Giving Up on Paying It Back
In a 2011 essay for AlterNet, Natalia Antonova explains why she’s decided to default on her student loans. It’s pretty incredible, and quite moving: “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.”
Her original balance was $37,099.00. At the time she decided to default, her balance was $35,908.41. She had been in repayment for five years, and had paid a total of $23,449.65. She writes, “I was done before I even knew it.” I would consider this a must-read.