• joekar1990@lemmy.world
      link
      fedilink
      English
      arrow-up
      22
      ·
      edit-2
      1 year ago

      The way student loans are structured you can’t not pay them. Don’t pay your loans and default, we’ll get your wages garnished. You get a tax refund normally, well they’ll take that. Oh you are on government assistance well they’ll cut the amount you get. Want to declare bankruptcy sorry still gotta pay the loan.

      It will only be worse for incoming freshmen since the rates will now be between 5.50-8.05% last I saw.

      No matter what people who lent money for student loans will get paid unless the whole system changes and judging by those in charge there is a snowflakes chance in hell that happens unfortunately.

    • drewdarko@kbin.social
      link
      fedilink
      arrow-up
      10
      arrow-down
      1
      ·
      1 year ago

      So don’t pay and make them work for it.

      With the labor shortage right now it would be expensive for loan collectors to hire enough workers to track down and force payments if people stop paying on a large scale.

    • NatakuNox@lemmy.world
      link
      fedilink
      arrow-up
      4
      ·
      1 year ago

      Can’t get blood from a stone. Mass Garnishment will just result in crime and tax evasion. If defaults happens on a large enough scale it’ll be impossible and political/economic suicide.