Students do default on student loans, even though they cannot be discharged in b... | Hacker News

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		dustcoin on June 20, 2014 \| parent \| context \| favorite \| on: Teaching college is no longer a middle-class job, ... Students do default on student loans, even though they cannot be discharged in bankruptcy. 14.7% of students who started repayment in 2010 defaulted within 3 years. (Source: http://www2.ed.gov/offices/OSFAP/defaultmanagement/cdr.html) If the government did not guarantee and subsidize the loans, interest rates would be higher and/or banks would be more careful which students they lent to.

sitkack on June 21, 2014 [–]

Which is fine, because as it stands the feedback loop is broken.

Look at what you can spend yourself into at the University of Phoenix.

Many are not much better.

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