return2ozma@lemmy.world to News@lemmy.world · 1 year ago62% of Student Loan Borrowers Say They're Likely to Boycott Repaymentswww.commondreams.orgexternal-linkmessage-square166fedilinkarrow-up1468arrow-down125
arrow-up1443arrow-down1external-link62% of Student Loan Borrowers Say They're Likely to Boycott Repaymentswww.commondreams.orgreturn2ozma@lemmy.world to News@lemmy.world · 1 year agomessage-square166fedilink
minus-squareRiyria@sopuli.xyzlinkfedilinkarrow-up16arrow-down1·1 year agoThey will take your house. As someone else said, with student loans there is no collateral. With a mortgage, your home is collateral, so you will forfeit it.
minus-squareTheWoozy@lemmy.worldlinkfedilinkarrow-up1arrow-down2·1 year agoYour income is the collateral. The banks will take it.
minus-squareRiyria@sopuli.xyzlinkfedilinkarrow-up3·1 year agoNo, your income isn’t collateral. Garnishment is sought because there is no collateral to claim. Collateral is explicitly put up to guarantee a loan.
They will take your house. As someone else said, with student loans there is no collateral. With a mortgage, your home is collateral, so you will forfeit it.
Your income is the collateral. The banks will take it.
No, your income isn’t collateral. Garnishment is sought because there is no collateral to claim. Collateral is explicitly put up to guarantee a loan.