Another stupid inflationary policy. When will all the stupidity end.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I will say I believe the conundrum many of us are in, that we can't refinance at a lower rate because we don't want to lose potential forgiveness, but are stuck paying exceedingly high interest rates, could do for a fix.

I could see a policy that all holders of federal loans are brought down to an interest rate of something like 2%, but don't get forgiveness. That might be a decent compromise. I'm still sitting at almost 7% on my loans and just paying interest plus a small amount of principal.

It isnt just the rate, its daily compounding. For a 10k loan the daily compounding interest is 0.75 per day. And it compounds off the daily balance so it compounds on 10,000.75 the next day...etc so add 4 years of daily compounding interest plus 6 months after graduation. This is not how car loans and mortgages compound.
No one should be paying 1k per month on student loans on 80k they took out that turned into 100k+ total by graduation and etc etc. You can pay 80k after 10 years (1k x12 x 7 years), have paid the principal amount borrowed and then 80k still left- that keeps daily compounding.

Those are the terms you agreed to. And this is only true for the private loans btw. But if you didn’t like the terms, the time to say so was before you took and spent all the money, not after.

No..it's also for federal loans.

All of my loans are federal. I've been out of school for 13 years. I've made EVERY payment on-time. My balance has only gone down $552.00. I worked for a non-profit that offered a one-time $7,500 student loan repayment stipend. 5 months after that payment was applied, my balance was back to where it was before the payment. It's like that payment never happened.

I paid off my car loan 2 years early. 5 years into my mortgage and I've already paid off an extra 10 percent. but these student loans just won't disappear. At the end of the day, I'm not sweating forgiveness. If it happens, cool! My payment is $312 a month. I'll pay it until I'm 72, lol. $312 didn't prevent me from buying a house, putting away 10% of my annual income into my retirement account, or traveling. But for those that pay $700+ dollars a month, or low income, I want the forgiveness for them. This country waste spending on so many things that its ridiculous. A little student loan forgiveness won't bankrupt the country.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I will say I believe the conundrum many of us are in, that we can't refinance at a lower rate because we don't want to lose potential forgiveness, but are stuck paying exceedingly high interest rates, could do for a fix.

I could see a policy that all holders of federal loans are brought down to an interest rate of something like 2%, but don't get forgiveness. That might be a decent compromise. I'm still sitting at almost 7% on my loans and just paying interest plus a small amount of principal.

It isnt just the rate, its daily compounding. For a 10k loan the daily compounding interest is 0.75 per day. And it compounds off the daily balance so it compounds on 10,000.75 the next day...etc so add 4 years of daily compounding interest plus 6 months after graduation. This is not how car loans and mortgages compound.
No one should be paying 1k per month on student loans on 80k they took out that turned into 100k+ total by graduation and etc etc. You can pay 80k after 10 years (1k x12 x 7 years), have paid the principal amount borrowed and then 80k still left- that keeps daily compounding.

Those are the terms you agreed to. And this is only true for the private loans btw. But if you didn’t like the terms, the time to say so was before you took and spent all the money, not after.

No..it's also for federal loans.

Anonymous wrote:LOL at all the folks against student loan forgiveness. Yet, you are ok with your tax dollars going to bailout Wall Street and other big business that don't give a crap about the consumer. Well I'm a tax payer too and I'm ok with some form of forgiveness. I also vote!

LMAO....taxpayer dollars to bailout companies after 2008 were nearly all paid back WITH interest you numbskull. US taxpayers actually made money on the deal.

You borrow money, you pay it back per your contract. In the United States, contracts actually mean something. If you don't understand a contract, you don't sign it. If you don't want to pay back the money you borrow, don't sign the contract. Simple as that.

Tell me, who held a gun to anyone's head who made them sign a contract to take out a student loan?

LOL at all the folks against student loan forgiveness. Yet, you are ok with your tax dollars going to bailout Wall Street and other big business that don't give a crap about the consumer. Well I'm a tax payer too and I'm ok with some form of forgiveness. I also vote!

I dunno, Canada seems to be able to have low interest loans (and do about a million other things better than we do, too). Same goes for NZ and AUS.

Anonymous wrote:

Anonymous wrote:The federal government should not be in the business of collecting interest on student loans. A more educated citizen makes more money and pays more taxes. The government should NEVER charge student loan interest.

This doesn't ring true with the excuses being given for why we need forgiveness in the first place. Most of the people whining about loan forgiveness never graduated or claim to have a crappy low-paying job. So which is it?

I don't care what your OPINION is. The fact is, college grads make more income and the government shouldn't be in the business of charging interest on student loans. Ever.

Anonymous wrote:

Anonymous wrote:I will say I believe the conundrum many of us are in, that we can't refinance at a lower rate because we don't want to lose potential forgiveness, but are stuck paying exceedingly high interest rates, could do for a fix.

I could see a policy that all holders of federal loans are brought down to an interest rate of something like 2%, but don't get forgiveness. That might be a decent compromise. I'm still sitting at almost 7% on my loans and just paying interest plus a small amount of principal.

It isnt just the rate, its daily compounding. For a 10k loan the daily compounding interest is 0.75 per day. And it compounds off the daily balance so it compounds on 10,000.75 the next day...etc so add 4 years of daily compounding interest plus 6 months after graduation. This is not how car loans and mortgages compound.
No one should be paying 1k per month on student loans on 80k they took out that turned into 100k+ total by graduation and etc etc. You can pay 80k after 10 years (1k x12 x 7 years), have paid the principal amount borrowed and then 80k still left- that keeps daily compounding.

Those are the terms you agreed to. And this is only true for the private loans btw. But if you didn’t like the terms, the time to say so was before you took and spent all the money, not after.

Anonymous wrote:I will say I believe the conundrum many of us are in, that we can't refinance at a lower rate because we don't want to lose potential forgiveness, but are stuck paying exceedingly high interest rates, could do for a fix.

I could see a policy that all holders of federal loans are brought down to an interest rate of something like 2%, but don't get forgiveness. That might be a decent compromise. I'm still sitting at almost 7% on my loans and just paying interest plus a small amount of principal.

It isnt just the rate, its daily compounding. For a 10k loan the daily compounding interest is 0.75 per day. And it compounds off the daily balance so it compounds on 10,000.75 the next day...etc so add 4 years of daily compounding interest plus 6 months after graduation. This is not how car loans and mortgages compound.
No one should be paying 1k per month on student loans on 80k they took out that turned into 100k+ total by graduation and etc etc. You can pay 80k after 10 years (1k x12 x 7 years), have paid the principal amount borrowed and then 80k still left- that keeps daily compounding.

Anonymous wrote:I will say I believe the conundrum many of us are in, that we can't refinance at a lower rate because we don't want to lose potential forgiveness, but are stuck paying exceedingly high interest rates, could do for a fix.

I could see a policy that all holders of federal loans are brought down to an interest rate of something like 2%, but don't get forgiveness. That might be a decent compromise. I'm still sitting at almost 7% on my loans and just paying interest plus a small amount of principal.

Kids who are starting college these days get 3% interest on federal loans, roughly. Note I said kids starting college now, as in 18-22 year olds in 2022.

I will say I believe the conundrum many of us are in, that we can't refinance at a lower rate because we don't want to lose potential forgiveness, but are stuck paying exceedingly high interest rates, could do for a fix.

I could see a policy that all holders of federal loans are brought down to an interest rate of something like 2%, but don't get forgiveness. That might be a decent compromise. I'm still sitting at almost 7% on my loans and just paying interest plus a small amount of principal.

Anonymous wrote:The federal government should not be in the business of collecting interest on student loans. A more educated citizen makes more money and pays more taxes. The government should NEVER charge student loan interest.

This doesn't ring true with the excuses being given for why we need forgiveness in the first place. Most of the people whining about loan forgiveness never graduated or claim to have a crappy low-paying job. So which is it?

The federal government should not be in the business of collecting interest on student loans. A more educated citizen makes more money and pays more taxes. The government should NEVER charge student loan interest.

I assume it's because he doesn't want to be the President that will restart it.

Anonymous wrote:Why do you care?

Because borrowers used my money that I paid through taxes.

Because it drives inflation that causes me to pay more for everything everywhere.

Because it is not my responsibility to foot the bill for your personal choices.