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> The collateral is effectively a claim on the person's future earnings Back in the Russian empire a person could buy themselves out of serfdom if they could c
by ClumsyPilot 2mo ago
> The collateral is effectively a claim on the person's future earnings
Back in the Russian empire a person could buy themselves out of serfdom if they could come up with the money… which was difficult for obvious reasons.
And this feels like a modern reincarnation of the system.
It’s categorised as ‘ Unfree Labour’
- nekusar 2mo agoIts the same too with renouncing citizenship. If you have federal student loans, you are trapped as being a US serf. And with usurious interest rates, you will never be able to buy your freedom.
- toast0 2mo agoAre federal student loans at usurious interest rates? From what I could find [1], the caps look fairly reasonable. The unaffordability seems to come from the financed amount. [1] https://mohela.studentaid.gov/DL/resourceCenter/DLInterestRates.aspx https://mohela.studentaid.gov/DL/resourceCenter/DLInterestRa...
- selimthegrim 2mo agoThese are for government loans. I really wish my private loan north of 13% was capped.
- toast0 2mo agoI don't think private loans are federal loans?