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Started By
Message
re: Happy Student Loan Payments Resume After a 3-Year Pause month
Posted on 10/2/23 at 11:14 am to DownshiftAndFloorIt
Posted on 10/2/23 at 11:14 am to DownshiftAndFloorIt
Me too! Same boat, I owe 800$ and she still owes 38k. I make more money than she does as well
0
Posted on 10/2/23 at 11:16 am to stout
$14k left
Posted on 10/2/23 at 11:19 am to beebefootballfan
quote:
Smart people made interest free payments over the last 3 years.
Why would anyone make interest free payments instead of sitting on the money and earning interest on it themselves. You can get around 5% interest on a regular savings account right now
ETA: not to mention borrows had a reasonable chance the loan would be forgiven and paying it before might cost you money. Paying it off today wouldn't cost you anything more than you owed three years ago.
This post was edited on 10/2/23 at 11:22 am
Posted on 10/2/23 at 11:24 am to icegator337
quote:
not to mention borrows had a reasonable chance the loan would be forgiven
Posted on 10/2/23 at 11:25 am to stout
(no message)
This post was edited on 3/14/24 at 9:43 am
Posted on 10/2/23 at 11:27 am to icegator337
quote:
reasonable chance the loan would be forgiven
Posted on 10/2/23 at 11:32 am to icegator337
That only makes sense if they have the discipline to save the payments they weren't making and use the final balance of the savings account to pay down their student loans when payments returned.
Yes, it's true, it doesn't cost them more to finance the loan now than 3 years ago, but they missed the opportunity for it to cost less moving forward by not paying to principal interest free.
The idea that you can take advantage of no payments while also being ready when payments do come back and/or forgiveness doesn't happen was lost on many. Some even made it worse by taking on additional financial liabilities they didn't need.
Yes, it's true, it doesn't cost them more to finance the loan now than 3 years ago, but they missed the opportunity for it to cost less moving forward by not paying to principal interest free.
The idea that you can take advantage of no payments while also being ready when payments do come back and/or forgiveness doesn't happen was lost on many. Some even made it worse by taking on additional financial liabilities they didn't need.
Posted on 10/2/23 at 11:34 am to TheHarahanian
quote:
Unimaginable to expect people to be financially responsible, right?
Such a brain dead take
Posted on 10/2/23 at 11:36 am to Delacroix22
quote:
Such a brain dead take
How so? Sure, there's a spectrum of issues associated with it, but financial irresponsibility is a major factor in this mess.
Posted on 10/2/23 at 11:36 am to 50_Tiger
quote:
40 million new voters to sway opinions on for the next year as both sides the isle failed them.
Repubs should jump on this pushing a Biden lied to you approach but let's face it those kids won't see it that way because their professors have ingrained in them it's all Conservatives fault.
Posted on 10/2/23 at 11:36 am to DakIsNoLB
I would be very interested to see how much outstanding debt was paid down between September 1 and now.
Posted on 10/2/23 at 11:41 am to DakIsNoLB
quote:
That only makes sense if they have the discipline to save the payments they weren't making and use the final balance of the savings account to pay down their student loans when payments returned.
Yes, it's true, it doesn't cost them more to finance the loan now than 3 years ago, but they missed the opportunity for it to cost less moving forward by not paying to principal interest free.
The idea that you can take advantage of no payments while also being ready when payments do come back and/or forgiveness doesn't happen was lost on many. Some even made it worse by taking on additional financial liabilities they didn't need.
I mean, yeah, there are lots of stupid people that didn't take advantage of the pause and assumed additional liabilities. I guess my argument was from a perspective of the ideal plan. If you're one of those people that lacks self control, budget control, and you need to use Dave Ramsey techniques to avoid debt then you probably should have just paid it off.
But, the prudent financial play would have been to sit on it, invest it or put it in an online savings account to generate additional interest. If you factor in inflation someone who owes $20k today technically owes less than they did owing $20k in 2020
Posted on 10/2/23 at 11:43 am to icegator337
quote:
invest it or put it in an online savings account to generate additional interest.
assuming that the yield would be significantly higher than the interest on the loans
Posted on 10/2/23 at 11:46 am to 777Tiger
quote:
assuming that the yield would be significantly higher than the interest on the loans
Which has been the case for the past 3.5 years.
Posted on 10/2/23 at 11:48 am to JohnnyKilroy
quote:
Which has been the case for the past 3.5 years.
have no idea what the interest rates on student loans are but I'd love to see how many of those with outstanding student debt were shrewd/disciplined enough to do that
Posted on 10/2/23 at 1:00 pm to JumpingTheShark
Good job, breaux.
Been there and paid it back and those in the club know it's tough, but like the first time you pay off a mortgage, man does it feel good.
Solid effort.
Been there and paid it back and those in the club know it's tough, but like the first time you pay off a mortgage, man does it feel good.
Solid effort.
Posted on 10/2/23 at 1:04 pm to stout
quote:
Might have to upgrade to the new iPhone every other year instead of every year now.
You'll get behind. They are releasing two versions a year lol
Posted on 10/2/23 at 1:14 pm to icegator337
quote:
earning interest on it themselves. You can get around 5% interest on a regular savings account right now
But you are talking at most a few hundred bucks a year in interest earned because the markets and savings interest were in the tank for at least two of those years. Whereas the interest alone on the payments could be a couple hundred a month.
Posted on 10/2/23 at 1:16 pm to jizzle6609
quote:
Ive never stepped foot in a community college. Not everyone on here is full of shite. frick off
Ok ok ok ok...my mistake. Your full ride to LSU-E should not be made fun of. I'm sorry to have hurt your feelings
Posted on 10/2/23 at 1:18 pm to stout
Pay
Your
Debts
You
Freeloading
Poors
Your
Debts
You
Freeloading
Poors
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