Americans Are Paying $38 to Collect $1 of Student Debt
A supposedly college educated American can't make $5 a month payments in order to clear their credit report and set themselves up for $0 per month payments from that point forward? And it's the loan servicing companies are to blame?What am I missing here? Is it too hard to Google "income based student loan repayment" and read for a few minutes to know what to ask for? Or these people would rather have creditors calling them all day and a credit score of 300?It's a completely separate matter that the Obama administration setup a system where we pay $1800 to debt collectors to collect $45 just so that the payer can default again. What is the point of collecting $5/month? I understand maybe trying to get at least a regular payment setup -- that's probably worth paying the debt collector $50 if they can manage it. But $1,800? Wow...