From a student loan collector: The average student loan in her area is $200,000; the highest encountered $372,000 (the latter mainly to doctors, lawyers and vets who, incidentally, are the biggest defaulters). Some borrowers have as many as eight defaults with the average collector processing 30 defaults a day. After renegotiating terms, say taking the interest rate down “from 18% to 9%,” and default continues, garnishment of wages begins.
From a cook/dishwasher in an [...]
