With a federal student loan payment pause extended until January and President Joe Biden’s recent announcement that he will grant $10,000 in student loan forgiveness, many across social media are dreaming and joking about never making another payment.
But in a recent USA TODAY article, “What if You Don’t Pay Back Student Loans? TikTokers Are Wrong about the ‘Ostrich’ Method,” Robert B. Hardaway, Jr. Lecturer in Personal Finance Dot Kelly cautions borrowers not to “do the ostrich thing.”
“You don’t want to just put your head in the sand and pretend and think it’ll go away,” Kelly urges. “Because that sets all these things in motion that you don’t want.”