re: US Marshals arresting people for not paying their federal student loans

southfork?

lucy ewing?

Don't worry, I was just teasing

quote:

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We should have declared the Wall St bailout money we gave out as uncollectable too. Those banks were really struggling to make ends meet.

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Yep. I especially like all of those 8 figure bonuses the top brass of those companies took shortly after. Those people are just fine though. Nothing to see there.

I agree that the student loan debt should be collected. There has to be a more efficient way to do this without it costing the taxpayer more money. Maybe being a bit more realistic in educating the 18 year old applicant would help.

An automatic garnishment after a year or two of grad or, non-participation would help this. Not a full payment. Just a percentage based on some kind of sliding wage scale. Then the rest affecting your credit in a certain way if you don't eventually grow to the fixed payment by a certain time. Not to where you can't rent or get a used vehicle. I'm talking about limiting your ability to purchase a house or luxury items like the guy in Houston clearly has.

The student loan would have its own stipulation compared to accrued credit and other credit debt. It would show up at the top of every credit report. That way creditors and applicants know their limitations before they can access these things. Maybe a little motivation comes out of that.

It's just an idea. It could be off base.

Instead of years upon years of fees and interest stacking up to the point of making this a bad situation for all parties. It's too easy for people to just put it on the back burner with the unrealistic thinking that they'll eventually be able to pay. That's what most people in this situation do. Then a life event happens and they're screwed. If they would have at least been paying the auto-gar, then the government would have more money by that time.

Either way, the current approach is not working.