Anonymous wrote:

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!

Actually, as a conservative, I’m not ok with the bailouts. Most conservatives are decidedly not.

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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.

If you made different choices, you could pay more on principal.

Not to get morbid, but what happens to that student loan balance when you pass away? It sounds like debt/income ratio has not really a hinderance to PP for any major purchases, so why not just keep paying the minimums and ride it out?

Federal loans (Parent Plus, Stafford and Perkins) and most private lenders, including Sallie Mae, go away when you die. This information is all online before someone tries to refute me.

As long as you didn't consolidate with someone else. When DH and I graduated and got married they tried to get us to consolidate our loans together, but thankfully we saw right through that. However we paid off our loans like responsbile borrowers and no one died. I don't even understand how you can wait until death if you die at a normal age. Even the longest consolidation period is only 30 years I think. So they would be paid off then unless you just...didn't pay in which case wouldn't they start garnishing your wages?

Spousal consolidation loans aren’t issued anymore to new borrowers, for obvious reasons.

I can’t find specific info on that, but I can’t imagine why they wouldn’t be forgiven upon death like all other federal loans. As for private lenders, if you consolidate with one of those and/or refinance you lose federal protections like IBR & PSLF. Some private lenders forgive upon death, some don’t.

Anonymous wrote:

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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.

If you made different choices, you could pay more on principal.

Not to get morbid, but what happens to that student loan balance when you pass away? It sounds like debt/income ratio has not really a hinderance to PP for any major purchases, so why not just keep paying the minimums and ride it out?

Federal loans (Parent Plus, Stafford and Perkins) and most private lenders, including Sallie Mae, go away when you die. This information is all online before someone tries to refute me.

As long as you didn't consolidate with someone else. When DH and I graduated and got married they tried to get us to consolidate our loans together, but thankfully we saw right through that. However we paid off our loans like responsbile borrowers and no one died. I don't even understand how you can wait until death if you die at a normal age. Even the longest consolidation period is only 30 years I think. So they would be paid off then unless you just...didn't pay in which case wouldn't they start garnishing your wages?

Anonymous wrote:

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Anonymous wrote:

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.

If you made different choices, you could pay more on principal.

Not to get morbid, but what happens to that student loan balance when you pass away? It sounds like debt/income ratio has not really a hinderance to PP for any major purchases, so why not just keep paying the minimums and ride it out?

Federal loans (Parent Plus, Stafford and Perkins) and most private lenders, including Sallie Mae, go away when you die. This information is all online before someone tries to refute me.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

If you made different choices, you could pay more on principal.

Not to get morbid, but what happens to that student loan balance when you pass away? It sounds like debt/income ratio has not really a hinderance to PP for any major purchases, so why not just keep paying the minimums and ride it out?

Anonymous wrote:

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:

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.

If you made different choices, you could pay more on principal.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

If you made different choices, you could pay more on principal.

Not to get morbid, but what happens to that student loan balance when you pass away? It sounds like debt/income ratio has not really a hinderance to PP for any major purchases, so why not just keep paying the minimums and ride it out?

Anonymous wrote:

Anonymous wrote:

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.

If you made different choices, you could pay more on principal.

Anonymous wrote:

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: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!

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.

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.

OMG!!!

You are basically a $170k household complaining about 'struggling' because you have to pay student loans. Good grief, could you possibly be any more tone deaf when the median HHI in the country is only like $60-70k? You are an entitled UMC household sucking off the teet of taxpayers.

No more forgiveness for people like you.