As in Collections will begin. Student loan borrowers at risk of wage garnishment in January
Five million people are in default on student loans, with the Dept. of Ed saying it may swell to 10 million soon.
The Trump administration will start garnishing the wages of student loan borrowers in default in early January, a spokesperson for the U.S. Department of Education confirmed to CNBC on Tuesday.
Collections were halted at the start of the pandemic lockdowns. (Hat tip to Don Surber.)
A young man argued to me that a college degree benefits society at large, therefore society should pay the loan for that degree.
ReplyDeleteOf course he had a student loan.
That society, through govt, did offer the loan below market, with easy terms, was not beneficial in his eyes. He would not admit there is value in that. Nor would he admit that govt being lax on enforcing repayment was tantamount to a benefit to the borrower.
I reminded that it was he who applied voluntarily and had signed on the dotted line. I asked if one should not be held to account? His answer was not if repayment is too difficult. To which I asked, then what is the value of the degree? Besides, the govt is incredibly easy on reworking the terms and offers low rates.
I asked how often does he go to restaurants, buy luxuries like that store bought overpriced coffee and sandwich he was holding. The evidence needed no answer. However he did say that repayment was not difficult for him, therefore he felt justified in indulging such luxuries.
I was bewildered. Here is a man with student loan, no difficulty in repaying (allegedly), yet arguing that the borrower should not be on the hook.
My only explanation is he perceives this as class struggle. The borrowers are in a class and are therefore oppressed. Though he himself experienced no difficulty (allegedly) he is a member of that class. Therefore he must stand for his brethern. His identity lay more with that class than with the society he ostensibly is part.
This is yet another iteration of the infestation of Marxist ideaology in America.