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(Article) GOP proposal can snatch your student loan payment from your paycheck

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https://www.cnbc.com/2019/02/13/a-gop-proposal-would-snatch-your-student-loan-payment-right-from-your-paycheck.html

 

A Senate proposal would require employers to deduct federal student-loan payments from workers' paychecks. The plan — backed by the Republican head of the Health, Education, Labor and Pensions Committee — would require borrowers to choose between having 10% of income taken out of their paychecks or deducted over a decade. People can now choose between 14 repayment plans that don't require such garnishment and that are overseen by loan-administration companies. Consumer advocates say the new plan could force people to divert money from things like food and rent.

 

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Discussed in greater depth:

 

https://www.washingtonpost.com/education/2019/02/11/is-this-way-curb-student-loan-defaults/?utm_term=.700f6ddd8e8a

 

While there may be a kink or two to work out, this is a reasonable approach to a problematic situation.  The "discretionary income" basis for repayment should result in an manageable payment for more modest income graduates; the option to repay in 10 years sets a reasonable repayment term for those who achieve more desirable incomes.

 

Reliance upon debt collectors to settle defaulted debt has yielded unsavory and unsatisfactory outcomes.  This is a cleaner and more palatable option by which to ensure timely repayment of all loans.

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Good. They need to pay up instead of pi$$ing it away on PBR and American Spirits.

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