The ‘terrifying’ trade-offs millions of Americans face as student loan repayments resume
The ‘terrifying’ trade-offs millions of Americans face as student loan repayments resume
The ‘terrifying’ trade-offs millions of Americans face as student loan repayments resume
Tens of millions of Americans with federal student loan debt have had a financial reprieve for more than three years as a pandemic-era repayment pause was extended multiple times since March 2020.
Now many face a new reality on Sunday, Oct. 1, when they are due to resume making payments, all while struggling with nagging inflation and rising interest rates.
More than 45 million borrowers together owe approximately $1.6 trillion, according to President Joe Biden's administration, which tried to cancel up to $20,000 in student debt for tens of millions of eligible borrowers, only to have the Supreme Court kill the program in June.
Almost everyone I talk to about this has the same idea: “I’m not gonna pay that, they proved they don’t need the money, it’s inflated anyways etc”
I agree with them
The situation is shameful, but it’s wishful thinking that such actions will end in any other way than interest accruing, making the inevitable repayment even more expensive and difficult. The system is set up so you can’t run away from it.
All I have to do is last to death.
Yeah I don't think these people saying they won't don't realize that this can end up at wage garnishment.
The inability to get out of them and enforcement mechanisms make “not paying” a bad plan if you’re staying in the country. IBR and riding it out until it’s forgiven seems better, even though it’s shitty.
I have some left and have no plans to pay. Let them sue me. I want them to take me to court, hire a lawyer, spend a week, and deal with collections for the few thousand they claim I owe.
They will find a way to destroy your credit on case you had any hope of purchasing anything with a mortgage \ loan in the next 7 years
Assuming you are employed, they will just garnish your wages. They don't have to sue for it, federal loans don't even need a court order to do it. Private loans do, but they are also able to take more money out of your check.