Is it just me or has everyone forgotten what "bankruptcy" means?
You do not get a "get out of jail free" card here. Your assets are, well, assessed and decisions are made as to your feasible repayment futures.
IOW, if the court thinks you can pay it, it will still hold you responsible for payment.
The analogy is simple. You have crappy soil or not enough water, you are not going to get the apples you expected come harvest time. You do not chop down the tree and sell the wood to try to recoup. You simply find what you can get, and find the cheapest way to get more next year. Win/win.
Now the thing I can't understand is this: Just like with the housing loans giving $450K to Jose, Maria and their 15 kids for their first house in Atlanta, how the HELL are these loans being approved for $100K+ on majors that stand a STRONG risk of non-payment?
Culinary school, Fashion Academy et all should not be so easy to get loans for.
You apply, and get into, Cornell Engineering (hell, Rutgers Engineering), there is a low risk. You apply to Joes All Night School of "art", your bank should not be so ready to give you $20K/yr.
That was the bank playing double down on a pair of 2's in blackjack. Why do our laws say that the 2's will be responsible for paying the loss when the hand does not pay out?