A GOP proposal could snatch your student loan payment right from your paycheck

[Ol’Otis]

The government could soon grab your student loan payments right out of your paycheck

• Lawmakers are proposing a massive overhaul to the student debt system.
• Borrowers' monthly loan bills would be automatically deducted from their paychecks.
• The plan quickly drew criticism from consumer advocates, who called it "mandatory wage garnishment."

hept27 | iStock | Getty Images
Student loan borrowers would have their monthly bills automatically deducted from their paychecks if a Republican-backed proposal becomes law.

Sen. Lamar Alexander, R-Tenn., chairman of the Senate Health, Education, Labor and Pensions Committee, laid out the details of the massive overhaul to the student loan system in a speech earlier this month. The changes could affect some 40 million people.

Average debt at graduation is currently around $30,000, up from $10,000 in the early 1990s. The country's outstanding student loan balance is projected to swell to $2 trillion by 2022.

 

[Ol’Otis]

Currently, borrowers are matched with companies that administer the federal student loan programs, and they have some 14 different ways to repay their education debt

Under Alexander's proposal, there would be just two repayment routes: one in which borrowers' monthly bills are capped at 10 percent of their discretionary income and another that spreads their payments out over a decade. Employers would be responsible for taking the funds from their employees' paychecks and sending them to the government. (Of course, student loan borrowers currently can set up automatic payments with their lender. They also typically get a discount on their interest rate for doing so.)

"I think this proposal is likely to become law, after some tweaks," said Mark Kantrowitz, a student loan expert.

 

[Formerly Black Trash]

I don’t think even the GOP could get away with that

 

[Donald J Trump]

GOP really tryna tank the economy

 

[Blankthawtz]

mean while...other countries enforcin free tuition for college students....

 

[Ya' Cousin Cleon]

"you want people who work for a living to have the possibility to enrich themselves with other fields of study....for free!?!"- TLR bootlickers


but I can see this passing through. Good luck to any brehs who got student loans, if anything this should just be another reason people need to hop off line and start pulling up on these cacs like they did last summer

mean while...other countries enforcin free tuition for college students....

 

[Akata Man Bromo]

 

[Ol’Otis]

they doing too much

 

[Formerly Black Trash]

I’d use my sick days and protest

 

[CashmereThoughts]

I’d use my sick days and protest

You think the feds couldn’t snatch your income that was paid under Sick time?

 

[ORDER_66]

I don’t think even the GOP could get away with that

have you seen the laws the GOP has made in the name of money on this planet breh???

 

[Strapped]

mean while...other countries enforcin free tuition for college students....

Capitalism what don't you understand about it

 

[Ya' Cousin Cleon]

"look I'm pro-black but we need some people to be poor ya know?"

Capitalism what don't you understand about it

 

[Formerly Black Trash]

have you seen the laws the GOP has made in the name of money on this planet breh???

Do u know how many broke ppl would be pissed?

 

[ORDER_66]

Do u know how many broke ppl would be pissed?

what?!? I don't understand...