This "feature" exists as a sort of government-backed guarantee to the lendor that the investment will eventually be paid back. It's a large part of why interest rates for student loans are able to be reasonably low. Say what you will about the system as a whole, but I don't think this particular narrow slice is the broken part. One only has to look at credit card interest to see the otherwise going rate for unsecured debt against the poor.
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Sanders to introduce bill to end Social Security garnishment for student loan debt | Spyke
6 replies
We should do this because it is progress (and also cruel not to do it). But in an ideal world, college and trade school should be free.
All student loan debt should be absolved and all interest paid back at the expense of the banks.
Its something that should have been free in the first place.
Or at the very least, interest-free.
You're talking about making people pay for a need of theirs at a time they don't have any money ?
It goes against every moral of mine yo make them pay a dime.
How about changing it so it can be dissolved via bankruptcy like every other unpayable debt?
This "feature" exists as a sort of government-backed guarantee to the lendor that the investment will eventually be paid back. It's a large part of why interest rates for student loans are able to be reasonably low. Say what you will about the system as a whole, but I don't think this particular narrow slice is the broken part. One only has to look at credit card interest to see the otherwise going rate for unsecured debt against the poor.