Not in the US. As far as I know it is one of the very few forms of debt that cannot be discharged due to bankruptcy. If you're rich, you can run business after business into the ground and use bankruptcy to avoid paying your debts. Just want an education? Sorry, chum, you're on the hook forever.
You'll quickly get responses like "That was their moral failing for majoring in _____ which got replaced by _____, but if we made it dischargeable then banks would never give out money"
Of course if you really want to get the HN crowd up in arms fill in the blanks with "programming" and "AI".
Comments
Not in the US. As far as I know it is one of the very few forms of debt that cannot be discharged due to bankruptcy. If you're rich, you can run business after business into the ground and use bankruptcy to avoid paying your debts. Just want an education? Sorry, chum, you're on the hook forever.
You'll quickly get responses like "That was their moral failing for majoring in _____ which got replaced by _____, but if we made it dischargeable then banks would never give out money"
Of course if you really want to get the HN crowd up in arms fill in the blanks with "programming" and "AI".
I think that George W Bush approved this policy shift on debt policy for student loans.