As of right now, President Joseph Biden is still planning to turn on federal student debt payments on September 1st, 2022. The payment pause was originally initiated by former President Donald Trump in March 2020.
About 43 million student loan borrowers, mired in more than $1.6 trillion in debt, are still waiting on Biden’s promise to cancel student debt.
That’s why the Debt Collective is organizing a debt strike – withholding payments for money they say borrows should have never had to borrow in the first place.
“As prices reach record highs and wages fall to record lows, turning on student loan payments is nothing but a cruel blow to working people, struggling to make ends meet,” the Collective recently told its supporters. “Millions will not be able to pay, and may risk falling into default. We can’t pay – and we won’t pay.”
“Debt strikes are not a joke and we don’t broach calls to go on debt strike lightly,” the organization said. “For many people, there are safe ways to get to $0 monthly payments, therefore refusing to pay into an unjust system.”
They are holding a Debt Strike Info Session on Tuesday, July 26th at 7:30 pm to discuss options for safely striking and to discuss options.
The Debt Collective, based in Canton, St. Lawrence County, NY, is a debtors’ union fighting to cancel student debts for millions of households. You can follow them on Twitter, Facebook, and Instagram.