> What's to stop someone from obtaining a useless degree that doesn't contribute to the nation's economy, and then discharges the debt in bankruptcy?
Nothing, and that's exactly why education debts need to be dischargeable like anything else.
Dischargeable loans makes loan companies have actual responsibility and consequences in deciding who to give loans to. Otherwise, they blindly give out loans (why not, there's no risk!), putting all that much money in the system, which college institutions are happy to absorb in higher tuition.
Nothing, and that's exactly why education debts need to be dischargeable like anything else.
Dischargeable loans makes loan companies have actual responsibility and consequences in deciding who to give loans to. Otherwise, they blindly give out loans (why not, there's no risk!), putting all that much money in the system, which college institutions are happy to absorb in higher tuition.