Glad to see this acknowledged in black and white. And they generally can’t be discharged in bankruptcy. How many 18 year olds understand this? How many parents understand this?
And @twoinanddone - how many solo private attorneys/small law firms do you know who would pursue $2600 in federal court?
Do you have any thoughts on whether they can attach tax returns or social security benefits? Did the lender not have this guy’s social security number when they gave him the loan?
I feel strange defending the guy who owns the money because I’m very anti-debt. Nevertheless, the whole thing strikes me as weird. My broad point is that you have large institutional lenders up against the little guy. Yet those same institutions become too big to fail and we have to bail them out. Nobody on their end pays the price. But you - the little guy - darn well better pay. We will chase you for 25 years.
Rant over.