Some Call For a "Debt Strike" to Try to Force Forgiveness. It Could Backfire and Affect Your Life
After a Covid-19 Pandemic pause of over three years, federal student loan payments are set to resume this Fall. As a result, there is a growing movement among borrowers to boycott or strike the payments. See How to Join a Debt Strike and Pay $0 a Month in Federal Student Loans (businessinsider.com)
Alot of Borrowers Likely to Boycott Loan Payments Says intelligent Survey
In August 2023, Intelligent.com surveyed 1,000 federal student loan borrowers to find out how many would participate in a boycott, and how the issue of loan forgiveness affects who they vote for.
Key findings:
- 62% of borrowers say they are likely to boycott loan payments
- Half believe such a boycott could lead to total debt forgiveness
- 71% have or will take on extra work in preparation for payments resuming
- 49% are doubtful they will be able to afford their loan payments
"You Can't Just Ignore Your Payment and Hope It Goes Away"- Suze Orman
While recognizing that it might be hard to figure out how to reintroduce student loan payments into your budget, Suze Orman says that “you can’t just ignore your payment and hope it goes away. It should be a priority,”
“People need to remember to not put off paying your student loans. It’s not going away and it should be the first bill you pay each month. It’s not going to disappear. You can’t bankrupt your student loan.”
