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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 Odysseus32
quote:
I think this might have bigger consequences than they think.
A lot of borrowers are going to think this is essentially a freeze extension and will frick themselves big time
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 11:09 am to GetCocky11
quote:
A lot of borrowers are going to think this is essentially a freeze extension and will frick themselves big time
I agree.
This might have a big effect on consumer borrowing that reaches well into 2025.
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 11:11 am to Lawyered
I assume the interest keeps piling up? Or do they get a free pass for that too.
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 11:12 am to GetCocky11
quote:
A lot of borrowers are going to think this is essentially a freeze extension and will frick themselves big time
Are you 1m late after the delinquency freeze or 1y?
Posted on 7/5/23 at 11:12 am to GetCocky11
quote:
A lot of borrowers are going to think this is essentially a freeze extension and will frick themselves big time
Sadly, a huge chunk of these people are already completely fricked and will default regardless.
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 SlimTigerSlap
quote:
So taxpayer money will not bail out borrowers. Why the long faces regarding credit hits? How does that affect anyone personally?
It's not so much a long face as it is needing stitches right now and instead placing a bandaid over the wound. After we take the bandaid off, we will still need stitches and now we have an infection to deal with as well.
I worry about the effects of this on an even greater level of welath inequality when a lot of people who were living paycheck to paycheck get their credit score knocked because they thought this was a pause and they can't get approved for anything to make ends meet except shark loans.
Am I personally worried about these people who make a bad decisions? No. I'm worried about the government's half measures leading to a bigger mess in 36 months.
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 SlimTigerSlap
I'm assuming the interest rate will go back to whatever it used to be before in Sept 23?
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