American higher education holds great promise: Thanks to easy-to-obtain loans, students can spend years studying just about whatever they want. But theres a catchbankruptcy rules make it almost impossible to default on these loans when students get in over their heads. Given spiraling tuition costs, this leaves millions of people deep in debt for decades, if not their entire lives.
The winners from this system include colleges that rake in the tuition, and the financial institutions that collect interest for decades. Those who are able to invest in their education do so in the expectation that the training and degree will allow them to earn more in their careers.
But as the debt piles up, society as a whole is losing out. Far to…
Read the full article at: https://qz.com/1326581/us-student-loans-making-default-easier-would-help-address-spiraling-debt/
