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Burgeoning levels of student loan debt could slow down economic growth over time, Federal Reserve Chairman Jerome Powell said Thursday.
Education debt swelled to nearly $1.38 trillion at the end of 2017, with 11 percent of borrowers 90 days or more delinquent, according to the New York Fed.
He also wondered why student debt can't be discharged in bankruptcy.
"I'd be at a loss to explain why that should be the case," he said, while acknowledging that the issue is one for Congress to tackle.
Is that guy really a banker? Doesn't understand that lending on those terms is really just giving away money? Well I guess that is how bankers are in the age free government money
Dischargeable? So another words off the hook?
@sueblue34wrote:
I’d file bankruptcy just to get rid of my student loans lol
Confusion ... student loans can be Bk'd?
@sueblue34wrote:
That’s what the article is questioning - why student loans aren’t discharged in bankruptcy
Just curious is problem because young folks got in way over their head? in loans as in kept changing what they... want to do in life? for a person like myself I'd have no choice to pay back the loan my parents even said so.
@Anonymouswrote:
@sueblue34wrote:
That’s what the article is questioning - why student loans aren’t discharged in bankruptcyJust curious is problem because young folks got in way over their head? in loans as in kept changing what they... want to do in life? for a person like myself I'd have no choice to pay back the loan my parents even said so.
Education costs have rapidly outpaced inflation over the past couple of decades, and wages are relatively stagnant. And SLs are nearly impossible to discharge in BK, even though nearly every other type of debt is. When I declared BK, I had about $30K of CC debt wiped clean, but the SLs remained. I continued to struggle after BK, so the SLs were defaulted for a while. I'm still paying SLs and will be paying for a considerable about of time.