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re: Happy Student Loan Payments Resume After a 3-Year Pause month
Posted on 10/2/23 at 8:57 am to stout
Posted on 10/2/23 at 8:57 am to stout
And the majority of that time with interest suspended. Hopefully most made head way into paying them down. Sadly, I'll guess less than 20% of people actually did.
0
Posted on 10/2/23 at 8:57 am to stout
Love it. Inflation should fall bigly with payments resuming.
Posted on 10/2/23 at 8:58 am to stout
The smartest thing I ever did was avoid student loans although it did hurt my ego to go to mediocre state schools.
Posted on 10/2/23 at 8:59 am to stout
I was -EV and paid for 3 years, just so I didn't get used to the budget gap
Posted on 10/2/23 at 8:59 am to TheWalrus
quote:
although it did hurt my ego to go to mediocre state schools.
I went to McNeese in '98 when you could get a full semester and books for like $2000 per.
Posted on 10/2/23 at 9:00 am to stout
quote:I used my money to pay off other debts and saved for house reno. I am lucky enough to only owe about $5k so I just paid that off.
it was really dumb for those who stopped and missed the interest-free payments.
Posted on 10/2/23 at 9:00 am to GetCocky11
quote:yeah. Anyone who waits a year and let’s interest collect without paying is an idiot. People not paying enough to cover the high interest rates is why they’re stuck paying for 20+ years
I'm pretty sure Biden already said there's a multi-month, maybe even a 1 year, on-boarding where non-payment won't have any negative affects on your credit and late fees won't accrue.
However, interest will still accrue starting now.
Posted on 10/2/23 at 9:00 am to SlowFlowPro
quote:
I was -EV and paid for 3 years, just so I didn't get used to the budget gap
Smart and resposnible
Posted on 10/2/23 at 9:01 am to Pelican fan99
quote:
yeah. Anyone who waits a year and let’s interest collect without paying is an idiot. People not paying enough to cover the high interest rates is why they’re stuck paying for 20+ years
Yeah I can’t believe the option is even being offered. It’s such a bad thing
Posted on 10/2/23 at 9:02 am to SlowFlowPro
Didn’t pay a dime during the pause. Paid it all off in one payment on August 31st. Rough calcs show I came out about 3k ahead by investing instead of continuing to pay regularly.
Posted on 10/2/23 at 9:04 am to stout
This is definitely going to have a negative effect on the economy. As bad an effect as the government paying them off would have? I guess we'll find out.
This post was edited on 10/2/23 at 9:06 am
Posted on 10/2/23 at 9:06 am to imjustafatkid
quote:
As bad an effect as the government paying them off would have? I guess we'll find out.
One will slow down spending and inflation and the other would cause more inflation so which do you think is best?
Posted on 10/2/23 at 9:07 am to Pelican fan99
quote:This I'm not concerned about. Not paying on the off-chance that it will be forgiven is the sin.
The pause was dumb and it’s time to start paying again but to say someone is a free loader for taking advantage of the pause is insane.
Posted on 10/2/23 at 9:07 am to JumpingTheShark
My daughter in law had ~$10K in debt; she finished paying for it right as the pause happened. She was upset for a bit that some would be able to get by without paying but I told her that she was amazing for having payed it off and that she is not the type to try to get something for nothing.
She was pretty proud of herself once she looked at it differently and I was most proud of her.
She was pretty proud of herself once she looked at it differently and I was most proud of her.
Posted on 10/2/23 at 9:08 am to stout
Oh no! Imagine having to pay the average of a used Accord every month! How cruel when I just bought a new Tahoe.
Posted on 10/2/23 at 9:09 am to stout
quote:
One will slow down spending and inflation and the other would cause more inflation so which do you think is best?
Not sure. I think what's actually going to happen is we're going to have a whole lot of people defaulting on items they couldn't afford that they purchased when they were totally convinced the Dems were going to save them from their college loans.
This could be our 2000s housing loans crisis moment.
This post was edited on 10/2/23 at 9:11 am
Posted on 10/2/23 at 9:10 am to stout
I’ve been paying mine. I will miss the pause on interest accruing, though.
Posted on 10/2/23 at 9:12 am to JumpingTheShark
quote:
Paid my wife’s last one Friday, $60k done. Pay your debts.
Congratulations on being a responsible adult. Shouldn't have to say that, but in these days and times, there are a lot of folks who are irresponsible, whiny moochers. So thank you, for taking care of business.
Posted on 10/2/23 at 9:12 am to Roll Tide Ravens
quote:
I’ve been paying mine. I will miss the pause on interest accruing, though.
They should have done something to cap the interest at like 1%, and made that retroactive.
I think starting it back like this, with no real changes, is going to end up making total forgiveness more likely.
Posted on 10/2/23 at 9:13 am to imjustafatkid
quote:
I think what's actually going to happen is we're going to have a whole lot of people defaulting on items they couldn't afford that they purchased when they were totally convinced the Dems were going to save them from their college loans.
That could also happen if we forgave student loans and ramped inflation up more.
It's a no-win situation either way for many but I will be selfish and say that anything that slows down spending and inflation is my personal preference.
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