A Pledge of Refusal to Pay Student Loans
Now this is an interesting idea. NYU Professor Andrew Ross is advocating that student loan debtors band together and sign “A Pledge of Refusal” in which they would agree to collectively stop paying on their student loans once the pledge reached the 1 million signatures mark. According to Ross:
…while individuals are subject to heavy financial penalties if they stop paying on their student loans, a mass action by 1 million would make the banks take notice.
“There is a lot of talk about student debt, but no one takes any action, and that’s what Occupy Wall Street is about,” the professor of social and cultural analysis said.
I found this by chance but had just been thinking something similar myself. As far as I know, this is a fairly new idea, and I’ve yet to see an actual petition online. Not sure I’d sign it myself as I am currently in a position where I can make my payments every month, even if making them means living in a hovel in a bad neighborhood without a bed. Additionally, I am licensed to practice law, and, even though I don’t actually do that for a living, I’d be a little afraid of being disbarred. But for people out there who are already in danger of defaulting – heck, what do they have to lose?
I’ll keep you all posted if/when this thing develops more momentum.