Government backed student loans are a scheme to indebt eighteen year olds before they start their lives. Not everyone needs to go to college. Trades have a better ROI for the average person nowadays. We’re obsessed with college in the states for some reason.
More often than not the loans wouldn’t be granted because there wouldn’t be any collateral and the student could simply declare bankruptcy and get rid of the debt. College would have to be cheaper so people could actually afford it.
The government has an economic interest in ensuring we have educated workers.
Government backed student loans are a scheme to indebt eighteen year olds before they start their lives. Not everyone needs to go to college. Trades have a better ROI for the average person nowadays. We’re obsessed with college in the states for some reason.
And if they were private loans, they would be different how?
More often than not the loans wouldn’t be granted because there wouldn’t be any collateral and the student could simply declare bankruptcy and get rid of the debt. College would have to be cheaper so people could actually afford it.
Except student loans, public or private, cannot be discharged by bankruptcy specifically so people can’t do what you suggest.