I’m still trying to process how someone could decide that spending $150,000 to “learn” photography is a good idea. But how should lenders handle requests for loans for “questionable” majors or ones that may not result in lucrative salaries upon graduation? Maybe set caps for borrowing depending on the major? What happens if the major changes?
And if you borrow it you repay it. No bankruptcy relief unless there are serious reforms to lending qualifications, credit history thresholds, no federal guarantees, income verification etc… It is an unsecured loan…limits should be similar to credit card limits and default rates as well if bankruptcy relief is on the table.