Damn Student Loans

Likewise there are a lot of people who can’t think about anyone suggesting problems as anything but selfish.

The floated debt forgiveness would be both a good thing and politically/socially risky, absent any sweetener for people who didn’t go to college (often because they couldn’t afford it) or lowering college attendance costs going forward.

wonder if there was a similar sourness by the 8th-grade educated way back when mandatory public high school became a thing. oh well. public universities in these days when people can expect to live well into their 70s and 80s should be free, full stop

this isn't going anywhere and dems are gonna lose so fucking bad in 2022

Honestly I'll be happy if they only end up getting rid of interest on student loans.

nationalizing Harvard & using its stupid endowment toward canceling student loan debt would be a good start

“Some payments, for example, didn't count toward forgiveness because autopay programs rounded the payments down instead of up to the nearest penny” are you fucking kidding me?

https://www.cnbc.com/2021/10/06/dept-of-ed-announces-public-service-loan-forgiveness-program-changes.html

god, i'm afraid to search for my posts upthread

i'm very heartened by the recent announcements, though. i was screwed out of multiple years of payments, that, at the time, were deemed "ineligible". it would be a huge deal for my qualifying payments to bump from 4 years up to 7 years (out of the 10 you need). i'm not going to go do it now, but i could put it 3 more years of public service, some time, and it would mean everything to get $75K of loans forgiven

"forgiven": FUCK THIS LANGUAGE

just have to say, "forgiven": FUCK THIS, that these are the terms

i'm asking for forgiveness, for this thing that has been a giant albatross on my life and has FUCKED me

Reviewing my posts over the years in this thread, I’m in a lot better position now. Mine are paid off and my wife’s are down to 112K. The best thing we did was consolidate with Sofi. Previously we had part private, part fed loans with varying interest rates. With Sofi we locked into 4.615% on a 10 year plan. This will end up saving us over 30K in interest. Current pay off date is July 2026, which seems like it is right around the corner.

wow. well done!

Ok, I'm confused by the anecdotal things I see about student loans. for instance this:

I took out $55,000 in loans so I could earn a degree as a single mom. I’ve paid and deferred as much as someone who earns no more than $40k can. I now owe over $180,000. #CancelStudentLoans

— Alannah Massey (@alannahmassey) December 14, 2021

how is this even possible? Rates for federal undergraduate loans is around 3.5%. for Graduate student loans it's about 5%. How does that equate to a total loan amount tripling when you have made payments on it? Are people taking other types of loans?

like even if you didn't make payment on it, that math doesn't make sense to me. admittedly I hate math and did no calculations to prove my point.

maybe you should ask her

Just like a credit card - the required minimum payment is often below the amount of interest that accrues on the principal (the $55k) here. You know - your credit card spending was $1000 for the month but the minimum payment is only $30 or whatever.

Do that too many months in a row, and you quickly learn that compound interest is a bitch

Actually, not at all like a credit card. Ignore me, 420

Private loans, maybe?

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.

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.

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.

"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.

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.

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.

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.

Am I still paying them even though I don’t have to? Hell yes I am!!! 0% interest!!!

Just keep delaying repayment as long as a Democrat is in office, make the next Republican be the one to restart it.

the delayed student loan deferments are the only thing keeping my head close to water right

now

milo otm

thank god

big help to our household

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

paused again through 8/31

nice, paused until just before the election, smart

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.

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.

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.

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.

Continually delaying repayment until a Republican President has to be the one to make everyone start paying is the such a political gimme.

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.

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

does anyone know if there are limitations re where you can apply this 10k (i.e. govt loans vs private bank loans)

just for federal loans

right outdoor_miner that makes sense, admittedly blinkered by the massive amount of debt i have.

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

really got to stop referring to it as 'forgiveness'

fuck my life

ja

https://www.youtube.com/watch?v=MmMnISN3e3E

from the us politics thread:

https://prospect.org/education/2023-07-05-biden-administration-begins-student-debt-relief-plan-b/