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Started By
Message
re: Rejoice debtors, Biden says student loans won't be considered delinquent until 9/30/2024
Posted on 7/5/23 at 12:03 pm to Earnest_P
Posted on 7/5/23 at 12:03 pm to Earnest_P
quote:
the suckers who never stopped paying their student loans?
you referring to the people with a sense of ethics, principles, morality, and responsibility? probably well into successful careers
1
Posted on 7/5/23 at 12:04 pm to GetCocky11
Well I paid mine off last week so..
Posted on 7/5/23 at 12:06 pm to 777Tiger
quote:
you referring to the people
Referring to myself.
Posted on 7/5/23 at 12:06 pm to HailToTheChiz
quote:people are going to be pissed when they realize this
But as is the case with a forbearance, interest will continue accruing on your debt while you don’t make payments.
Posted on 7/5/23 at 12:45 pm to GetCocky11
It's going to be interesting to see how the whole fiasco is going to affect an entire generation of consumers.
My 1st 15 year career was finance and lending. I'm looking at being very hesitant to lend to any of the current generation college aged, period. If they are so damned willing to FIGHT for a new right to walk away from debt they chose to sign up for, then they are not future credit worthy either. I'd need security, collateral, a more aged and disciplined co-signer to pursue.
They need to also consider those loan payments still count against debt/income ratio for determining affordability of additional credit. They may not be paying, but they still owe those payments on paper.(underwriting)
My 1st 15 year career was finance and lending. I'm looking at being very hesitant to lend to any of the current generation college aged, period. If they are so damned willing to FIGHT for a new right to walk away from debt they chose to sign up for, then they are not future credit worthy either. I'd need security, collateral, a more aged and disciplined co-signer to pursue.
They need to also consider those loan payments still count against debt/income ratio for determining affordability of additional credit. They may not be paying, but they still owe those payments on paper.(underwriting)
Posted on 7/5/23 at 12:54 pm to GetCocky11
So no late fees but compounding interest for another year. Those with $100k of debt will be at $108k after a year (assuming 8% interest)
Posted on 7/5/23 at 12:55 pm to GetCocky11
Lol
Right before election huh
Right before election huh
Posted on 7/5/23 at 1:11 pm to GetCocky11
When that date come will it be 12 months of payments past due? Gonna be a sad day.
Posted on 7/5/23 at 1:18 pm to LEASTBAY
quote:
When that date come will it be 12 months of payments past due? Gonna be a sad day.
That's the question. I understand no late fees and no credit reporting, but will you need to pay the 12 months + interest to be caught up. And if you can't pay it all, will you start incurring late fees?
Posted on 7/5/23 at 1:23 pm to tigeraddict
quote:
So no late fees but compounding interest for another year. Those with $100k of debt will be at $108k after a year (assuming 8% interest)
Most federal balances originating in the 2010’s are more like 3.5% subsidized balance which is like 60% of the balances to 6.5% on 40% of the unsubsidized balances. So not close to 8%.
Posted on 7/5/23 at 1:25 pm to GetCocky11
Dementia Brandon strikes again. This guy pisses me off daily
Posted on 7/5/23 at 1:50 pm to SlimTigerSlap
Just read the plan and interest accumulation is a much lesser worry than I originally thought.
quote:
Borrowers won’t have to pay interest that accrues in a month beyond what’s covered by their monthly payment.
Posted on 7/5/23 at 2:29 pm to HailToTheChiz
quote:
But as is the case with a forbearance, interest will continue accruing on your debt while you don’t make payments.
That’s always been the case with forbearance.
Posted on 7/5/23 at 2:49 pm to GetCocky11
This is why government programs are horrible. That administration is terrified of actually telling people they need to be responsible. Covid has been over for a year or more for basically the entire country. Yet this still keeps getting delayed.
It’ll never ever be a good time for everyone. There’s been 3 years of “on ramp” at this point. I just can’t vote for this complete lack of responsibility Good lord.
It’ll never ever be a good time for everyone. There’s been 3 years of “on ramp” at this point. I just can’t vote for this complete lack of responsibility Good lord.
Posted on 7/5/23 at 2:58 pm to GetCocky11
My interest rate is in the 6’s, guess I’ll be paying again. I kept paying for half of Covid but then stopped.
This post was edited on 7/5/23 at 3:05 pm
Posted on 7/5/23 at 3:21 pm to GetCocky11
Still accumulating interest though...
This post was edited on 7/5/23 at 3:22 pm
Posted on 7/5/23 at 3:35 pm to GetCocky11
You bought it!!! You PAY for it!!!
Posted on 7/5/23 at 3:46 pm to GetCocky11
Imagine ever thinking that clueless poopy pants was paying off your loans
Posted on 7/5/23 at 4:01 pm to GetCocky11
They are kicking the can down the road until they can find a way to forgive the debt or make it someone else's problem
Posted on 7/5/23 at 4:23 pm to Sidicous
quote:
If they are so damned willing to FIGHT for a new right to walk away from debt they chose to sign up for, then they are not future credit worthy either. I'd need security, collateral, a more aged and disciplined co-signer to pursue.
They need to also consider those loan payments still count against debt/income ratio for determining affordability of additional credit. They may not be paying, but they still owe those payments on paper.(underwriting)
See, this is called nuance and context to a complex topic that the media and politicians never want to engage in.
Another thing that is completely never talked about in “loan forgiveness” is what happens with loans for graduates this year, and next year and 3 years from now, etc. Even in best case scenario for Dems, it’s “lol frick everyone who already paid off their loans and frick anyone graduating after 2023, I guess”
quote:
This is why government programs are horrible. That administration is terrified of actually telling people they need to be responsible. Covid has been over for a year or more for basically the entire country. Yet this still keeps getting delayed.
Yep. Any entitlement is impossible to take away because no politician wants to be the adult in the room. And if left up to a vote, the beneficiaries will never vote for removal of a program even if it’s better for the country as a whole.
There are no leaders anymore. Just narcissistic assholes
This post was edited on 7/5/23 at 4:31 pm
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