The better, correct term is, “resuming regular collection.”
This is just what is expected no? The abnormal behaviour was the pause on repayments. Which contextually made sense.
If I default on a loan, a bank can totally garnish my wages if I do not or refuse to pay it back. How is this any different? Was there ever an expectation of not paying back a loan they signed up on?
Hell, they could do much worse, a bank could recall the loan in full, and without means, to pay they could take all my assets by court order. This is not being done here. Which is much better. Worse case could be jail time which won’t happen here as far as I read here and elsewhere.
Not sure where you are from. You can declare bankruptcy and restructure a normal loan or take a full on credit penalty for the next decade which severely restricts you from borrowing. It depends on your state laws and what chapter you file under . Yes they can take assets to pay the loan but in some states certain assets are restricted from being part of payback. Student loans are not normal loans and are outright predatory. You cannot declare bankruptcy if you fall upon hard times to help make it more reasonable to payback if not eliminate it.
If someone wanted to have a decent career and life, and signed for some student loans not really grasping the implications, and now they’re subject to neo-slavery for the bulk of the part of their adult life when they’re even trying to get themselves established, that’s fucked. Especially since a lot of the time, the promised job security that was supposed to provide the income to pay back the loans hasn’t materialized, and a variety of interest and related fuckery have come into the picture to mean that they’re on a more or less neverending treadmill of servitude they didn’t sign up for.
There are wide varieties of scenarios where a democratic government is supposed to step in and realize that even though “the rules” are being followed, the outcome is horribly unjust, and they fix it. Forgiving student loan payments is one of the obvious ones of those in the modern day. “The rules” is just something we all made up.
Just because it’s written down, doesn’t make it right.
The better, correct term is, “resuming regular collection.” This is just what is expected no? The abnormal behaviour was the pause on repayments. Which contextually made sense.
If I default on a loan, a bank can totally garnish my wages if I do not or refuse to pay it back. How is this any different? Was there ever an expectation of not paying back a loan they signed up on?
Hell, they could do much worse, a bank could recall the loan in full, and without means, to pay they could take all my assets by court order. This is not being done here. Which is much better. Worse case could be jail time which won’t happen here as far as I read here and elsewhere.
Not sure where you are from. You can declare bankruptcy and restructure a normal loan or take a full on credit penalty for the next decade which severely restricts you from borrowing. It depends on your state laws and what chapter you file under . Yes they can take assets to pay the loan but in some states certain assets are restricted from being part of payback. Student loans are not normal loans and are outright predatory. You cannot declare bankruptcy if you fall upon hard times to help make it more reasonable to payback if not eliminate it.
If someone wanted to have a decent career and life, and signed for some student loans not really grasping the implications, and now they’re subject to neo-slavery for the bulk of the part of their adult life when they’re even trying to get themselves established, that’s fucked. Especially since a lot of the time, the promised job security that was supposed to provide the income to pay back the loans hasn’t materialized, and a variety of interest and related fuckery have come into the picture to mean that they’re on a more or less neverending treadmill of servitude they didn’t sign up for.
There are wide varieties of scenarios where a democratic government is supposed to step in and realize that even though “the rules” are being followed, the outcome is horribly unjust, and they fix it. Forgiving student loan payments is one of the obvious ones of those in the modern day. “The rules” is just something we all made up.
Just because it’s written down, doesn’t make it right.