It happened again today. I’d mentioned having trouble sleeping, worrying about my student loans. A coworker said “Can’t you just send them a little bit each month?” So many folks don’t understand just how cruel the laws are. When trying to educate people on why the laws need changing, I’ve been asked this question repeatedly. Folks assume that student loans have basic consumer protections, like most unsecured debt. They used to. But they don’t any more, not since the laws were changed in major ways in 2005.
I explained that it wouldn’t work. I told her that if I don’t come up with the money, under current law, they could just garnish my paycheck for the full amount. Unlike other types of debt, student loan lenders don’t need a court order to garnish wages.
My coworker then asked if I could moonlight to pay them? She knew I tried it for months a while back. Unfortunately, I couldn’t make enough money to pay the loans. And my health suffered from working all those hours, so I had to go back to “just” full time. I also told her I would have to work two jobs until I was 85 to finish paying!
If you agree with me that the laws need to be changed, talk with people. They aren’t going to understand how bad it is until someone tells them.