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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 7:53 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 8/3/23 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 7:47 am to AUVet21
I have no idea why you are getting hated on. IMO you did exactly what you should have done which is save up money to pay towards the loan while the govt figures out what the hell they are going to do. I sure as shite wouldn't pay something that is 0% interest either.
Posted on 8/3/23 at 7:56 am to AUVet21
All I want to know is how did you finish vet school with only 100k in loans? My wife is a vet and we are in for lotttttt more than that 
Posted on 8/3/23 at 9:07 am to AUVet21
Why would I, as someone with no student loan debt, support the government lending money at 0% interest, that may or may not be paid back?
I'd be OK with setting it to a variable rate adjusted to inflation. But no less.
Last point to OP, this is not something that Congress will fix any time soon. Don't count on them helping you out.
I'd be OK with setting it to a variable rate adjusted to inflation. But no less.
Last point to OP, this is not something that Congress will fix any time soon. Don't count on them helping you out.
This post was edited on 8/3/23 at 9:14 am
Posted on 8/3/23 at 9:13 am to AUVet21
quote:
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.
Where have you heard/seen this, what else would be in that bill.
I have not heard about this other than people speculating that it would be a great way to reduce the burden/costs for student loans. Have even heard a few conversations around setting it at the prime rate instead of the current prime+ rates.
Posted on 8/3/23 at 11:36 am to AUVet21
quote:
I currently owe close to 100k in student loans and have not had to pay any since graduating.
quote:
I’m all for the new bill being introduced about setting interest permanently at 0
Posted on 8/3/23 at 11:56 am to AUVet21
What year did you graduate? I would have expected more than that 100K
Posted on 8/3/23 at 5:48 pm to AUVet21
I was barely making a dent over many years on law school loans, refied 2 times in covid, knocked years off the end and down to 2.7 rate. Crushing them now.
Posted on 8/3/23 at 7:42 pm to AUVet21
SOFI finna eat.
Posted on 8/4/23 at 8:29 am to AUVet21
Zero percent is not good but paying 8% when the prime rate is 0% is horrible for the borrower. I would suggest they should charge rates on student loans like SBA loans. 1 to 3% seems reasonable.
Frankly, the student loan system needs to be reformed and focus less on universities. Georgia's hope scholarship or Louisiana TOPS for college but also certified trade schools would be the way to go. We need to focus on skilled labor in America more than university degrees.
Frankly, the student loan system needs to be reformed and focus less on universities. Georgia's hope scholarship or Louisiana TOPS for college but also certified trade schools would be the way to go. We need to focus on skilled labor in America more than university degrees.
This post was edited on 8/4/23 at 8:31 am
Posted on 8/4/23 at 1:27 pm to AUVet21
Bidenomics
Posted on 8/4/23 at 6:04 pm to AUVet21
Not going to happen - far too political and enmeshed and reduced to a find the pea under the walnut shell [which is never found]. These fackers have more ways to play - 'tag you are it' - than I have brain cells.
We satisfied the loans taken out for our children, one was a private, for profit found guilty of predatory practices. Was a class member in Sweet vs Education Department which was settled and knew monies paid were going to be refunded.
Not So fast, the ED had handlers handle the loans which made them private and not direct ED loans. Such horse doo doo. The ED could garnish wages, withhold SS but they weren't deemed direct ED loans. I can promise you the handlers didn't have the authority to tell the IRS or SSA what to do.
I am totally against loan forgiveness, period. Am grateful ours are settled. However, will never, ever trust anything our Branches of government conjure - it ain't about doing the right thing for every day folks.
P.S. wish to fix it, get the government the hell out of the loaning business - incoming cluster
We satisfied the loans taken out for our children, one was a private, for profit found guilty of predatory practices. Was a class member in Sweet vs Education Department which was settled and knew monies paid were going to be refunded.
Not So fast, the ED had handlers handle the loans which made them private and not direct ED loans. Such horse doo doo. The ED could garnish wages, withhold SS but they weren't deemed direct ED loans. I can promise you the handlers didn't have the authority to tell the IRS or SSA what to do.
I am totally against loan forgiveness, period. Am grateful ours are settled. However, will never, ever trust anything our Branches of government conjure - it ain't about doing the right thing for every day folks.
P.S. wish to fix it, get the government the hell out of the loaning business - incoming cluster
This post was edited on 8/4/23 at 6:07 pm
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