I wonder if some form of garnishment agreement would be better. Still own on you student loan then the job applicant would be required to notify the employer of the outstanding debt and the employer agree to making the garnishment withholding.
We might want to set a some moratorium on interests—put that on hold at some point (without any hidden accruals) and then once the person is employed give them a year or two before the interest kicks in again.
Garnishing wage income happens already. In the UK, that’s the actual repayment mechanism for most. In this US, it’s a collection option if the loan is in default.
Look, if prices are as ludicrously high as they are, and this is a loan rather than a subsidy, you can’t make it less onerous without recovering that loss (for the lender; gain for the defaulting borrower) somehow (charging higher rates to those who DO pay, basically).
I wonder if some form of garnishment agreement would be better. Still own on you student loan then the job applicant would be required to notify the employer of the outstanding debt and the employer agree to making the garnishment withholding.
We might want to set a some moratorium on interests—put that on hold at some point (without any hidden accruals) and then once the person is employed give them a year or two before the interest kicks in again.
Garnishing wage income happens already. In the UK, that’s the actual repayment mechanism for most. In this US, it’s a collection option if the loan is in default.
Look, if prices are as ludicrously high as they are, and this is a loan rather than a subsidy, you can’t make it less onerous without recovering that loss (for the lender; gain for the defaulting borrower) somehow (charging higher rates to those who DO pay, basically).