Defaulting on student loans like 'civil disobedience': Author

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All a-loan

If you're one of the 43 million Americans burdened by student loan debt, then you know that repaying your loan isn't fun.

So what if you just stopped?

That's what author Lee Siegel recently proposed in his controversial New York Times op-ed "Why I Defaulted on My Student Loans." He wants borrowers to stop paying on the collective $1.2 trillion in total student debt, in order to protest a system that in his mind unfairly penalizes poor and middle-class students.

"If the banks have become too big to fail, then the people have become too small to succeed," argued Siegel, defending what he says would be "a collective act of civil disobedience" in an interview with CNBC's "On the Money."

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