via newsweek:
Some student loan borrowers encouraged others to default on their loans “en masse” following the decision by the U.S. Supreme Court to cancel President Joe Biden’s student loan debt forgiveness plan, but one expert told Newsweek why that may not be a good idea.
“Okay, thing I can actually talk about: Mass default on student loan debt would be a really effective message and f*** you to this country from the folks most impacted by our constant slide backwards. Just don’t pay it. Hit the bricks. En masse,” Twitter user Derek Van Dyke wrote.
Following the decision on Friday, a number of other social media users brought up the idea of defaulting on their loans.
“To the 45M borrowers of Student Loan Debt just let your loans go into default. Let the U.S. deal with $1.7T in student loans being in default. Show them a financial crisis that will dwarf the calamity of the Great Recession,”
To the 45M borrowers of Student Loan Debt just let your loans go into default. Let the U.S. deal with $1.7T in student loans being in default. Show them a financial crisis that will dwarf the calamity of the Great Recession.
— jamaalwvetose (@jamaalwvetose) June 30, 2023
"Only 29% of respondents who have federal student loan(s) are confident they will have enough money to start making payments without adjusting spending; 37% expect to cut back in other areas and 34% say they will not be able to make the payments at all." – Morgan Stanley
— zerohedge (@zerohedge) July 2, 2023
Between 2020 and 2022, a massive amount of people under age 50 took out new mortgages:
A. While their student loan payments were on pause
B. While inflation was just starting to tick up
How will they fare if/when student loan payments resume?
h/t @jameslavish pic.twitter.com/A93letbf0S
— Amy Nixon (@texasrunnerDFW) July 2, 2023
h/t Doctor Congo