Based on the comments there might have been some confusion on my stance with respect to bankruptcy for student debtors.  If I were king of the world I would certainly grant student debtors bankruptcy protection AS WELL AS instituting a policy capping payments as a percentage of gross income as well as setting limits in terms of how long payments could be required to continue.  I would appoint Alpha Man as “student loans czar” and let him have at it.

Where I disagree with Alpha Man is with respect to the wisdom of spending our finite resources campaigning for renewed bankruptcy protection given the history of student loans and given alternatives like the President’s proposal.  I simply don’t think it’s realistic that these giant profit mills are going to take it from both sides, aka taking on the added risk of bankruptcies AND the added risk that individuals will only repay a portion of their loans over the course of the allotted time with a restraint on the amount of a student’s accessible gross income.  I just don’t see it.

Of course I supported Secretary Clinton in the democratic primaries, not because I preferred her as a candidate but because I honestly didn’t think this country would elect President Obama.  But look, here we are.  I certainly don’t want to rain on anyone’s parade or steal anyone’s thunder.  I would certainly sign a petition for bankruptcy protection, vote for candidates in favor of it, etc.  When it comes to the day-in day-out advocacy that it would take to get that something like that passed, I’m not sure if I add my name to that list.

To use another political metaphor – student bankruptcy protection is like the public option for health care.  Everyone knows it’s a good idea.  But where decent people can disagree is whether you hold fast for the public option and risk losing health care reform entirely or if you take what you can get when you can get it.  I am in the latter camp.  Let’s get a cap on the gross income a student can be required to devote per month to student loan payments and let’s get a twenty year time limit on these things.