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Rejoice debtors, Biden says student loans won't be considered delinquent until 9/30/2024
Posted on 7/5/23 at 11:04 am
Posted on 7/5/23 at 11:04 am
LINK
quote:
When federal student loan payments finally restart in the fall, the Biden administration will offer borrowers some elbow room.
The U.S. Department of Education will institute a 12-month “on ramp” to repayment, which will run from Oct. 1, 2023, to Sept. 30, 2024. During that period, borrowers will be shielded from the worst consequences of missed payments.
quote:
However, borrowers will be spared from many of the usual consequences of missing a payment until October of next year.
For example, loans will not go into default and delinquencies will not be reported to credit reporting agencies, said higher education expert Mark Kantrowitz. Late fees won’t be charged, either.
32
Posted on 7/5/23 at 11:06 am to GetCocky11
Hey Joe, the Retard!
Now do that for mortgages and car loans!
Now do that for mortgages and car loans!
Posted on 7/5/23 at 11:06 am to GetCocky11
This clown really is astonishing. He's going to punt these student loans all the way to the next president and take no action but buy a bunch of votes with empty promises.
Posted on 7/5/23 at 11:06 am to GetCocky11
quote:
Biden administration
Never really intended to forgive student loan debt
Posted on 7/5/23 at 11:07 am to GetCocky11
quote:
However, borrowers will be spared from many of the usual consequences of missing a payment until October of next year.
Horse shite! Democrats will not do this one month before the election
Posted on 7/5/23 at 11:07 am to GetCocky11
Yeah, not gonna wait until my credit gets a hit to start repaying.
I think this might have bigger consequences than they think.
I think this might have bigger consequences than they think.
Posted on 7/5/23 at 11:08 am to GetCocky11
So taxpayer money will not bail out borrowers. Why the long faces regarding credit hits? How does that affect anyone personally?
Posted on 7/5/23 at 11:09 am to GetCocky11
If after 3 years of pauses you still aren’t ready for repayment, what is this 12 month period on-ramp going to do?
Not penalize the people who couldn’t make the payments anyway? So they get another year of no payments without calling it a pause
Whatever
Not penalize the people who couldn’t make the payments anyway? So they get another year of no payments without calling it a pause
Whatever
This post was edited on 7/5/23 at 11:10 am
Posted on 7/5/23 at 11:11 am to GetCocky11
quote:
Biden says student loans won't be considered delinquent until 9/30/2024
Man, whomever wins the 2024 race is going to have such a shite economy to deal with
Posted on 7/5/23 at 11:12 am to GetCocky11
inb4: now do PPP loans1!1!1! durp.
Posted on 7/5/23 at 11:13 am to GetCocky11
Democrats are already turning these things into 2024 election issues while Republicans are still worried about crowd sizes and polls.
Posted on 7/5/23 at 11:13 am to GetCocky11
quote:
However, borrowers will be spared from many of the usual consequences of missing a payment until October of next year.
For example, loans will not go into default and delinquencies will not be reported to credit reporting agencies, said higher education expert Mark Kantrowitz. Late fees won’t be charged, either.
Since COVID, has interest been accumulating on these student loans, or did they defer interest too?
Also, are interest rates tied to the FED Funds rate or are they fixed depending on when the loan was taken out?
Some may be in for a shock when their interest rates have gone from 1-3% to closer to 5-8% with the Biden interest rate hikes.
Posted on 7/5/23 at 11:13 am to GetCocky11
quote:
However, borrowers will be spared from many of the usual consequences of missing a payment until October of next year.
For example, loans will not go into default and delinquencies will not be reported to credit reporting agencies, said higher education expert Mark Kantrowitz. Late fees won’t be charged, either.
Since COVID, has interest been accumulating on these student loans, or did they defer interest too?
Also, are interest rates tied to the FED Funds rate or are they fixed depending on when the loan was taken out?
Some may be in for a shock when their interest rates have gone from 1-3% to closer to 5-8% with the Biden interest rate hikes.
Posted on 7/5/23 at 11:24 am to GetCocky11
This is a horrible idea. Interest starts back up in a couple months so you’d be screwing yourself to not make payments for that long
Posted on 7/5/23 at 11:28 am to GetCocky11
So the only difference between now and a year from now is interest will accrue?
Posted on 7/5/23 at 11:29 am to GetCocky11
Have they considered just doing away with interest? They’ll get the loans back, borrowers get some taken off and the feds then finally get out of the loan business.
Posted on 7/5/23 at 11:32 am to GetCocky11
They’ve kicked this can down the road so many times that it’s going to be an absolute nightmare to restart. Most people who were paying their loans have completely written their monthly payments out of their budget. Getting hit with that monthly bill at a time when the economy is shaky will be rough for a lot of people. I don’t think they’re done yet with extending the payment deferrals
Posted on 7/5/23 at 11:54 am to GetCocky11
Pay your loans. Just get it over with.
Daddy government won’t be helping you, especially if you earn a decent salary.
Daddy government won’t be helping you, especially if you earn a decent salary.
Posted on 7/5/23 at 11:55 am to GetCocky11
The worse will get worse. As someone said, debt holders will likely continue deferring payment. So, for 3 years, they refused to pay down the principal interest free. Now some will continue to defer, but this time the interest will accrue. No delinquencies, defaults or late fees doesn't mean no interest. More "woe is me" is to come. SMDH.
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