return2ozma@lemmy.world to News@lemmy.world · 11 months ago62% of Student Loan Borrowers Say They're Likely to Boycott Repaymentswww.commondreams.orgexternal-linkmessage-square166fedilinkarrow-up1469arrow-down125cross-posted to: workreform@lemmy.world
arrow-up1444arrow-down1external-link62% of Student Loan Borrowers Say They're Likely to Boycott Repaymentswww.commondreams.orgreturn2ozma@lemmy.world to News@lemmy.world · 11 months agomessage-square166fedilinkcross-posted to: workreform@lemmy.world
minus-squareRiyria@sopuli.xyzlinkfedilinkarrow-up16arrow-down1·11 months agoThey 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.
minus-squareTheWoozy@lemmy.worldlinkfedilinkarrow-up1arrow-down2·11 months agoYour income is the collateral. The banks will take it.
minus-squareRiyria@sopuli.xyzlinkfedilinkarrow-up3·11 months agoNo, your income isn’t collateral. Garnishment is sought because there is no collateral to claim. Collateral is explicitly put up to guarantee a loan.
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.