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
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7 comments:
Debt Slaves.
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?
Who determines the "scale"?
I don't know, maybe the same people who figure out your withholding?
You could have stopped with "I don't know," because you certainly do not.
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.
Looks like Dad's parish priest is posting his late night fantasies again...
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