The coronavirus prominence package lets borrowers forgo student loan payments until this October with no interest or incarcerations.
It is not a small gesture.
Americans owe more than $1.4 trillion in student debt. The average borrower carried numerous than $35,000 in loans in 2019.
Story Young, 30, dropped out of college 10 years ago after burning at the end of ones tether with her savings and exhausting her loan options. She was one class short of earning her degree.
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Young estimates that she took out around $87,000 in a mix of private and federal accommodations to pay for college. After a decade of defaults and repayment plans, Young has decided she will never repay the nearly $67,000 in credits she still holds.
Young is not alone.
The Debt Collective was formed in the aftermath of the Occupy Wall Street movement and improves people dispute debts with the goal of canceling student loans, and all debt in general. The group currently has varied than 700 people signed up to refuse to repay their loans. It says the rescue bill will barely expand the movement.
Check out this video to learn more about borrowers refusing to repay their credits and to learn about what consequences they may face.
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