Albert Martinez-Arizala University of South Florida Student Loan Crisis Essay Student loans are an economic burden that are more recently plaguing society. 50 years ago, the country wasn’t plagued by over a trillion dollars in student debt, that is likely due to society not pursuing higher education as high as today and costs of university and living rising. Amending the bankruptcy code to allow discharge of student loans would not be a viable solution in the short run but in the long term I honestly believe it can reduce the amount of people going into massive debt that they can’t handle. In the short term it will relive consumers currently under debt and give student loan companies massive losses. I believe that if student loans are allowed under bankruptcy they will become riskier and the more risk there is to them to more expensive and harder to obtain they will become. When companies see someone taking on a major that may not return a profitable job to allow them to pay back their loans they may just not approve them. Companies will rely more on majors and what you are studying providing less risk to them. This will decrease the supply of student loans thus increasing the prices. There are negatives and positives to allowing bankruptcy to student loans. The positives are less risk for students and less overall debt incoming. The negatives are that their will be higher prices for loans, not everybody will be able to attend school due to new requirements, loans will become more limited disabling many people who can’t afford to go to school from being able to go. My solution would be to lower interest rates on student loans, so people can make payments on their principal instead of just the interest. Lowering the cost of higher education would also decrease the amount of student loan debt. In my opinion people who have pointless degrees should not be able to take out government loans. People who are studying productive jobs that have high returns and high job outlook. They amount you are able to borrow should depend on the job outlook and if you would actually be able to pay back these loans after you graduate. The best solution to tackle to student debt crisis is not to allow bankruptcy but to consider a persons major, how much they are borrowing a reasonable amount should be estimated based on their future jobs salary outlook. This will lower the amount of money being borrowed as well as providing a type of system that actually prevents students from obtaining debt they cant pay back.