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this post was submitted on 24 Jul 2024
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Asklemmy
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Realistically each bank will take that student / those students to court and have their wages garnished.
If it were one student the bank might write the debt off or they might send it to collections or a combination.
If it’s a ton of students they won’t take the hit in the pocket book. They will pursue it with all legal means.
the bank i used for one of my student loans came after me with legal action like this after my 3rd layoff and they'll use every single legal bit of legal fuckery they know to maximize your stress and to make sure that you cannot afford to put up a defense.
also the federal government gives them carte blanche to your finances once they win and permanent-for-life rules (both thanks to biden) so that they can keep coming at you for the rest of your life until you die.
Most banks probably are not going to write off many student loans. They can pretty much go after it for life and the loans usually cannot be discharged.
Absolutely, student loans are one of the pillars holding up the Wall Street machine. That’s like throwing away free money.
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