http://sjlendman.blogspot.com/2011/01/permanent-debt-bondage-from-americas.html
If you cannot pay your student loan because you have no money:
Congress ended bankruptcy protections, refinancing rights, statutes
> of limitations, truth in lending requirements, fair debt collection ones,
> and state usury laws when applied to federally guaranteed student loans.
> As a result, lenders may freely garnish wages, income tax refunds, earned
> income tax credits, as well as Social Security and disability income to
> assure defaulted loan payments. In addition, defaulting may cause loss of
> professional licenses, making repayment even harder or impossible.
> of limitations, truth in lending requirements, fair debt collection ones,
> and state usury laws when applied to federally guaranteed student loans.
> As a result, lenders may freely garnish wages, income tax refunds, earned
> income tax credits, as well as Social Security and disability income to
> assure defaulted loan payments. In addition, defaulting may cause loss of
> professional licenses, making repayment even harder or impossible.
Moreover, under a congressionally established default loan fee
> system, holders may keep 20% of all payments before any portion is applied
> to principle and interest due. A borrower's only recourse is to request an
> onerous and expensive "loan rehabilitation" procedure, requiring extended
> payments (not applied to principle or interest), then arrange a new loan
> for which additional fees are incurred.
>
Around 40% of borrowers were delinquent within a
> five year repayment window. Almost one-fourth of them postponed payments
> to avoid delinquency. However, doing so made their interest and overall
> debt burden more onerous because escape is impossible.
> system, holders may keep 20% of all payments before any portion is applied
> to principle and interest due. A borrower's only recourse is to request an
> onerous and expensive "loan rehabilitation" procedure, requiring extended
> payments (not applied to principle or interest), then arrange a new loan
> for which additional fees are incurred.
>
Around 40% of borrowers were delinquent within a
> five year repayment window. Almost one-fourth of them postponed payments
> to avoid delinquency. However, doing so made their interest and overall
> debt burden more onerous because escape is impossible.
Stephen Lendman lives in Chicago and can be reached at
> lendmanstephen@sbcglobal.net. Also visit his blog site at
> sjlendman.blogspot.com and listen to cutting-edge discussions with
> distinguished guests on the Progressive Radio News Hour on the Progressive
> Radio Network.
> lendmanstephen@sbcglobal.net. Also visit his blog site at
> sjlendman.blogspot.com and listen to cutting-edge discussions with
> distinguished guests on the Progressive Radio News Hour on the Progressive
> Radio Network.
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