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Posted on 4/5/22 at 8:15 pm to John_V
quote:
Bash all you want but PPP loans and Student Loan Forgiveness both have the same goal, to stimulate the economy and prevent people from being in financial hardships. Saying that businesses with two employees deserve $100k+ in PPP "Loans" forgiven but Bobby needs to pay his $50k Federal loan at an 8% Interest rate cause he wants to be a Teacher is absurd... "Business" owners would b*tch and moan if Biden had y'all pay those loans back at 0% let alone 8% like Federal Student Loans, but one is beneficial to older adults and the other isn't. That's the difference.
It’s the age old practice of valuing social welfare programs based on who those programs serve.
Posted on 4/5/22 at 8:19 pm to John_V
It’s kinda funny that the only people who will learn their lesson from this are us dumbasses who paid their bills
This post was edited on 4/5/22 at 8:20 pm
Posted on 4/5/22 at 8:29 pm to BOZ4LSU
quote:
I highly suggest you do but everyone's financial situation is different. With interest frozen, everything you pay is 100% principal.
This is actually a really good point.
Posted on 4/5/22 at 8:31 pm to GillGo37
quote:
It’s been great paying them down with the 0% interest. I have a feeling most aren’t taking advantage of this
I think a better way to take advantage of it is to reallocate what you would've been paying towards the student loans to another debt with a higher interest rate that isn't on pause. Most that still have student loans likely have other debt too that is still due every month + interest.
I don't blame those with the loans for not paying when they don't have to. "Don't hate the player, hate the game."
Obviously those that are taking advantage by spending that money on frivolous junk is a different story. But by all means someone with crippling debt should be focused on paying down their car loans, credit cards with 25% interest, etc. during this time. Then when the payments resume on the student loans they have hopefully put themselves in a better position.
Posted on 4/5/22 at 8:35 pm to John_V
quote:
Bash all you want but PPP loans and Student Loan Forgiveness both have the same goal, to stimulate the economy and prevent people from being in financial hardships. Saying that businesses with two employees deserve $100k+ in PPP "Loans" forgiven but Bobby needs to pay his $50k Federal loan at an 8% Interest rate cause he wants to be a Teacher is absurd... "Business" owners would b*tch and moan if Biden had y'all pay those loans back at 0% let alone 8% like Federal Student Loans, but one is beneficial to older adults and the other isn't. That's the difference.
Interesting, isn’t it?
I wonder how much tax revenue was lost over the last few decades with just the mortgage interest deduction while student loans are capped at $1,500 and start phasing out at like $85k. But I can only imagine the Boomer uproar if the mortgage interest deduction were threatened. Hell, I heard some bitch when Trump raised the standard deduction to the point that the mortgage interest deduction no longer mattered for most homeowners. Taxes were the same, but they were upset because they weren’t special anymore
This post was edited on 4/5/22 at 8:48 pm
Posted on 4/5/22 at 8:37 pm to Joshjrn
(no message)
This post was edited on 4/5/22 at 8:41 pm
Posted on 4/5/22 at 8:50 pm to TheAlmightySmash
quote:
My only gripe with student loan debt is that charging 3-4% seems predatory. If the goal is to educate the masses they should push to slash the interest rates
3-4% is a steal. I refinanced to private to get that rate. They were 6.8% for my undergrad rate. I remember the grad plus or one of the ones where the parents co signed was 8-10% or something like that.
Agree your premise though.
Although we can all debate whether govt should be in the student loan business. When they entered into the loan business they should have done a better job at capping loan amounts and offered them at inflation rates only. Yes capping would mean that some kids wouldn't be able to go to their dream school that gave them no scholarships. But it would have still allowed them to have a satisfactory education at many institutions and community colleges. And eventually there would have been a competitive market to get those students and their guaranteed federal loan money just like now.
Instead we have a situation where people are dropping 50k/year on tuition with crazy interest rate(better now than in the past) and instead of competition driving tuition down, everyone just keeps jacking their fees up because they know they can continue to get the loans.
Posted on 4/5/22 at 8:54 pm to Sun God
Paid my last $10k in February. Bunch of free loaders on this site.
I hope my kids grow up with a better sense of accountability and responsibility than the majority of this country and it’s politicians.
I get the financial case for not paying 0% debt for the time being, but the giddiness of those begging for it to be forgiven is pathetic. You’re a pawn for the politicians, but remember you still get screwed in the end.
I hope my kids grow up with a better sense of accountability and responsibility than the majority of this country and it’s politicians.
I get the financial case for not paying 0% debt for the time being, but the giddiness of those begging for it to be forgiven is pathetic. You’re a pawn for the politicians, but remember you still get screwed in the end.
This post was edited on 4/5/22 at 9:29 pm
Posted on 4/5/22 at 8:56 pm to Finnish
Agree, sort of like the idiots on the rant over the Wade mess, majority over there seem to be upset, not that we were cheating, but that we got caught cheating
Posted on 4/5/22 at 8:57 pm to Joshjrn
quote:
wonder how much tax revenue was lost over the last few decades with just the mortgage interest deduction while student loans are capped at $1,500 and start phasing out at like $85k
True. I can deduct $10k in interest from my mortgage, but at my same income level I can't deduct single dollar on interest from my $250k loans, even though everyone keeps politic'ing about the student loan crisis.
Posted on 4/5/22 at 9:07 pm to Finnish
quote:
I get the financial case for not paying 0% debt for the time being
Definitely agree
Posted on 4/5/22 at 9:12 pm to BOZ4LSU
They'll be extended until 2024, no one wants to be the administration to bring student loans back in the middle of a recession.
Posted on 4/5/22 at 9:34 pm to USMCguy121
quote:
They'll be extended until 2024, no one wants to be the administration to bring student loans back in the middle of a recession.
Hope you're right! I do worry about a potential tax burden/how the gov is going to make up for all this lost revenue.
Posted on 4/5/22 at 9:36 pm to USMCguy121
quote:
They'll be extended until 2024,
The real mess will be when people have to start paying again and can’t because they’ve adjusted their budget around not paying the student loan debt.
Posted on 4/5/22 at 9:58 pm to Finnish
quote:
giddiness of those begging for it to be forgiven is pathetic
I for one don't think it should be forgiven tbh, but I do think they need to rework the Loans that are drowning in interest. If someone has paid $40k on their original $40k Student Loan from 5 years ago then consider it paid off.
The fact that people are paying off the original loan amount halfway thru a payment plan with no way out besides the Lottery or Death is absurd.
Posted on 4/5/22 at 10:00 pm to John_V
quote:
Bash all you want but PPP loans and Student Loan Forgiveness both have the same goal, to stimulate the economy and prevent people from being in financial hardships
If they forgave student loans tomorrow I’d immediately dump 6 figures into the economy. So I agree.
But they shouldn’t forgive the principle.
Cap the federal loans at 1% interest.
Forgive any loans where their payments total more than the original principle.
Make the universities have to cosign the loans.
Free unlimited no qualifications needed loans are driving tuition costs out of control and having a snowball effect on young people’s job prospects and everything else starting out in life after school.
This post was edited on 4/5/22 at 10:03 pm
Posted on 4/7/22 at 12:48 am to elprez00
quote:
What an incredibly naive statement.
poorly worded, I'll give you, but not naive. Anyone taking on more than 10K in debt for school should know the minimum and average salary for people with their degree, and be prepared to budget accordingly (not to mention assess whether it's a prudent financial decision at all for them). Otherwise they're not accepting responsibility for their own choices (very common nowadays).
Posted on 4/7/22 at 6:20 am to efrad
quote:Yep. The last chunk of my payment is sitting in the market earning extra $ until it's announced that payments will restart, then I'll pay it off on the last possible day before the restart which I don't think will happen in this presidency. Do I agree with it? No. Am I taking advantage of it? You bet.
I'm ready to pay mine off right now but why would I? They just keep pushing it off.
Posted on 4/7/22 at 6:23 am to Palmetto98
Why is the federal government involved in student lending? This is the root of the problem.
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