Cool. Picking on people who are already hurting, again. At least they’re consistent?
How are they going to collect from people who don’t have money or assets?
They’ll just bring back the debtors’ prisons.
Or mandatory service.
Huge gift to student borrowers. Just default on your loans and take the hit to your credit.
They can not only garnish your paycheck but also your social security aka retirement money…
They could if they weren’t selling the debt to collection agencies. That’s the hack. Take the hit to your credit, maybe a civil suit to get a little out of you, but don’t bother paying the collection agency. Just refuse to talk to them.
Hold up private collections? Sorry I missed that one. Do you have a link on that? I haven’t seen that stated yet
Oh nope, my bad. I didn’t read the article. I guess we’re all fucked.
With the amount of fucking stupid going on you never know anymore lol. I mean only 38% of people are current on their federal loans apparently so it’ll be fine…….
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Doesn’t this give a 7 year path to full default and erasure or something similar that federal loans wouldn’t have?
Nope. With student loans you’re stuck with them no matter what.
Edit: appears they will be going into federal garnishment, not private collections.
Right, but once they are taken by a private collections company, would they still carry that with them? I assume at some point the collections company actually buys out the loan in hopes of collecting more. Once they buy out the loan, they are owed, but at this point it’s arguable the non-defaultable student loan was paid.
