The effect of your kids not going to college on my life is zilch.How so? If anyone can file bankruptcy on student loans they will not be able to borrow at the rates they do now if they will qualify for a loan at all. The government is not going to be able to sustain a system where people are just allowed to file bankruptcy at any time and you know that's what will happen. Why pay back 80k or more when it costs a few K to get out of it. People are able to borrow money at a low rate because the risk is low, Make it a high risk proposition and suddenly school loans are 19% or more or you have to have some kind of collateral or a cosigner to get it any lower. Home loans are low because they use the home as collateral, How does that work for a college loan?
What did they get their degrees in?