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coffeesp00ns · 2286 days ago · link · · parent · post: The looming student loan default crisis is worse than we thought
I realize much of the student loans of the US are from banks, but aren't you like, not able to default on your government student loans in the US? When i was going to school in OH a friend told me this was the case. I heard stories of wage garnishing, inability to access services, etc.
johnnyFive · 2286 days ago · link ·
It's all loans, thanks to a pro-corporate overhaul of the Bankruptcy Code back in 2005.
I thought the same thing, but it is easier paying off your indulgence/student debt when you've defaulted on all other debts.
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If you default on your house, they take your house. If you default on your car, they take your car. If you default on your student loan, they take your livelihood.