Reply to Canceling $10k of student loan debt is stupid.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Up to $125,000 singles or $250,000/for couples is way, way too high.

What a joke.[/quote]

Exactly, people who make six-figure salaries have *NO ISSUES* paying back a $10k loan. [/quote]

What about the ones with way more than 10k in debt? The more you have, the harder it is to pay back because of the interest. [/quote]

For those with way more than $10k in debt, this $10k is not going to help much. It does not solve their problem that they can't make enough money to pay back whatever it is that they owe - remember this is the crux of the matter. [/quote]

I could get into my story. And I agree with you somewhat. Let some explain why I’m extremely appreciative of 10k and how it helps.

We have 2-ish years left. “We” but it’s my DH’s debt. But it’s our family finances, I benefit from his education and work. We have traded being breadwinners at diff times.

The quicker we get it done, the quicker it’s done.
The longer it takes, the longer it takes.

We have benefited incredibly from the stop on interest and minimums:
-On interest: the daily balance increase was a lot. Ballpark monthly: 600. We could pay $2k monthly, and only see a drop by $1400. This got better as the balance has gotten lower.
-on minimums. The minimums are lower than we pay, about $400 of the $2k we pay monthly. That’s not the issue. (In fact the minimums would keep the balance climbing! Again not the issue).  The problem is *divided* minimums. We’ve had a 9 loans, representing diff semesters. 5 paid off. 4 remaining. Our extra $1500/we put on the highest interest rate. When there were minimums, that 400 practically disappeared into the ether. It’s related to ^ that interest rate above. All 4 loan loans balances climb. Minimum doesn’t lower it. We put the extra on one. It felt like those minimums disappeared, as I said.

Since national forebearance, what we have applied has not “disappeared.” The balance actually goes down at the same rate we put into it.

If we had no interest, we will definitely finish it off in 2 years (9 years post degree). But as the interest accrual returns, I feel worried it will take us 4-5 years.

A $10k drop from Biden will make it go so much quicker.

I understand why interest is charged. I think the greatest change he could push is a low low interest rate for people who have high balances who are paying $25-30k per year and still seeing little balance change. Or, just lower interest rates for all student loans. Congress sets those rates, time to change it.[/quote]

I would love to talk to a reporter about our story.
We aren’t representative of those with real problems, however. I know we are fine. There are people who can’t make ends meet.

We borrowed, we always knew we would pay back. We put so much in, and have a lot to go. I’ll pull up the numbers later. They are interesting.

I’d hate to be profiled if it makes it look like we are whining about … aww man we have to sacrifice 1. Fixing our siding to prevent rodents 2. Going on vacation, traveling to see family or show the country and the world to our kids 3. Retirement saving so behind that dcum has laughed at how unprepared we are (shall I link to the thread?). 4. Hate getting hit with huge car repairs, dental diagnoses, and a shoddy deck that needs fixing. Because it delays us further.
We sacrifice, but we don’t struggle to survive. We’ll be fine eventually.

I can’t whine about real things.

But we can become incredibly discouraged when we see that our borrowed amount and paid amount are inching closer and closer, and the interest keeps the balance high. And be astounded about how much crazy progress we made without interest …. [/quote]

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