Student debt strike expands
Over 100 students who attended the now-defunct for-profit Corinthian Colleges system are striking out against their former college and refusing to repay their student loans, according to Democracy Now.
The students are attempting to pressure the government into forgiving their debt, alleging that the colleges didn’t hold up their end of the bargain–by providing a subpar education and not preparing them for a post-graduate career.
Students refuse to pay student loans
Corinthian Colleges have been accused of high loan defaults, dubious educational programs, deceptive marketing and lying to the government about its graduation rates, all of which culminated in their closure last week.
That’s why many students say they shouldn’t have to pay back their student loans–and are calling on the Department of Education to have their loans forgiven.
The consequences of not paying student loans
While some experts say they have a fair chance at getting out of their debt, it’s definitely a gamble, and the students aren’t off the hook quite yet.
Borrowers who don’t pay their student loans can have their paychecks, tax refunds, or even a portion of their Social Security garnished to pay the debt.
They can also suffer from damaged credit, which can impair their ability to buy a house or car or even get a job.
These students are aware of the consequences of defaulting on their loans, but borrowers tell The Washington Post that it’s necessary to make things change.
Avoid unnecessary student loan debt
In this case, the students feel that they were taken advantage of, and the government may step in to help.
But for most student loan borrowers, this simply isn’t an option.
While we understand the students’ outrage over being lied to by a predatory for-profit college, we can’t ever advocate for not paying your student loans when the consequences are so dire, particularly since getting them discharged in bankruptcy is extremely rare.
For students who already have student loans, we work to help them lower their payments and reduce their debt burden.
While student debt can seem overwhelming, there are plenty of repayment options that allow you to manage your payments without suffering the consequences of defaulting on your student loans.
For help figuring out the best way to repay your student loans, give us a call at 1-888-234-3907 or contact us using this form.