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5 million student loan borrowers face mandatory collections starting May 5 (abcnews.go.com)

submitted 2 weeks ago by return2ozma@lemmy.world to c/usa@lemmy.ml

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[–] TrippyFocus@lemmy.ml 5 points 2 weeks ago* (last edited 2 weeks ago) (1 children)

Kvaal said defaults can be “tragic” for borrowers. In some cases, Kvaal said, defaults can negatively impact credit scores and future student aid, and several states revoke driver’s licenses over defaults.

Wish there was a list of states in the article because that’s just terrible policy. Revoking drivers licenses in a country with terrible to non existent public transportation basically means you’re guaranteeing they won’t have the income to pay you back.

Guess cruelty is the point tho.

[–] mesamunefire@lemmy.world 4 points 2 weeks ago

Its also going to affect their ability to pay long-term....which will hurt some companies bottom line.