vtsnowedin wrote:ROCKMAN wrote:
An interesting side note: not being advertised much but a potential bill being floated around Congress: force employers to automatically withhold some portion of paycheck for those with outstanding govt college loans. I think the feds are getting a tad nervous now that the total outstanding in over $1 TRILLION.
That would be fine for those that are employed but what about those that dropped out and never got a degree that qualifies them for a paying job?
The scenario I saw an article a week or two ago re a bill to deal with student loan deadbeats, was it would have some sort of means testing criteria, which in theory, would mean that the person should be able to afford to make the payments.
Given that the premise is to withhold a portion of the PAYCHECK, it follows that they'd have a paying job -- just maybe not a high paying job.
There are far too many people who try to equate they "can't" pay, with they don't WANT to pay, due to major lack of financial self discipline. This goes for bills in general, not just student loans.
I strongly suspect if there were a policy which emphasized repayment and not forgiving scofflaws who claim they couldn't afford it -- students, and their advisors, might clue in more to getting a USEFUL college degree, instead of pursuing something that sounds "fun" or "cool", and then be unable to pay.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.