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madville

(7,853 posts)

9. They could confiscate Social Security payments

Reply to kpete (Original post)

Tue Apr 22, 2014, 04:44 PM

Apr 2014

It would be a win-win for the Feds, collect a lifetime of interest on the student loans and then confiscate the person's social security checks later to cover the remainder of the debt.

They could make money for decades on the interest and then not have to payout social security either.

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Highlight:

"These New SAT Questions Are A Little TOO 'Relevant'" [View all] kpete Apr 2014 OP

LOL, that's a good one. K&R Electric Monk Apr 2014 #1

$80,000 loan at 8% interest? Art_from_Ark Apr 2014 #2

Sorta not possible. Max federal student loans are about $27k spread over 4 years. MissB Apr 2014 #3

But you are only talking about federal student loans, right? Art_from_Ark Apr 2014 #4

Very true. But kids need a cosigner for the private ones, since no credit history exists. MissB Apr 2014 #5

I graduated 20 yrs ago w/$75K debt at 8% interest.... mike_c Apr 2014 #6

Wow - when I read your post I thought that couldn't possible be right whopis01 Apr 2014 #8

my payments are actually closer to $750/month.... mike_c Apr 2014 #10

It really is amazing. whopis01 Apr 2014 #11

Great cartoon Gothmog Apr 2014 #7

They could confiscate Social Security payments madville Apr 2014 #9