Wednesday, December 05, 2012

You WILL Pay that Student Loan!

The sophisticated racketeering system between colleges and the Feds, which has given a Gold AmEx card to the colleges, is now entering Phase 3.

...In an attempt to streamline the whole process, a soon-to-be-introduced bill would replace the current system of debt collection with automatic payroll deductions tied to the borrower’s income....

Well, it'll certainly increase the number of 1099 employees, until such status is outlawed.

HT:  Vox

 

7 comments:

Gregory said...

Debt Slaves.

Jim said...

Since a borrower cannot discharge these student loans through bankruptcy, what is your objection to collecting on a sliding schedule so that the borrower can have a decent standard of living AND pay back the loan?

Dad29 said...

Who determines the "scale"?

Jim said...

I don't know, maybe the same people who figure out your withholding?

Anonymous said...

You could have stopped with "I don't know," because you certainly do not.

Jim said...

That's why I offered an educated guess with a question mark, non. But who cares who does it? Any sliding scale would be better than a draconian fixed amount which would severely limit the borrower's spending power.

Anonymous said...

Looks like Dad's parish priest is posting his late night fantasies again...