I will never understand why people work so hard to pay off student loans…If you’ve been paying off a loan for years and the balance just keeps going UP, the sensible thing to do is default on the loan, accept the consequences of that (which is minimal with student loans) and move on with your life
I thought one of the big problems with America’s student debt was that you can’t effectively default on it? That it will still persist even after filing for bankruptcy for example?
And guess who is president and responsible for that?
By default I just mean stop paying. You can’t get rid of the debt by bankruptcy or anything, you still owe it, but it also doesn’t affect peoples credit score as much as many seem to think it does.
You can’t.
You can’t escape student loan debt by default, bankruptcy, etc.
The best thing you can do is sign up for IBR and accept that 5% of your income is lost for 20 years, and hope that whoever is president at that time isn’t a sadist cunt. Also try to save some extra money for possible income tax on the forgiven amount.
That’s assuming your loans are subsidized. If they’re private, try delivering for DoorDash on the side!
I’m saying you can stop paying, Im not saying you won’t still owe them, but I know people who owe tens of thousands in student loans and have not paid them a cent in over ten years, they have a credit score of around 800, its never affected their ability to get any kind of credit or housing.
I think people over estimate how important they are or what kind of consequences there are for not paying as if it ruins your credit score forever or something, and its just not true.
You may have missed this link someone else posted, but if you stop paying, your employer may be required to withhold some of your wages to make the payments
https://studentaid.gov/help-center/answers/article/what-is-wage-garnishment
You can’t do this with student loan debt which seems incredibly dumb. I also don’t understand borrowing 100k for school.
You’re thinking of bankruptcy, you can absolutely stop paying student loans, you’ll still owe them but they can’t force you to pay them.
They sure as fucking hell can garnish your wages.
I’d love a little extra on top of my wages. I just hope it’s not parsley.
I will never understand…
You might try reading up on it (or the link someone posted) as you’ve got it wrong. That’s why this has been such a huge issue, they are unlike other loans.
