Socializing risk

It is nothing short of obscene that people who took out student loans cannot have recourse to bankruptcy, which is available for other lending. Look, the idea of profit in lending is that you earned that profit by taking a risk. In a real market, lenders have to eat their mistakes, but with student loans, lenders are shielded by government protection, and only the borrowers are exposed to risk.

This needs to stop. In student loans as in other loans, the lender needs to shoulder the risk. I know--there's no collateral to be repossessed with student loans. But that's no excuse for lifetime indenture (up to and including garnishing SS payments). They don't do this in other industrialized nations.