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Should I start paying my student loans again? (lemm.ee)

submitted 5 days ago* (last edited 5 days ago) by [email protected] to c/[email protected]

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I, like many and hopefully some of y'all, stopped paying my student loans during Covid and never restarted paying because we're supposed to have gotten relief from this debt that should've never existed in the first place. Now we have Trump coming back which kills the possibility of debt relief. So should I start repaying so I don't get my wages garnished? Or do we think the government is going to be too inefficient to come after it?

Edit: At one point when I heard that it was the only way to get forgiveness, I moved all my debt from a third party to being a government loan. Does that change anything?

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[–] [email protected] 4 points 5 days ago (1 children)

An interesting essay I read at some point: https://www.bitsaboutmoney.com/archive/the-waste-stream-of-consumer-finance/

Especially the following sentence:

This effectively makes paying consumer debts basically optional in the United States, contingent on one being sufficiently organized and informed.

Now, I don’t know how risky that would be and whether it also applies to student debt, but the system seems to be pretty wild, to say the least.

[–] hedgehogging_the_bed 7 points 5 days ago (1 children)

This would not be effective for student loan debt because it's still non-dischargable, unlike consumer debt.

[–] [email protected] 2 points 4 days ago

You are correct, while rereading I also noticed that the essay is specifically talking about consumer debt. And for that it would probably not be helpful to ruin credit scores over a few hundred dollars, if one ever wanted to finance a house or something like that later in their life.