Comment on A Student Loan System Stacked Against the BorrowerparentComments−jazzyk10yNope. No promise or guarantee of any job/income level is ever included in loan documents. Both parties are only bound to whatever is included in the contract.Have you ever heard the term 'caveat emptor'?−toomuchtodo10yHave you ever heard the term 'caveat emptor'?Which is exactly why these borrowers should default. The risk of default is priced into the interest rate. Tough love time for lenders.−ChuckFrank10yAgain, great point.
Comments
Nope. No promise or guarantee of any job/income level is ever included in loan documents. Both parties are only bound to whatever is included in the contract.
Have you ever heard the term 'caveat emptor'?
Which is exactly why these borrowers should default. The risk of default is priced into the interest rate. Tough love time for lenders.
Again, great point.