College Opportunity and Affordability Act contains a meaningful nucleus for private student loan reform. However, given the lessons of the subprime mortgage crisis we must provide basic protections for student loan borrowers in bankruptcy. We are disappointed that the House chose to stand with big banks instead of students who fall victim to predatory private student loans.”
4 comments:
so what's the alternative anya? letting everyone default on their student loans with no conscequences?
if lenders have no protection, you can expect much higher interest rates on loans.
as an honest person, i'd prefer a lower rate and have the bank go after deadbeats than give everyone a free ride and make pay through the nose for a student loan.
btw, without student loans, i would not have been able to afford college.
Bankruptcy protection doesn't equal "no consequences for deadbeats." Instead it will serve a proper check on unscrupulous private lenders who are marketing $50,000 in high interest unsecured debt directly to college students over the Internet with zero sense of responsibility. Bankruptcy, as a last resort, is a proper counterbalance to the nearly unlimited powers of collectors to make debtors' lives miserable, which is why it has existed in the US since the 19th century.
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