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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
Of course I'm not going to declare bankruptcy. For one, student loans are not dischargeable in bankruptcy. Second, I have no other financial problems other than a huge student loan balance. [b]I will say that if I could jettison my student loans in bankruptcy I would totally do it and restart my financial life from zero[/b].[/quote]

And that is why the government doesn't allow this. Everyone who just graduated from college/grad school with no assets would simply declare bankruptcy. They'd have nothing to lose. It would be unsustainable, which is why the government can't afford to change this rule.

I personallly think public service loan forgiveness should be for state schools only and repayment capped at a reasonable amount. You made a lot of bad decisions OP.[/quote]

Capping student loan forgiveness or making me personally responsible for the huge amount of student loans really won't solve any problems. Obviously mine aren't going to be paid back and I actually do have a HHI of $220k. However, law school tuitions have actually gone up since I left and the schools are not hurting for applicants. For example: https://www.dnj.com/story/news/local/schools/mtsu/2018/10/18/mtsu-valparaiso-law-school-denied-add-no-value-tennessee-memphis-oppose/1673571002/

In that article, a law school with a less than stellar reputation tried to talk a state college in "Middle Tennessee" to move the law school on their campus. Consultants found that taking on the law school would produce ZERO value for the citizens of Tennessee and declined to take it on yet the newspaper quoted several low-income students complaining about how they were all set on going to that law school to make the big bucks. Do you think those kids would pay back $300k student loans? Do you think those kids have a grasp on student loan forgiveness or even what $50k/semester tuition even means? I guarantee the law school would allow them to take on that debt with nothing more than an electronic signature and would happily distribute the government cheese to their bottom tier faculty, admin, and well stocked law library. I hope a lot of you remember my thread when the national student loan debt surpasses $5 trillion and the next person posts about their $900k student loans.[/quote]

Are you forgetting that law school is a CHOICE?  You speak as if everyone is forced into taking out 500K+ of loans.  Newsflash - they're not.  They're free to choose a different career path.

I decided to go to med school.  I graduated in 2000 and am a few months away from paying off my 170K loan.  I work in public health (10+ years) but didn't qualify for loan forgiveness.  No biggie.  I'm about to pay them off, through tons of hard work (extra jobs, volunteering in clinical trials, getting bank account and credit card bonuses, selling our cars for cheaper ones, etc).  Honestly, that should be how it is.  It was my choice to take out the loans, my duty to pay them.

Now my husband went to work in the gov't right out of undergrad.  Had them pay for his two graduate degrees.  He has no personal debt.  Once again, his choice.  [/quote]

DP. I see what you are saying and largely agree, although I’d argue that at least for undergraduate loans, it is debatable whether an 18 yo is really well-equipped to make that “choice.”   I also think that medical and law school are becoming so cost prohibitive that  they will largely become professions for the elite. Who is their right mind would take on that additional debt if they already have undergraduate loans to pay back? And I say this as someone whose choice was to go into a less lucrative science field, but thankfully one where I could get an assistantship to cover graduate school. [/quote]

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