I recently received an email that Student Loan interests will resume soon. It has been on pause throughout the whole situation with COVID and the legislation enacted by Congress.
I have been paying for the last 5 years on an income-driven repayment plan, but it's pretty much a lost cause as it's barely going down at all.
The thing is I don't live in the US anymore and don't really have any plans to go back. I've read that the ramifications of not paying back my student loans could be one of the following:
- Wage Garnishment
- Bank Account Levy
- Property Lien
- Credit Report
All of which I don't really care about the ramifications for. I don't have a property in the US, I don't have a wage in the US, and I don't have any credit in the US. I have dual citizenship in the US and the country I'm currently residing in so I receive all current benefits of living in this country and can live here permanently. Again, I have no plans of going back to the US.
Is this a bad idea? Should I just continue to pay for it even though there's really no hope of paying it all back and I don't really care for the consequences?