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Started By
Message
Student Loan payments restarting
Posted on 8/2/23 at 7:00 pm
Posted on 8/2/23 at 7:00 pm
I currently owe close to 100k in student loans and have not had to pay any since graduating. Unlike most of America (according to stats and media) my wife and I have been saving as much money as we can to be ready when they start back. I am not in favor of forgiving lobs because it will just cause us more money in taxes somewhere. I’m all for the new bill being introduced about setting interest permanently at 0 but it seems unlikely to pass with only dems sponsoring it.
My biggest complaint is I wish they would just make up their dang minds about what the new system is gonna be and no more “new bills” and BS to make everything confusing. I have enough money saved to pay 3/4 of my loans off the day they start back up but if there isn’t going to be an interest rate anymore then there isn’t any point in doing that. Very frustrating that they are holding us hostage with their indecision
My biggest complaint is I wish they would just make up their dang minds about what the new system is gonna be and no more “new bills” and BS to make everything confusing. I have enough money saved to pay 3/4 of my loans off the day they start back up but if there isn’t going to be an interest rate anymore then there isn’t any point in doing that. Very frustrating that they are holding us hostage with their indecision
23
Posted on 8/2/23 at 7:21 pm to AUVet21
What are you waiting for? Pay back the fricking money you borrowed.
Posted on 8/2/23 at 7:47 pm to jfw3535
If there is 0 interest there is no motivation to pay it off early. I might as well just put the minimum payment on autopay and let it run for however long it takes and use the money I’ve saved for other stuff
Posted on 8/2/23 at 7:53 pm to AUVet21
quote:
My biggest complaint is I wish they would just make up their dang minds about what the new system is gonna be and no more “new bills” and BS to make everything confusing. I have enough money saved to pay 3/4 of my loans off the day they start back up but if there isn’t going to be an interest rate anymore then there isn’t any point in doing that.
Which is why the 0% permanent rate will never happen.
I do agree with your overall point though - the lack of clarity has been frustrating when advising clients.
Posted on 8/2/23 at 8:33 pm to AUVet21
You sound like the typical millennial loser.
Posted on 8/2/23 at 8:38 pm to AUVet21
This just a rant or is there a question?
Posted on 8/2/23 at 8:45 pm to AUVet21
quote:
but if there isn’t going to be an interest rate anymore then there isn’t any point in doing that.
I guess im out of the loop but where did you hear there was going to be no interest rates? Our oldest has already started paying back some of the loans she had out and they are at about 7.9%. Prepare yourself when you stopped paying those loans they were at about 3%. Those rates have gone up on avg about 5%. You will be paying more back in interest that is for sure.
Posted on 8/2/23 at 8:52 pm to AUVet21
I definitely think if the government is going to back it, the rates should've been capped lower than 6%, but schools should've been held accountable also. The whole thing is a cluster frick like any government service.
Coming from a poor family, I personally benefited from student loans and Pell Grants, but realize the system needs to be overhauled.
Coming from a poor family, I personally benefited from student loans and Pell Grants, but realize the system needs to be overhauled.
Posted on 8/2/23 at 8:57 pm to AUVet21
quote:
I currently owe close to 100k in student loans and have not had to pay any since graduating. Unlike most of America (according to stats and media) my wife and I have been saving as much money as we can to be ready when they start back. I am not in favor of forgiving lobs because it will just cause us more money in taxes somewhere. I’m all for the new bill being introduced about setting interest permanently at 0 but it seems unlikely to pass with only dems sponsoring it. My biggest complaint is I wish they would just make up their dang minds about what the new system is gonna be and no more “new bills” and BS to make everything confusing. I have enough money saved to pay 3/4 of my loans off the day they start back up but if there isn’t going to be an interest rate anymore then there isn’t any point in doing that. Very frustrating that they are holding us hostage with their indecision
That’s why I didn’t go to college. I did other stupid shite like bought a lifted truck out of high school and went offshore
This post was edited on 8/2/23 at 9:02 pm
Posted on 8/2/23 at 8:58 pm to FLObserver
quote:
I guess im out of the loop but where did you hear there was going to be no interest rates? Our oldest has already started paying back some of the loans she had out and they are at about 7.9%. Prepare yourself when you stopped paying those loans they were at about 3%. Those rates have gone up on avg about 5%. You will be paying more back in interest that is for sure.
Federal loans haven't gone anywhere. They are set by statute.
Not that that's necessarily a good thing. Even when the benchmark rate was zero, my loans were still at about 7.5%
Posted on 8/2/23 at 9:17 pm to HailToTheChiz
Rant no real question. And yes I’m a millennial by age but not by how I work and think. Like I stated. I’m not trying to get out of paying the money back. I never was for the 10k forgiveness. I just want the idiots in charge to make up their minds so I know what decision to make to benefit my family financially the most.
Posted on 8/2/23 at 11:00 pm to AUVet21
They aren't going to ever get anything set in stone as long as it can be dangled like a carrot in front of a donkey to keep it walking forward to a voting booth.
Posted on 8/3/23 at 5:52 am to AUVet21
I would suggest Stop waiting on the Govt to try to throw you a bone and pay back the obligation/loan that signed your name to.
By your user name it appears you might be a Veterinarian (really hope so if you took out $100k in loans)?
No reason you can’t pay this back especially if you have $75k to throw at the balance today.
25 years from now when you hopefully have a high net worth you will be glad you didn’t take easy road.
By your user name it appears you might be a Veterinarian (really hope so if you took out $100k in loans)?
No reason you can’t pay this back especially if you have $75k to throw at the balance today.
25 years from now when you hopefully have a high net worth you will be glad you didn’t take easy road.
Posted on 8/3/23 at 5:54 am to slackster
quote:
Which is why the 0% permanent rate will never happen.
It would be the best option for meeting in the middle. College cost is insane.
Posted on 8/3/23 at 6:02 am to elprez00
quote:
It would be the best option for meeting in the middle. College cost is insane.
Agreed but how do 0% loans lower cost of college?
Posted on 8/3/23 at 6:34 am to thelawnwranglers
quote:
Agreed but how do 0% loans lower cost of college?
They don't. But neither does 7% loans as already evidenced.
Only way college cost will get lowered is to have colleges have more skin in the loan game. Whether that means the govt backs the interest and the college backs the principal or whatever.
Of course that will probably lead to instability of some colleges. Many colleges may have to trim the fat or the unnecessary degrees, etc.
Posted on 8/3/23 at 6:55 am to masoncj
Yes I’m a vet and yea I mean I can pay off everything within a year but if the interest rate is 0% then there is no incentive to do that. I could use that money to pay off my truck and buy wife a new car and go on a nice vacation and still have money left over instead of giving all of it away now
Posted on 8/3/23 at 7:10 am to AUVet21
I had loans when i was in college but when i graduated in the early 2000's my rate was fixed at like 1.9%. I paid for like 10 years on them. Remember they sold my loan on the last year and raised my rate to like 2.9% . I was really upset about that. Looking back on it probably shouldnt have been that mad.
Posted on 8/3/23 at 7:23 am to AUVet21
quote:
I currently owe close to 100k in student loans and have not had to pay any since graduating.
maybe go back and take a couple finance classes. you didn't pay toward a 0% loan while you had the chance?
Posted on 8/3/23 at 7:30 am to thelawnwranglers
quote:
Agreed but how do 0% loans lower cost of college?
They don’t. You still have to address that.
But as far as “forgiveness” goes, it’s giving the only reasonable concession. The government gets what it’s owed.
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