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Biggest problem it's almost impossible to discharge student loans in bankruptcy.

If you could discharge student loans via bankruptcy nobody would get a loan. No financial institution is going to hand out 5 figure loans to a teenager with no credit history, no job, and no marketable skills.

And college might start costing something reasonable.

The reason for this is simple, a lender cannot repossess someones education to mitigate the damage.

The reason is because politicians wanted to advertise that they “help” students while also telling taxpayers they can have lower taxes. There was no other reason the government needed to get involved in student loans.

So instead of paying for education directly and accounting for it as an expense, the politicians can claim they helped, taxpayers can feel like they helped and save money, and future generations get shafted.

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