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Actually, I completely disagree with the OP that this is an example of "why" America is going to pot. Bankruptcy has been around for a long time as a way for people to manage debt. While a creditor must try to keep his/her word to repay what he has borrowed, the lender also holds a responsibility to try to ascertain whether the borrower will be able to repay and a risk that the borrower will not. Being paid interest is part of the reward of taking that risk. When Congress decided that student loans would no longer be dischargeable in bankruptcy, they were only doing favors to the banking industry. Lenders no longer needed to do any risk assessment because any borrower became a virtual slave to the industry. Because lenders no longer had risk, they loaned more and more. Because any student could borrow more and more money, Universities could increase tuition to whatever level they wanted and afford to pay many more administrative positions. It has created an ever spiraling upward problem of increased costs and lifelong wage slaves. This one person "getting away" with reducing their debt by 60% or so is not the example of America going to pot; Congress making student loans undischargeable in bankruptcy was the example.
College is just one of the debt scams of the banksters. If you are wealthy, and have an unemployable kid, send him/her to college just so he can pretend he is doing something worthwhile.
Education in America is so degraded it is comical. Most college students, graduates, or even those with a Master's degree today could not pass a test given to 8th graders 120 years go. That is just how dumb and pathetic we have become. <broken link removed>
Proud, oh yes! Think we are much smarter than all the generations before us?, yes! Well ..... wrong. Idiocracy at its finest. I'd put an 1880's kid up against any college person today, and win. Hell, a kid from the 1970s for that matter.
Years of government worthless educations, slurping down Fluoride and Asparame, being locked to the boob tube and mindless video games has taken their toll.
But then, that is exactly what government wants. Non-thinking controllable drones and worker bees. People who think ask questions. Only a nation of drones would have swallowed up ridiculous tales like the official 9/11 BS. For government, dumb is great.
According to The Economist (magazine), the United States was the best place in the world to be born into back in 1988. Today, the United States is only tied for 16th place.
So it's the banks fault? That's deep dude. If I had this dipbubblegum sitting in Front of me interviewing for a job, I'd laugh and say get lost limp dick. Your kids have a pansy for a dad.
Actually, I completely disagree with the OP that this is an example of "why" America is going to pot. Bankruptcy has been around for a long time as a way for people to manage debt. While a creditor must try to keep his/her word to repay what he has borrowed, the lender also holds a responsibility to try to ascertain whether the borrower will be able to repay and a risk that the borrower will not. Being paid interest is part of the reward of taking that risk. When Congress decided that student loans would no longer be dischargeable in bankruptcy, they were only doing favors to the banking industry. Lenders no longer needed to do any risk assessment because any borrower became a virtual slave to the industry. Because lenders no longer had risk, they loaned more and more. Because any student could borrow more and more money, Universities could increase tuition to whatever level they wanted and afford to pay many more administrative positions. It has created an ever spiraling upward problem of increased costs and lifelong wage slaves. This one person "getting away" with reducing their debt by 60% or so is not the example of America going to pot; Congress making student loans undischargeable in bankruptcy was the example.