Quote:
Originally Posted by freemkt
I had some student loan debt in default and an ongoing garnishment that left me living at 99 percent of poverty level.
Student loan borrowers not in default can skate payment-free with income up to 150% of poverty level, through income-driven repayment programs - and have the remaining balance forgiven after 20 or 25 years.
Enforced payment proves that low income defaulters can afford to make these payments, so why should borrowers not in default get to make no payment at higher income levels?
Or it can be viewed from the other direction: If borrowers below 150% of poverty level are considered too poor to afford monthly payments, how can enforced payment be affordable to lower-income defaulters?
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You're living at 99 percent of poverty level because you never used the degree that you borrowed for to get a job that paid more than poverty wages.
Your loan is over 30 years old. I'm assuming that the rules that you borrowed under determined the conditions?