They will take your house. As someone else said, with student loans there is no collateral. With a mortgage, your home is collateral, so you will forfeit it.
Your income is the collateral. The banks will take it.
No, your income isn’t collateral. Garnishment is sought because there is no collateral to claim. Collateral is explicitly put up to guarantee a loan.
They will take your house. As someone else said, with student loans there is no collateral. With a mortgage, your home is collateral, so you will forfeit it.
Your income is the collateral. The banks will take it.
No, your income isn’t collateral. Garnishment is sought because there is no collateral to claim. Collateral is explicitly put up to guarantee a loan.