Another cautionary debt story

swimcatsmom
Wed, 22 Oct 2008 17:17:02 +0000

Why is this nonsense even being allowed???

I agree. It is ridiculous that anyone s/b allowed to borrow $150k for undergrad and that lenders would make such loans. Thye wouldn’t lend a student with little income a large sum to buy a car or even a house. Heck I don’t think we could borrow that much for a house right now. I wonder if it is the fact that the lenders know the loans cannot be discharged by bankruptcy that makes them willing to loans these amounts that otherwise would not be permitted under ‘normal’ lending policies.