Now that the Biden administration’s plan for student loan forgiveness has been overturned, many borrowers are considering taking matters into their own hands by boycotting payments, according to a recent poll.
Sixty-two percent of the 1,000 federal student loan borrowers surveyed by independent researcher Intelligent.com this month said they’re likely to withhold payments, and about half believe the boycott could lead to total debt forgiveness.
With 43 million Americans collectively holding more than $1.75 trillion in outstanding student loans, some borrowers believe a mass boycott could increase their collective bargaining power, said Rikin Shah, former head of business operations at student loan refinancing company Earnest and now chief executive of life insurance broker GetSure. In some instances, boycotts can work (remember Bud Light?), but financial experts warn this one is likely to fail and end up only hurting the boycotters.
Medora Lee | USA TODAY