Why should you be able to default? They have NOTHING to get from you other than the threat of ruining your credit. If you default on your house they take it, which is the teeth of the agreement. If you default on your car you lose it, again that is the teeth.
What can these companies do? Are they going to take your diploma away?
The truth is student loans have helped cause the largest explosion of education the world has ever known. This man (NOT a kid) couldn't control his expenses... I have little sympathy.
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Garrett Mockler filed for bankruptcy protection in December 2004, after months of struggling to make payments on credit cards as well as on $40,000 in student loans. He was working multiple jobs as a teacher, dancer and choreographer in Los Angeles after earning a Master of Fine Arts in 2003.
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Easy life choice.. he stayed around college beyond getting his bachelors degree. I couldn't afford to stick around and immediately get my Masters, so I'm working. Hundreds of Thousands of graduates make this decision based on economic reality... he's too good for it and expects our sympathy? Get in the working world as a teacher and any school system will pay the majority of the money to get the masters.