Actually, not at all like a credit card. Ignore me, 420
― my hands are always in my pockets or gesturing. (Karl Malone), Thursday, 16 December 2021 00:26 (two years ago) link
Private loans, maybe?
― Rep. Cobra Commander (R-TX) (Old Lunch), Thursday, 16 December 2021 00:32 (two years ago) link
I did ask her! I think I found some useful responses in that thread though. Deferrals (which my wife did, on her undergraduate loan...but the amount on that was never very high), apparently they keep adding fees on people, and someone said the interest rates are 9-10%, which doesn't jibe with anything I read but ok. Maybe these are not federally backed subsidized loans people took.
― akm, Thursday, 16 December 2021 00:33 (two years ago) link
my gut tells me this is private loan industry that took advantage of people and people are not being clear about that (they may not even know). fuck this shit, I hope my kid gets scholarships and doesn't borrow a dime. I'm personally very familiar with crushing credit card debt, it has almost ruined my life multiple times.
― akm, Thursday, 16 December 2021 00:35 (two years ago) link
loans disbursed when i was in law school were at 6-6.8%. at an interest rate of 9% the balance doubles in approximately 8 years if you don't pay anything.
― towards fungal computer (harbl), Thursday, 16 December 2021 01:26 (two years ago) link
"according to my calculations" (online calculator) if you take out 55,000 at 6.8% interest you must pay at least $312 per month to cover the interest in the first month (they are amortized so the interest goes down after that if you have paid it, i want to assume you pay the same each month). if you continue to pay $312 per month you will pay it off in 100 years, 11 months at a total cost of $378k.
― towards fungal computer (harbl), Thursday, 16 December 2021 01:41 (two years ago) link
got it. so basically I am shitty at mental math. as is probably everyone, because I would assume most people would look at that and think it's fine when they are signing it, not realizing their payback rate isn't even close to being what it should be.
― akm, Thursday, 16 December 2021 06:02 (two years ago) link
My colleague and his wife are celebrating this year because she's at the end of her PSLF and I think they're erasing 250K and I don't think she paid anything back on that (interest probably, I don't know how it works).That puts in perspective the 10K zero-interest loan I was awarded to do a second masters since I didn't qualify for any scholarschip. Even that comparatively small amount took some time to pay back (like 2.5Y). The system was just that you start paying back 12 months after finishing your studies, on an agreed installment plan. That made sense.
― Nabozo, Thursday, 16 December 2021 07:51 (two years ago) link
Today, I announced my Administration is extending the pause on federal student loan repayments for an additional 90 days. pic.twitter.com/mxveCTe7bH— President Biden (@POTUS) December 22, 2021
This is a good thing! A small victory, but a victory nonetheless.
― Mr. Snrub, Wednesday, 22 December 2021 20:21 (two years ago) link
Am I still paying them even though I don’t have to? Hell yes I am!!! 0% interest!!!
― Mr. Snrub, Wednesday, 22 December 2021 20:27 (two years ago) link
Just keep delaying repayment as long as a Democrat is in office, make the next Republican be the one to restart it.
― papal hotwife (milo z), Wednesday, 22 December 2021 20:28 (two years ago) link
the delayed student loan deferments are the only thing keeping my head close to water right
― Karl Malone, Wednesday, 22 December 2021 21:19 (two years ago) link
now
milo otm
thank god
― Nedlene Grendel as Basenji Holmo (map), Wednesday, 22 December 2021 22:32 (two years ago) link
big help to our household
― i cannot help if you made yourself not funny (forksclovetofu), Thursday, 23 December 2021 03:31 (two years ago) link
I've got about £900 left to pay on a loan I started paying back in 2002. I swear I borrowed no more than about £15-18k at the time but have been paying back upwards of £100 or more a month. Bonkers
― Urbandn hope all ye who enter here (dog latin), Thursday, 23 December 2021 10:18 (two years ago) link
paused again through 8/31
― the cat needs to start paying for its own cbd (map), Tuesday, 5 April 2022 19:29 (two years ago) link
nice, paused until just before the election, smart
― Karl Malone, Tuesday, 5 April 2022 19:30 (two years ago) link
I’ll believe it when I see it, but apparently Biden just chopped off $10,000 off of everyones’ student loans, which would automatically make him the single greatest president in the history of the United States including the future.
― Mr. Snrub, Wednesday, 24 August 2022 18:41 (one year ago) link
that is 8 months rent. it's in a similar ballpark to capping out of pocket spending for drugs at 2,000. a toss of rice out of the bag. your hyperbole is ridiculous.
― (grim) pump track (wales) (map), Wednesday, 24 August 2022 18:53 (one year ago) link
i'm not a number jockey so idk how exactly it compares but the public service loan forgiveness program is a lot more dramatic if you're, say, a post office employee for 10 years.
― (grim) pump track (wales) (map), Wednesday, 24 August 2022 18:58 (one year ago) link
that being said i think there's a decent chance the repayment start keeps getting extended, which is much more enticing to me personally than $10k.
― (grim) pump track (wales) (map), Wednesday, 24 August 2022 19:00 (one year ago) link
Continually delaying repayment until a Republican President has to be the one to make everyone start paying is the such a political gimme.
― papal hotwife (milo z), Wednesday, 24 August 2022 20:02 (one year ago) link
Guess it depends how in debt someone is. I'm eligible in my job, but am only ~$15 grand in debt. So with minimal payments i'd be paid off before loan is forgiven. Coworker is like $100 grand in debt so he's absolutely going for the forgiveness
― Half Japanese Breakfast (outdoor_miner), Wednesday, 24 August 2022 21:29 (one year ago) link
does anyone know if there are limitations re where you can apply this 10k (i.e. govt loans vs private bank loans)
― J0rdan S., Wednesday, 24 August 2022 21:29 (one year ago) link
just for federal loans
― Half Japanese Breakfast (outdoor_miner), Wednesday, 24 August 2022 21:35 (one year ago) link
right outdoor_miner that makes sense, admittedly blinkered by the massive amount of debt i have.
― (grim) pump track (wales) (map), Wednesday, 24 August 2022 21:40 (one year ago) link
student loan relief decision from SCOTUS due this month:
https://www.forbes.com/sites/adamminsky/2023/05/17/huge-student-loan-forgiveness-decision-is-only-weeks-away---key-details
― budo jeru, Wednesday, 7 June 2023 14:27 (eleven months ago) link
really got to stop referring to it as 'forgiveness'
― nashwan, Wednesday, 7 June 2023 14:41 (eleven months ago) link
fuck my life
― Mr. Snrub, Friday, 30 June 2023 15:25 (ten months ago) link
ja
― budo jeru, Friday, 30 June 2023 16:02 (ten months ago) link
https://www.youtube.com/watch?v=MmMnISN3e3E
― budo jeru, Friday, 30 June 2023 21:41 (ten months ago) link
from the us politics thread:
https://prospect.org/education/2023-07-05-biden-administration-begins-student-debt-relief-plan-b/
― budo jeru, Wednesday, 5 July 2023 21:04 (ten months ago) link