They got the debt, but not the degree

From The New York Times: “Michael Chaney just couldn’t pass algebra. … he owes the federal government more than $63,000 for a degree he never received. … The debt was always more than he could afford, he said, and he filed for bankruptcy in 2012. But that didn’t do anything for Mr. Chaney’s student loans, which are notoriously more difficult to discharge than other debts. In the years he spent sending money to creditors under a Chapter 13 payment plan, his student loan balance ballooned. … About 15 percent of households that owe at least $30,000 have only some college classes or an associate degree, according to the Urban Institute. Extinguishing $10,000 in debt wouldn’t make a big dent for those borrowers, though it would get them marginally closer to the finish line.”

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