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This bit is from comment on the NYT site: > "Banks love it when people default on their government backed student loans. At the time of default they are paid i
by nate_meurer 11y ago
This bit is from comment on the NYT site:
> "Banks love it when people default on their government backed student loans. At the time of default they are paid in full by the government and then they are able to turn around and sell that debt to collection agencies."
Is this true?
- tomsun 11y agoI'm assuming the government gets the interest payments in this case. Or else this "loan" is really just a subsidy for the banks.