As resumption of educational debt repayment looms, more than 7 in 10 borrowers say they are taking on extra work, while half say they don't know whether they'll be able to make payments come October.
They will take your house. As someone else said, with student loans there is no collateral. With a mortgage, your home is collateral, so you will forfeit it.
And it starts to be a strain when enough people refuse to pay. If it takes multiple court cases, amd there are a few thousand in a court’s district, it’s going to get where you can’t do anything else because of all the student loan repayment cases.
Plus the possibility of it going to heck. They screw up somewhere, lose, and it multiples. Everyone who took out a loan in PA in 2006 is now eligible to get it discharged for example.
What debt collectors and traffic court people don’t want you to know is that as long as you are willing to fight them chances are you will eventually win. And once someone wins a single time it gets established. There was a reason for a while Uber settled everything out of court.
We are going to see an army of lawyers over the next few years suing the government over this while the US government has to spend more and more to get less and less.
Let’s all do this with our mortgage payments
They will take your house. As someone else said, with student loans there is no collateral. With a mortgage, your home is collateral, so you will forfeit it.
Your income is the collateral. The banks will take it.
No, your income isn’t collateral. Garnishment is sought because there is no collateral to claim. Collateral is explicitly put up to guarantee a loan.
Bad move; the house is collateral. The bank can’t foreclose on an education, they definitely can take the house.
Nope, but they sure can garnish wages, claiming they’re entitled to it since they paid for the education that lead to the job
Yeah after multiple trials and appeals.
And it starts to be a strain when enough people refuse to pay. If it takes multiple court cases, amd there are a few thousand in a court’s district, it’s going to get where you can’t do anything else because of all the student loan repayment cases.
Plus the possibility of it going to heck. They screw up somewhere, lose, and it multiples. Everyone who took out a loan in PA in 2006 is now eligible to get it discharged for example.
What debt collectors and traffic court people don’t want you to know is that as long as you are willing to fight them chances are you will eventually win. And once someone wins a single time it gets established. There was a reason for a while Uber settled everything out of court.
We are going to see an army of lawyers over the next few years suing the government over this while the US government has to spend more and more to get less and less.
They can take my diploma but I do t want them to take my house