Restarting student loan payments could be a chaotic disaster

Posted on AllSides December 21st, 2021
From The Left
Paul Morigi/Getty Images for We, The 45 Million

In February, the Department of Education plans to turn on the nation’s student debt collection machinery for the first time in nearly two years. There’s a real danger it will not go well.

Many student debtors were rocked by unemployment, dislocation, and trauma during the pandemic. Even before the crisis, more than 1 million people defaulted on student debt every year. Bad loans can be a catastrophe, ruining credit and clouding financial futures. And recent history suggests the student loan restart could trigger a default crisis of unprecedented proportions.

In 2017,...

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