Removing any risk to debtors is what set-up this perverse incentive; and breaks the market.
I’d still prefer what the author proposed, but the status quo is broken.
Background: I graduated in the 1990s with virtually no debt attending a third tier public school as I had to pay my own way.
But only because I didn’t want to declare bankruptcy and don’t like being in debt; yet it was never clear that bankruptcy wasn’t a real option.
What kids have to go through today is outrageous.
Removing any risk to debtors is what set-up this perverse incentive; and breaks the market.
I’d still prefer what the author proposed, but the status quo is broken.
Background: I graduated in the 1990s with virtually no debt attending a third tier public school as I had to pay my own way.
But only because I didn’t want to declare bankruptcy and don’t like being in debt; yet it was never clear that bankruptcy wasn’t a real option.
What kids have to go through today is outrageous.