/biz/ - Business & Finance

>>11488650
the student loans are guaranteed by the gov.

education loans are not eligible for bankruptcy protection

>>11488650
When you get a loan to "study" it is a Federal loan that you live with and cannot remove after the gubmint goes up your ass 100k fold ontop of interest.

Its funding the debt prison we are building for you tards

>>11488693
This.

It's a lot easier to justify enslaving you forever for "muh education" than it is to enslave you for life over a car.

Also, "education" can't be repossessed, and a car technically can.

Although I do agree that the entire system is completely fucked and designed to ensnare kids and turn them into life long debt slaves.

>>11488650
First is too much risk for the financial institution and declaring bankruptcy would remove it
Second makes you a literal slave to the government because the debt is permanent until paid

>>11488676
>>11488679
>>11488683

What happens when everyone takes out 100k+ loans to major in useless shit that won't enable them to pay off the loan? 60% of college students don't even graduate. Of the population that does graduate, how many actually get a decent paying job that allows them to comfortably pay off their loans? What happens when the shit hits the fan in the economy to the point where 80-90% of people with this debt start defaulting?

>>11488758

Fuck I meant only 60% graduate. Still is a huge number that don't.

>>11488758
The education bubble will finally pop.

Don't kid yourselves, higher education is in a massive bubble tens of times bigger than bitcoin was in December 2017

>>11488758
>What happens when the shit hits the fan in the economy to the point where 80-90% of people with this debt start defaulting?
But you can't default on student debt, thus nothing bad can happen. Trust me bro, the system is solid.

>>11488758
Simple, they'll default on your loan and attempt to garnish whatever beans you get from wagecucking or go to jail.

>>11488650
>gubbament (((student loan))) is guaranteed
>can't default on (((student loan)))

At the very least, a bank can repossess that model t and sell it to recoup any losses/skim off whatever profit they can. What are they going to do if you were allowed to default on student debt? Take your piece of paper saying you got a BA in psychology/some equally worthless degree? I would be in favor for punishing those who took student loans by not being able to default on them. But it's hard to blame a bunch of impressionable, barely legal "adults" who have been pushed the college meme by every teacher, administrator, and boomer parent telling them "go to college or you'll be a failure!"

>>11488650
>gubbament (((student loan))) is guaranteed
>can't default on (((student loan)))

At the very least, a bank can repossess that model t and sell it to recoup any losses/skim off whatever profit they can. What are they going to do if you were allowed to default on student debt? Take your piece of paper saying you got a BA in psychology/some equally worthless degree? I would be in favor for punishing those who took student loans by not being able to default on them. But it's hard to blame a bunch of impressionable, barely legal "adults" who have been pushed the college meme by every teacher, administrator, and boomer parent telling them "go to college or you'll be a failure!"

Im a 22 year old male working at mcdonalds, i get around equivalent of 1600 usd after taxes each month, my parents just helped me
co-take a 100 thousand dollar loan to buy my own apartment which i am now paying off the mortage and stuff on monthly. I also have personal savings of around 5000 usd which i intend to invest into professionally renovating the old bathroom in the apartment and then i am basically guaranteed to eventually be able to sell the apartment with a great deal of profit because of the completly fucked housing market in my country.

Did i do good /biz/? This is the my first step and it feels good.

>>11488964

so you make like what, 25k a year gross? It's a bit of a stretch but you could probably afford a 100k home loan.

>>11488788
This. So many universities are going to incur massive layoffs and be forced to shutdown or downsize after the bubble pops.

>>11488650
You can't declare bankruptcy on student loan debt.

>>11489139
Seriously. When are they going to get rid of this stupid rule. Its literal indentured servitude... in the land of the free

>>11489139
This. Student loans put you into servitude until your debt is paid off in full + additional interest

>>11488813
>Simple, they'll default on your loan and attempt to garnish whatever beans you get from wagecucking or go to jail.

Never understood why they would send you to jail for not paying a loan to the government.

>hey this guy owes us a bunch of money, I know, let's throw him in jail so we can spend money supporting him in a place where he can't make any money

I guess its just to scare the normies into making payments.

>>11488758
the loans will follow them until they are 6 feet under, the banks are patient

>>11488758

Just like the last financial crisis was caused by subprime mortgages, I predict the next one will be caused by student loans. Student debt is 1.5 trillion dollars, roughly half of the US money supply. There just isn't enough money to go around to pay it all back and everybody with a student loan is playing a high-stakes game of musical chairs with money. When the music stops, there will be carnage.

>>11489139
Shhhhhhut it dawwwwn