One Borrower's Decision to Stop Student Loan Repayments
"I am aware of the total lack
of consumer protection associated with student debt. I knew that if I
was unable to make my minimum payments, they would hit me with late
fees, penalties, etc. They would harass me. In ruining my credit
history, they would make it impossible for me to get access to basic
services. Forget about taking out another loan – I’m talking about not
being able to rent an apartment. And defaulting would not only mean a
ruined credit history, it would mean that my debt would double, triple,
quadruple, etc…I would be a slave forever.
But I took a long, hard look at the numbers, and I realized that I am already a slave."