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

submitted 3 weeks ago* (last edited 3 weeks ago) by JeSuisUnHombre@lemm.ee to c/asklemmy@lemmy.ml

57 comments fedilink hide all child comments

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?

you are viewing a single comment's thread
view the rest of the comments

[-] lowdude@discuss.tchncs.de 5 points 3 weeks ago

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@lemmy.world 7 points 3 weeks ago

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

[-] lowdude@discuss.tchncs.de 2 points 3 weeks 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.

this post was submitted on 29 Nov 2024

82 points (96.6% liked)

Asklemmy

44148 readers

1325 users here now

A loosely moderated place to ask open-ended questions

Search asklemmy 🔍

If your post meets the following criteria, it's welcome here!

Open-ended question
Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
Not ad nauseam inducing: please make sure it is a question that would be new to most members
An actual topic of discussion

Looking for support?

Looking for a community?

Lemmyverse: community search
sub.rehab: maps old subreddits to fediverse options, marks official as such
!lemmy411@lemmy.ca: a community for finding communities

~Icon~ ~by~ ~@Double_A@discuss.tchncs.de~

founded 5 years ago

MODERATORS