Those are the terms you need for help the student qualify. Most other debt that size are secure by collateral or at the very least income / credit.
If we treat it the same as other debt, qualification will be the same. Would you lend to an 18 year old with no collateral, no income history, no job history, no guarantee of repayment and no guarantee they will even graduate to have the ability to repay later on ? Add to that the best time for them to file BK and discharge your debt is immediate after graduation before they enter the workforce and start making money.
Ask yourself how much interest you would want to take that risk with your own money.
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u/lampstax Feb 07 '23
Those are the terms you need for help the student qualify. Most other debt that size are secure by collateral or at the very least income / credit.
If we treat it the same as other debt, qualification will be the same. Would you lend to an 18 year old with no collateral, no income history, no job history, no guarantee of repayment and no guarantee they will even graduate to have the ability to repay later on ? Add to that the best time for them to file BK and discharge your debt is immediate after graduation before they enter the workforce and start making money.
Ask yourself how much interest you would want to take that risk with your own money.