Student loans are now done by the federal government. Banks have been out of it for years since approximately 2010.Huh funny, Wells Fargo must be small potatoes.
Apparently, no one that’s why Americans have 1.5 trillion in student loans debt... hm wait that doesn’t check out.
Also ever heard of a bank garnishing someone’s paycheck or social security because of a auto loan or mortgage... cause yeah that happens all the time on student loans.
You must have missed Maxine Waters question to banks asking them how to fix student loans - now a government program.
Student loans have default rates greater than 10%. Think about it. If one in ten loans go bad, you need to raise overall rates because the probability of default is higher.
Garnishing wages doesn’t make any loan good. All your saying is the lender has to pay someone to collect a bad loan
My humble opinion of the situation I get from my personal experience with an economics degree, MBA in Finance, graduate banking degrees and 25 years of senior level commercial lending.