.. assuming nothing else changes. Which is not a good assumption. Banking systems have the ability to adjust to changes in conditions , like legislation. If Fair Isaac or whomever wants to give you a 300 credit score for defaulting on your student loans, that's very much possible. Bankruptcy law can be changed in coordination with student loan law. We as a society are capable of creating reasonably dischargable loans, combined with reasonable consequences for defaulting on student loans. Lenders should have to bear some risk -- right now they bear almost none. Also I think it's hilarious that loan middlemen are called "Officers"