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<blockquote data-quote="Copabanana" data-source="post: 751309" data-attributes="member: 18958"><p>Actually, the banks got more than 200 percent on their loans because they got the principal and they got 100 percent more from the penalties and then they got whatever interest the borrower had paid prior to the default. There was no benefit or incentive for the lender to work anything out. It was pure shaming and constant phone calls and letters arriving that were punitive and scary. I found myself just trying to avoid the whole thing, rather than logically trying to work something out.</p><p></p><p>The thing about student loans is this: people want a good future. They attach themselves to a goal that they feel will bring it about, with an intensity that feels, do or die. It's not necessarily rational. And then when that future comes, they want other things, like a family, a child. Or a house.</p><p></p><p>And they have saddled themselves with this debt. That is the situation millions and millions of people are in, and why I think some of the presidential candidates are making this problem central to their campaigns.</p><p></p><p>I will say it again: Student loan debt is a form of a debtor's prison. Charles Dickens wrote about conditions such as this. It's still happening.</p></blockquote><p></p>
[QUOTE="Copabanana, post: 751309, member: 18958"] Actually, the banks got more than 200 percent on their loans because they got the principal and they got 100 percent more from the penalties and then they got whatever interest the borrower had paid prior to the default. There was no benefit or incentive for the lender to work anything out. It was pure shaming and constant phone calls and letters arriving that were punitive and scary. I found myself just trying to avoid the whole thing, rather than logically trying to work something out. The thing about student loans is this: people want a good future. They attach themselves to a goal that they feel will bring it about, with an intensity that feels, do or die. It's not necessarily rational. And then when that future comes, they want other things, like a family, a child. Or a house. And they have saddled themselves with this debt. That is the situation millions and millions of people are in, and why I think some of the presidential candidates are making this problem central to their campaigns. I will say it again: Student loan debt is a form of a debtor's prison. Charles Dickens wrote about conditions such as this. It's still happening. [/QUOTE]
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