[cmwelsh]

I know you’re downvoted for saying something that’s basically unethical, but I’m interested: how do you propose to buy a home using this strategy? All cash? In my area, I’d need around $200,000 cash. I know there’s trailer parks and etc. but they may not work for everyone.

[zdragnar]

Loans originating in the US for education are generally not discharged in bankruptcy. Not paying them is a good way to get your wages garnished or worse. I have no idea what recourse there might be from a loan through Singapore.

That being said, discharging debt in bankruptcy will haunt your credit for 7 years, or so I've heard. Being forced to not finance anything for 7 years is a decent way to save money if you've got a good paying job, I suppose, as you don't fall into the trap of only looking at the monthly payment without thinking of the total cost.

[imtringued]

I don't think it is unethical. If people get overwhelmed by student debt because their degree doesn't actually result in job opportunities that allow them to pay that debt back then they have no obligation to pay the debt back. It was the lender's decision to invest their money into such an obviously money losing strategy and yet they did so despite the high risk. The word "undischargeable" made the lender blind but the reality is that the lender was just plain irresponsible with his money and no government guarantee can change that.

[golergka]

> If people get overwhelmed by student debt because their degree doesn't actually result in job opportunities that allow them to pay that debt back then they have no obligation to pay the debt back.

The debt is the obligation to pay back. As far as I know, education loans don't include the clauses you mentioned.

> It was the lender's decision to invest their money into such an obviously money losing strategy and yet they did so despite the high risk.

That's true, but that doesn't absolve the person who took the loan from the responsibility to pay it, and doesn't make not paying it any less unethical.

Ethics and causality are not the same. If you don't lock the door of your apartment, that can dramatically increase the probability of being robbed, and your actions would be the cause of this robbery. But it wouldn't by any yota affect the ethical side of it. (I'm not saying that not paying back the loans is the same as robbery, I'm just explaining the logic using a more obvious example).

[matwood]

> It was the lender's decision to invest their money into such an obviously money losing strategy and yet they did so despite the high risk.

I have 100k+ of unsecured credit available to me at any given time. If I go and spend that on hookers and blow is that the lenders fault or mine?

I believe the lack of personal responsibility is problem that will not be fixed by absolving even more responsibility.

[blackearl]

It's a bit of both isn't it? They gave you so much credit because they assessed you as the type of person who wouldn't do that. If they were 100% sure that you would be spending recklessly, you'd probably have a limit of a few hundred at most. Part of their job is making that assessment correctly.

[rchaud]

You're conflating "fault" with "responsibility". The second you signed up for the line of credit, the manager who evaluated your application became responsible for what happens afterwards. If you squandered it, it might be your fault, but the manager is the one who'll be getting grief for giving it to you in the first place.

[tonyedgecombe]

I know you’re downvoted for saying something that’s basically unethical

It was unethical for the system to push an 18 year old down the route of taking on huge loans. I'm not sure that finding a way out of that is.

[matwood]

> the system

So we are going to absolve all 18 year olds of decision making because of 'the system'?

As an 18 year old I was keenly aware of debt. My college experience was going to a local school while working 20-30 hours/week and living at home. All because we didn't have much money, and I wanted to take as few loans as possible.

So maybe this persons parents and primary school failed them, but I don't buy it was the system.

[rhoyerboat]

In the US we ban marketing tobacco and alcohol to minors, if that is largely okay with everyone, we should consider extending it to ban marketing -anything- to minors.

When I hear someone say 'the system,' I wish they would be more specific.

I think a small group of corporations being in direct control of the mass dissemination of corporation serving behavioral role models and information is a problem that needs to be addressed in order ensure the quality of freedom in the marketplace.

Taking the oceanic volumes of weapons grade, artificial psychological pressure off the kids seems like a great place to start.

[tonyedgecombe]

When listings for unskilled or low skilled jobs state things like "must have a degree and be able to life 50 lbs" then I think you can conclude there is a problem with the system.

Blaming the parents or primary school is useless because this person had no control over who their parents were or what school they went to.

I'm glad you had some self awareness at 18 but that isn't the norm as we can see from the rising student debt.

[astura]

I just can't get behind the idea that 18 year olds are nothing but drooling idiots who can't understand anything they are doing and student loans are something that "just happens" to people.

I knew full well what I was doing when I took out my student loans. I knew how much I was borrowing. I knew it would have to be paid back. I knew loans would have to cover both tuition and living expenses because I had no savings and I knew my parents weren't going to help very much. I also knew I could reduce my loan burden by starting at community college and/or going to state school. I still went to private school for my entire degree.

While it was scary to jump into my adult life with debt, and it was a bit of a leap of faith, the risk was obviously worth it, both at the time and definitely in hindsight. Once I graduated I put my head down and aggressively paid off my student loans, kept living like a college kid until they were paid off.

[abdulmuhaimin]

Its not like you have gun pointing to your head when making the decision to take the loan.

Be responsible. At 18 you're not a kid anymore

[LoSboccacc]

don't the majority of 18yo guys have parents or adults around they can refer to in helping their decision?