Home Credit score If There’s No Student Loan Forgiveness, Student Debt Strikes Could Be Next

If There’s No Student Loan Forgiveness, Student Debt Strikes Could Be Next

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If there is no student loan cancellation, student debt strikes could be next.

Here’s what you need to know.

Student loans

Student loan debt strikes coming to a city near you? Sen. Elizabeth Warren (D-MA), a former presidential candidate and champion of large-scale student loan forgiveness, reiterated her call this week for large-scale student loan forgiveness. In one interview with teen vogueWarren said: “”It’s time, Mister President! The pause in student debt repayment has shown just how important it is to the lives of millions of Americans. The break gave people a chance. It’s a reminder of how student loan debt is now deeply affecting our economy.

(The student loan forgiveness could be the reason the Democrats lose the midterm elections).

Along with Senate Majority Leader Chuck Schumer (D-NY), Warren created the main proposal in Congress for large-scale student loan forgiveness. However, with dim prospects of this legislation passing in Congress, Warren and Schumer implore the president to use executive power to forgive up to $50,000 in student loans for eligible borrowers. (Here’s Who Won’t Get Student Loan Forgiveness). Warren says student debt is hurting the economy and preventing young Americans from buying homes, getting married, starting families, saving for retirement and starting businesses. As a presidential candidate, Warren campaigned for the cancellation of 95% of all student loan debt. His latest student loan forgiveness proposal could cost $1 trillion and would forgive all federal student loan debt for 36 million student borrowers.

(Biden was asked about $10,000 student loan forgiveness. Here’s what he said).


Stop Paying Student Loans: Student Debt Strike

What if Congress doesn’t approve large-scale student loan forgiveness? What if Biden didn’t cancel student loans? Are student debt strikes next? Biden has extended student loan relief three times, but some advocates say it’s not enough. What they really want is the cancellation of the student loan. (Student borrowers will get $15 billion in student loan forgiveness). When asked if she would support student loan protests and student debt strikes if large-scale student loan cancellations didn’t happen, Warren said teen vogue“I am all in young people to find every humanly possible way to make their voices heard. The White House is making a decision now. We need to be heard – all of us.

During the first 100 days of Biden’s presidency, the Debt Collective – a membership-based syndicate of debtors and their allies – sponsored the Biden Jubilee 100 in which 100 student borrowers became presumably “strikers” to quit to pay their student loans. Their goal was for Biden to cancel all student loan debt — including private and federal student loans — within the first 100 days of Biden’s presidency. However, this did not happen. However, Biden has forgiven $12.7 billion in student loans since becoming president. It is possible that without large-scale student loan cancellations in the coming months, some organizations will resort to one or more student loan strikes.


Should You Stop Paying Your Student Loans?

So, should you stop paying your student loans? There are several ways to show your opposition or support for a particular political position. However, whether you think student loans are unfair or have become prohibitively expensive, remember that your student loans are tied to a promissory note, which is a financial obligation to repay student loans. If you choose not to repay your student loans, your credit score could be damaged, your wages could be garnished, and you could be hurt financially. Before you simply stop paying student loans, consider these alternative options:

  1. Ask your student loan officer about student loan repayment options
  2. Explore Income Driven Repayment Plans
  3. Apply for student loan forgiveness
  4. Consider bankruptcy for your student loans
  5. Pursue the cancellation of public service loans

The good news is that there has been ongoing student loan relief, including temporary student loan forbearance, for federal student loans for nearly two years. That said, student loan relief will end soon and federal student loan repayments will resume starting May 1. If you’re struggling to repay your student loans, the best thing to do is to assess your options and prepare now.

Here are some popular ways to save money and pay off student loans faster:


Student Loans: Related Reading

Student borrowers will get $15 billion in student loan forgiveness

Is student debt cancellation the next step?

Here’s who won’t get student loan forgiveness

How Your Student Loans May Qualify for $1.7 Billion in Student Loan Forgiveness