They'd all get jailed.

If you fail to pay debts you've often signed a contract saying the bank can take assets of equal value of yours and sell them to pay off the debt.

>>1138427
They take your stuff by force OP.

>>1138455
>jailing every single student

Are debtors jails even a thing anymore?

government takes you to court and you get your wages garnished.

>>1138427
Wage garnishment. I guess you could be a literal bum and refuse to earn anything and then you'd just be effectively off the hook but you'd be the ultimate poorfag.

>>1138427
Yeah student loans are one of the only loans that can't be forgiven in dire circumstances.

So think twice before you take that underwater basket weaving class.

There is no point to jail someone for debt.

Basically ensuring youll never get paid back.

>>1138622
If you don't punish those that refuse to pay, then everyone else who is paying will just stop as well, since why bother if there is no punishment.

>>1138455
>They'd all get jailed.

lolno

>>1138455
More like your shit gets garnished by the IRS until paid off

>>1138427
just go abroad and never come back

http://www.vice.com/read/talking-to-american-debt-dodgers-who-moved-to-europe-to-avoid-paying-off-their-student-loans-111

This is why i just got a handful of degrees from community colleges. Very little debt and very much knowledge. I got all kinds of knowledges all up in my head.

>>1138455
>>1138459
No. You cannot go to jail for being in debt in the US. In fact, the US might be the most lenient country in world history for bad loan re-payers. It's so ridiculous, even some lawyers will recommend some people buy a bunch of shit on credit (like a car/house that you can't have taken from you) and then file for bankruptcy.

>>1140247
I was wondering about this because in two years I'll have four different associate's degrees from my community college. Will this be useful at all for landing a job or building a career?

>>1138459
>Are debtors jails even a thing anymore?
https://en.wikipedia.org/wiki/Debtors'_prison#Modern_examples

>>1138573
Over here (netherlands) we have a leniency regulation for that. If you fail to get a job within X years after graduating, your debt gets cancelled.

>>1140309

Bullshit. You don't have to pay as long as you don't have a job but they sure as hell wont forget about your debt.

>>1138791
I don't know how it works in the US, but doesn't having student debt mean you'll never be able to take out loans again. I mean, they must have SOME sort of punishment for it

>>1140321
The punishment is it lingers forever, even if you declare bankruptcy, and is passed on to your next of kin or relatives if you happen to die with debt still there.

You are not legally able to be turned away from what the government considers basic necessities though, so some things you can still get even with student debt in the red.

it's not a very effective punishment system.

>>1140320
I looked it up and you're right, nvm.

>>1138427
The way it works in New Zealand is that if you earn enough money you have to start paying back your loans.
For the incredibly affluent, you can get in trouble for earning that amount of money while you're still collecting student loan.
I hope to be that student.

>>1140270

you go to jail for unpaid child support