Vehicle repossessions are rising. So are defaults on federal student loans, which carry penalties which can impact a consumer’s credit for life, even after IRS seizure of refunds, income and assets. Consumer credit debt is at the highest level in history while income remains stagnant. Home sales a…
This is a huge one. How does a person ever get over a default? There is literally no way. Even if you file for bankruptcy student loan debt can’t be discharged. If student loans impact credit, and creditworthiness is used to determine whether a job applicant gets a job, then how does someone with a loan for a degree that never paid itself off get out of the hole?
America is one stupid country, so freaking punitive. Defaulted federal student loans will never be recovered if people aren’t allowed to go back into the workforce without penalty to repay their debts. I’m sure most decent people want to pay their debts. They also need to buy water, food, and shelter to be able to work so they can repay their student loan debt.