No, not bankruptcy - four years military service at the pointy endOne of the items I think ought to be revisited is the lender protection from bankruptcy. No lender should be protected from the risk of default. The moral hazard is too high for unethical lending.
We've seen what easy money did to the savings & loan association and mortgage lending businesses and the subsequent bailout of financial institutions for their poor lending decisions. Yet here we have young adults strapped to debt by the same institutions that brought on other credit crises and tell the kids: well, suck it up.
There ought to be a way out for those who will never manage to pay down these loans with their education. Bankruptcy is the typical method for doing so. Their credit records are impacted for a number of years, but it does give them a chance to clean the slate and learn from the experience.