Why is Biden extending the student loan repayment pause?

[Anonymous]

To answer the question--

So college students can catch flights, travel, and party.

[Anonymous]

Anonymous wrote:To answer the question--

So college students can catch flights, travel, and party.

The student loan repayment pause does nothing for current college students besides pause interest. Which isn’t that helpful. Current students haven’t entered mandatory repayment yet anyway.

[Anonymous]

Anonymous wrote:As long as we perpetuate the stigma of “commuter schools” or “living in your high school bedroom,” the student debt crisis will persist.

These are not options for most students. Sorry. Get out of your bubble.

[Anonymous]

Anonymous wrote:

Anonymous wrote:As long as we perpetuate the stigma of “commuter schools” or “living in your high school bedroom,” the student debt crisis will persist.

These are not options for most students. Sorry. Get out of your bubble.

Yes, they are. Most students & parents reject them.

[Anonymous]

Let's see what Tuesday's inflation numbers look like.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I agree with you, OP. My husband and I are both in PSLF, so this program has effectively meant $2,000 that we don’t pay each month times 2+ years and it’s still counting toward our PSLF. We are UMC and this program makes no sense to us. It absolutely drives inflation as well. At dinner today my husband and I were remarking how ridiculous it is that the child tax credit payments were allowed to expire but this program helping a family making $350k HHI is being lauded by progressives.

You are a minority in the PSLF program. My friend is making 70k as a teacher with a masters degree in HoCO, my DH is making 99k as a GS-12 at 35. 350K is a ridiculously high income for anyone much less for both of you to meet the requirements for PSLF. I do wish they would start- for any and all federal programs- have an income limit that is adjusted for COL. But you are an anomaly.

I’m the PP. I am a teacher in DCPS and my husband works for an independent regulatory agency. I get that we are not typical but I’m trying to point out that the programs (PSLF and Fed loan pause) are not means tested so there are flaws in the program. Just to make this additionally absurd, we we’re planning on paying the balance (60k) on DH’s loans for a variety of reasons but now we have been sitting on this money because we are convinced there will be some loan forgiveness and we have no incentive to not just wait and see.

This polic decision has been a $48k (and counting!) stimulus package to my family.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I agree with you, OP. My husband and I are both in PSLF, so this program has effectively meant $2,000 that we don’t pay each month times 2+ years and it’s still counting toward our PSLF. We are UMC and this program makes no sense to us. It absolutely drives inflation as well. At dinner today my husband and I were remarking how ridiculous it is that the child tax credit payments were allowed to expire but this program helping a family making $350k HHI is being lauded by progressives.

You are a minority in the PSLF program. My friend is making 70k as a teacher with a masters degree in HoCO, my DH is making 99k as a GS-12 at 35. 350K is a ridiculously high income for anyone much less for both of you to meet the requirements for PSLF. I do wish they would start- for any and all federal programs- have an income limit that is adjusted for COL. But you are an anomaly.

I’m the PP. I am a teacher in DCPS and my husband works for an independent regulatory agency. I get that we are not typical but I’m trying to point out that the programs (PSLF and Fed loan pause) are not means tested so there are flaws in the program. Just to make this additionally absurd, we we’re planning on paying the balance (60k) on DH’s loans for a variety of reasons but now we have been sitting on this money because we are convinced there will be some loan forgiveness and we have no incentive to not just wait and see.

This polic decision has been a $48k (and counting!) stimulus package to my family.

Hmm. Whole post didn’t go through. Clarification: I’m the PP with high HHI benefiting from this program.

[Anonymous]

This can't be good for yesterday's inflation rate.

[Anonymous]

Looks like Biden is going to be updating the student loan system and forgiving loans after 20-25 years of repayment, like how loans where initially sold to borrowers. But apparently the student loan companies had no way of tracking this(?).

https://apple.news/A_Sq-l_wGTO2OYRuVIF2H5Q

[Anonymous]

Anonymous wrote:Because he lost his signature legislation piece - the Build Back Better act. So this is all he can do. IDC - its not loan forgiveness so let it ride.

We’re you this mad when Wall street got bailed out?
Or airlines companies ? Or PPP loan?

[Anonymous]

As I understand it, Biden will be forgiving the loans of those in prolonged default due to un/underemployment and those who were unfairly prevented in receiving loan forgiveness. For many years, loan servicing companies were not tracking time when a student loan was transferred between processors or time would start over after coming out of default.

I have been paying my loans for 20 years and am not going to get forgiveness under Biden’s proposal.

[Anonymous]

As someone who scrimped and went without to pay off my student loans, I’m royally pissed off that my classmates who made minimum payments and enjoyed their money are going to get to skip out on their loans.

Before anyone asks, I had six figures worth of student loans and didn’t have any parent help. I had to delay having kids and buying a home to pay off my loans.

I just finished paying them off two years ago in time to get screwed by the pandemic.

I’m really, really pissed off.

[Anonymous]

Wow, I’m impressed that you were able to pay that off. I was truly terrified of loans, so I’m in awe!

[Anonymous]

Anonymous wrote:

Anonymous wrote:To answer the question--

So college students can catch flights, travel, and party.

The student loan repayment pause does nothing for current college students besides pause interest. Which isn’t that helpful. Current students haven’t entered mandatory repayment yet anyway.

Current students will benefit by entering the workforce with loan companies actually doing what they said they were going to do — track repayment time and not preventing people from getting into Income Driven Repayment Plans.

[Anonymous]

Anonymous wrote:As someone who scrimped and went without to pay off my student loans, I’m royally pissed off that my classmates who made minimum payments and enjoyed their money are going to get to skip out on their loans.

Before anyone asks, I had six figures worth of student loans and didn’t have any parent help. I had to delay having kids and buying a home to pay off my loans.

I just finished paying them off two years ago in time to get screwed by the pandemic.

I’m really, really pissed off.

But you weren’t obligated to pay them off faster? That was your choice. Not all debt is bad! I have had no parental help (in fact my parents borrowed money from me) but still managed to buy a house and have kids. My loans will not be forgiven but I don’t begrudge others. You made your choice.