Wall o' Text meet Mac OS Summarize (paragraphs, 10%):
Quote:
One woman dropped out with $55,000 in student loans and had changed her phone number three times that year so far. Two of her tax refunds had been "seized, and other debtors have had their paychecks or Social Security payments garnisheed. Over all, the government recoups about 80 cents for every dollar that goes into default — an astounding rate, considering most lenders are lucky to recover 20 cents on the dollar on defaulted credit cards."
Not enough borrowers are choosing income-based repayment, where borrowers repay with 15% of their discretionary spending for 25 years, and the rest is forgiven. Not everyone knows about it. Others simply pay nothing because it is easier. Navient tells me about this each time I visit their website. Later, the article says the repayment was reduced to 10% of discretionary spending.
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Rolling Jubilee
In a woke world, those who's debt is expunged can pay it forward until it is
all rolled up.