2014 wrote:I really doubt they just up and axe IBR (though I've seen stupider things).
So let's say they do get rid of it and start "making you pay". Well great, now a large amount of people are faced with a loan payment that is more than half of their pre-tax income. Bankruptcy doesn't do shit so faced with no other choice they default. What happens then? The government garnishes a certain percent of their disposable income? Oh wait, that is exactly what IBR does just minus months of red tape to get there.
I would think our esteemed congressmen would realize this and figure out another solution. Probably one that allows student loans to be discharged, penalizes schools for being retarded and hiking tuition to obscene levels as salaries barely rise with inflation, or whatever.
Then their credit is absolutely shot. Good luck living with that for the rest of your life while trying to have a middle-class lifestyle. Then the lender sells your info to a debt collection company that hounds you into oblivion.
It's a dumb system and it looks like it won't be fixed anytime soon and may even get worse. The only way to win is not to play.