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Response to Stargazer09 (Reply #7)

Thu Jun 14, 2012, 09:10 PM

8. I hear you, but let me offer a slight correction/clarification.

It's really easy to default on a student loan--just don't pay it back.

It is very hard to escape the indebtedness of a student loan. On that we agree. These days, the Federal government pays the banks what they are owed on defaulted, guaranteed student loans and then sometimes sends the IRS after the student for the cash. In most cases, the student can't repay (neither through garnishment nor withholding of income tax returns), and in those cases the government often sells the debt to debt collectors for pennies on the dollar. "We the people" pay the loan off, and the poor student gets to be hounded by debt collectors for the rest of his or her life.

Nice system we have.

-Laelth

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Arrow 9 replies Author Time Post
aggiesal Jun 2012 OP
freshwest Jun 2012 #1
Stargazer09 Jun 2012 #2
Laelth Jun 2012 #6
Stargazer09 Jun 2012 #7
LineLineLineLineNew Reply I hear you, but let me offer a slight correction/clarification.
Laelth Jun 2012 #8
Stargazer09 Jun 2012 #9
flamingdem Jun 2012 #3
aggiesal Jun 2012 #4
Smilo Jun 2012 #5
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