Monday, February 6, 2012

Student Loans, Social Security and Debts You Carry for Life

Put on your monocle and top hat and pretend you are part of the 1% for a minute. Your first task is to write a set of legal codes about the collection of debt in this country, specifically student debt. And you want to be kind of a jerk about it. What’s the one thing you could do for student debt that you don’t do for any other type of debt, one that would radically shift the relationship between student loan creditors and debtors both practically and symbolically?

How about this, from the Debt Collection Improvement Act of 1996: “Notwithstanding any other provision of law… all payments due to an individual under… the Social Security Act… shall be subject to offset under this section.” Read more....

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