- Joined
- Jul 2, 2014
- Messages
- 3,336
- Reaction score
- 5,897
Your amorality is chilling.
In the hypothetical you have now described, you are talking about private commercial loans. Which can be defaulted upon ruthlessly. However, as you note, the banks are aware of this risk for fraudulent behavior. That is why such loans are nearly impossible to obtain under the terms that would make them available for use by students.
This doesn't need to stay hypothetical. If you have the creditworthiness and the asset base to convince a bank or other private lender to float you hundreds of thousands of dollars with easy repayment terms on no collateral, you can then use those funds to pay for medical school with the full intent to default (which still technically makes it fraud, and thus illegal.) But you might find a lender foolish enough to do that deal with you... and if you did, and then defaulted and filed bankruptcy... assuming you were able to find a judge willing to overlook your obvious intent to defraud, then yes, you could have that debt discharged in bankruptcy. And then, possibly, go on to practice your profession and make mad cash with no debt.
However, you will find that such loans don't exist for a reason. You are that reason.
Government-backed student loans basically represent having Uncle Sam as your co-signer. And Uncle Sam, he doesn't like it if you default, not at all. He makes sure people like you can't cheat so easily, which means that student loans are widely available for all the people who really are creditworthy, but just haven't had an opportunity to prove it yet.
