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No, JP Morgan is NOT a middleman. These were cut out in 2010, and JP Morgan is lending directly now. Their loans are not subsidized nor backed by taxpayer money
by muzz 13y ago
No, JP Morgan is NOT a middleman. These were cut out in 2010, and JP Morgan is lending directly now. Their loans are not subsidized nor backed by taxpayer money, and they are free to decide to stop lending, which is what appears to be happening now.
- waps 13y agoIt also means that the government is now 1) the one making the laws 2) the organisation that would suffer if the assumptions ("guaranteed repayment") turn out less than perfect So now we have : debt slavery where your debtor is actually the one making laws. This could be really good or really bad. Really good if it is decided that transferring the education debt to all taxpayers is deemed acceptable, really bad if the government gets into the business of debt collection from people with no assets (ie. actual slavery).
- muzz 13y agoGovernment now makes laws? Stop the presses! ... No one is ever forced to borrow any kind of student loan. Using language like "debt slavery" is really over the top
- waps 13y agoYou do realize that the vast majority of slaves in, for example, the Roman republic were slaves by choice, right ? Maybe there was a lack of alternatives available to them, or at the very least they didn't themselves believed other good alternatives existed (the same as with student loans), but it still required them to agree to it.