Seems like we have been over this before, it's quite obvious why they can't be discharged in bankruptcy. Students would just start declaring bankruptcy the day after graduation. They have little to no money, and massive debt, bankruptcy would be the obvious thing to do other than any moral obligation they may feel. So nobody would lend money based on that risk other than the government, and the government would quickly be overrun by the demand for loans that would never be paid back.
James, I like your well reasoned posts, so I am simply posing this as a debate query: "...So then what happens?" If the schools won't loan the money they would be on the hook for, what does the "invisible hand" do next? Universities have been around for hundreds of years, yet major student debt did not occur until as recently as the late 90's? What course change might a university consider if they could no longer afford their students instead of the other way around?
(as a point of reference, my 4 year UG experience in state at State U came out to $13,500- tuition, books, R&B- (not the beer) - in mid 70's $$$. I could not get a CC, was largely considered a "poor college student" and had neither a sushi bar option or a climbing wall)
I did my 4 yr BS degree in computer science for ~ $17,500 total books,tuition, etc. in 2011. With not $1 in debt.
You must know how to navigate the system for maximum transfer of credits from lower cost tech colleges, and AP classes.
You must know the prereq list and have it planned out in advance.
You must take the maximum number of classes possible in a given semester.
You must beg/bribe/cry/test for every credit the dean doesn't want to transfer in.
You must take the free instructor review books and sell them on eBay.
You must work if possible.
You must be ready for "Eat, school, eat, work, study, sleep."
I did it when I was 27. There are no excuses.
