What is going on with student loans?

[Anonymous]

Anonymous wrote:When did Americans become deadbeats always looking for a handout?

I bet it was the Homestead Act of 1862.

https://www.archives.gov/milestone-documents/homestead-act
https://www.pbs.org/race/000_About/002_04-background-03-02.htm#:~:text=The%201862%20Homestead%20Act%20followed,white%2C%20under%20Homestead%20Act%20provisions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is going on with student loans?

Nothing. Payment resumes in two weeks.

Not gonna happen. It will be extended.

The Dept of Ed is in the process of transferring servicers from FedLoan to MOHELA. For example, I received a letter from FedLoan today that I will be transferred to MOHELA on August 30. It's taking MOHELA 4-6 weeks to get loans to show up in their systems and for borrowers to create their MOHELA accounts/login info.

There is no way I will be able to make a student loan payment by September 30 (the date when the first payment is due after the pause).

Biden will extend the pause until 1Q2023 and blame it on the servicer switch.

I think you're right that the pause will be extended but what you're saying isn't how these loan servicers work. If payments resume while transferring your loan you're much more likely to login and find your account in default or a billing notice for $4k/month

You're absolutely right in that's what they would do. However, its not going to happen because Biden will delay the payment restart date and blame the servicers. It is what it is. The new servicer absolutely cannot manage the migration of the loans for tens of millions of borrowers and restart payments at the same time. It really is not feasible from technical, paperwork, and manpower perspectives.

[Anonymous]

Anonymous wrote:When did Americans become deadbeats always looking for a handout?

Help paying for an education so you can become a meaningful contributor to society? That's not a bad handout at all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:When did Americans become deadbeats always looking for a handout?

Help paying for an education so you can become a meaningful contributor to society? That's not a bad handout at all.

Not sure how meaningful a contributor to society one would be if they can’t even meet their financial obligations. Also, you could say the exact same thing about aid for housing or any other form of debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When did Americans become deadbeats always looking for a handout?

Help paying for an education so you can become a meaningful contributor to society? That's not a bad handout at all.

Not sure how meaningful a contributor to society one would be if they can’t even meet their financial obligations. Also, you could say the exact same thing about aid for housing or any other form of debt.

Well you can fail to meet numerous financial obligations and become president of the US. I doubt the student loan generations grift and display entitlement to the level of Boomers or their politicians.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When did Americans become deadbeats always looking for a handout?

Help paying for an education so you can become a meaningful contributor to society? That's not a bad handout at all.

Not sure how meaningful a contributor to society one would be if they can’t even meet their financial obligations. Also, you could say the exact same thing about aid for housing or any other form of debt.

OMG. you are a moron

[Anonymous]

the longer this drags on to the end of the month, I think biden plans on extending the pause. very odd with two weeks left and no one is saying much. I am sure people are holding on before they refi their loans. SMH.

[Anonymous]

Anonymous wrote:the longer this drags on to the end of the month, I think biden plans on extending the pause. very odd with two weeks left and no one is saying much. I am sure people are holding on before they refi their loans. SMH.

Wrong. Borrowers are already getting email notifications that their accounts will resume auto-deduct next month.

[Anonymous]

Biden is doing nothing. Y’all were lied to.

[Anonymous]

Anonymous wrote:

Anonymous wrote:the longer this drags on to the end of the month, I think biden plans on extending the pause. very odd with two weeks left and no one is saying much. I am sure people are holding on before they refi their loans. SMH.

Wrong. Borrowers are already getting email notifications that their accounts will resume auto-deduct next month.

I think loan servicers are still trying to figure out how to restart. There was a piece on NPR a couple of months back that described how very complex this pause has been.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's hilarious that the people against forgiveness insist that student loan borrowers are both too rich to deserve forgiveness but also too poor to make payments and therefore need to get second jobs.

No, people feel that you should repay your loan.

Do you also plan to have taxpayers pay off your mortgage, car loan, credit cards?

Where does it stop?

Clearly it stops with corporate bailouts! Citizens go F** yourselves, amirite?!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's hilarious that the people against forgiveness insist that student loan borrowers are both too rich to deserve forgiveness but also too poor to make payments and therefore need to get second jobs.

No, people feel that you should repay your loan.

Do you also plan to have taxpayers pay off your mortgage, car loan, credit cards?

Where does it stop?

Clearly it stops with corporate bailouts! Citizens go F** yourselves, amirite?!

Those companies employ you and are accretive to the economy. Deadbeats aren't.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:the longer this drags on to the end of the month, I think biden plans on extending the pause. very odd with two weeks left and no one is saying much. I am sure people are holding on before they refi their loans. SMH.

Wrong. Borrowers are already getting email notifications that their accounts will resume auto-deduct next month.

I think loan servicers are still trying to figure out how to restart. There was a piece on NPR a couple of months back that described how very complex this pause has been.

This is where the Democrat midterms enthusiasm halts and sinks again. Millions of millennials suddenly in student loan default or astronomical monthly bills with inflation still in the news

[Anonymous]

Anonymous wrote:Biden is doing nothing. Y’all were lied to.

Yeaaaah, maybe... We'll see I guess.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's hilarious that the people against forgiveness insist that student loan borrowers are both too rich to deserve forgiveness but also too poor to make payments and therefore need to get second jobs.

No, people feel that you should repay your loan.

Do you also plan to have taxpayers pay off your mortgage, car loan, credit cards?

Where does it stop?

Clearly it stops with corporate bailouts! Citizens go F** yourselves, amirite?!

Those companies employ you and are accretive to the economy. Deadbeats aren't.

Those banks, hedge funds, and mortgage brokers almost collapsed our economy! WTH?! They are total deadbeats! Writing NINJA loans is terrible.