Also cover student loans in the event of bankruptcy. It’s crazy that it isn’t. A small business owner is allowed to take out a loan, try a new business, if it fails, file for bankruptcy. Although it is painful, he at least doesn’t have to carry that burden on his back for the rest of his life. It’s just unbelievably cruel.
If you give business owners that second chance, why not give it to the people who made a stupid mistake when they were 18 for god’s sake and signed up for expensive college degrees?
It would really help people who are stuck with 6 figure debt, doing 30-40k. People like this are rare, but it ruins the lives of those who experience this situation.
I know a woman who is 160k in debt and earns 50k as a teacher. I know at least 2 of her relationships ended when her SO found out about her debts. It also has an impact on his personal life. It’s just cruel. She was a stupid teenager when she signed up and still regrets it today.