Why is this the first I'm hearing of this???? Shouldn't someone have sounded the alarm, warning that this was coming down the pike? Did nobody have the forsight or imagination to even consider this a possibility? Had this problem been addressed. . .oh, I don't know. . .say, in January of 2009, our leaders in Washington probably could have done something about it. Moreover, had they truly wished to stimulate the economy and get the middle class spending again, they could have used this very crisis to their advantage. If only someone had recognized this looming crisis and done everything in their power to convince our elected officials that this was a problem of immediate concern with far-reaching implications for the entire economy. Brace yourself. . .it's coming.
The article mentions a number of the highly punitive aspects of defaulting on student loans but leaves out another which is more detrimental to one's financial well-being than having one's tax returns seized and one's wages garnished, and that is having access to your college transcripts blocked and, in the case of professional licenses, such as teaching certifications, having those revoked!! So then you are effectively blocked from trying to get ahead in a professional job that might at some point enable you to start paying back your loans. I'd honestly say, you're better off owing the mafia money than the gov't. At least the mafia will just break your knee caps or send you off to sleep w/the fishes (thereby putting you out of your freaking misery), rather than having an entity that is supposed to exist to protect your rights and make your life better and safer, utterly and completely destroy you.
