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Forum -> Household Management -> Finances

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amother

Thu, Jan 04 2024, 2:16 pm

I think the covid emergency stopped a few months ago and I've been getting my student loan bills again. However, many people haven't resumed paying. Reports say that a full 40% are still missing payments.

https://www.cnbc.com/2023/12/2......html

I don't want this to be a political thread. But with the election coming up, isn't there a decent chance the debt will be forgiven? Once I pay it back I'm not getting the money back.

It pains me to see people who took on second jobs to pay their student loans only to see those who were less responsible have their forgiven. It pains me to see parents in their 60's who just finished paying off their kids college and now see so many have their student loan debt disappear.

I want to be responsible. But is it responsible to pay back a debt that the government might swoop in in a few months and pay it for me? That seems dumb.

amother

Linen

Thu, Jan 04 2024, 2:21 pm

I’m not the most educated on the topic but it seems like student loans won’t be forgiven. It’s a promise Biden made so he could get elected but he hasn’t filled it.

amother

Canary

Thu, Jan 04 2024, 2:43 pm

I started. I don't think it will get forgiven. It is tough. But I honestly hope it won't be because too many took out loans for the wrong reasons. Too many didn't pick fields that will ever earn enough. People don't get free tuition to trade school and trade is better for the economy than another literature major.

And maybe it will lower tuition all around because student loans mean universities can keep increasing tuition and people took loans out assuming they will never repay. People will think twice before signing up for 100k in loans...

amother

Yellow

Thu, Jan 04 2024, 2:44 pm

We called the loan company and they told us we can hold off until January not sure what’s gonna be now that it’s Jan going to see what they say when we call
I don’t think they will be forgiven but I am open to holding off as long as possible
It’s crazy our payments come out to more than 900 a month and the calculator is not factoring in tuition mortgage etc
It’s like the loan payment want people to not have jobs

amother

Thu, Jan 04 2024, 2:53 pm

I don't necessarily think they will be forgiven either. But I think it's possible.

Is there any harm in waiting another 6 months till it gets closer to the election when there will be incentive for the loan to be forgiven? Meaning, what do I have to lose by not paying now and waiting to see how things play out?

amother

Midnight

Thu, Jan 04 2024, 3:25 pm

amother OP wrote:

I assume interest will keep accruing, which can add up to a lot of extra payments depending on the size of your balance.

I think Biden tried to do it, but it got shot down by Congress and the Supreme Court. So no matter who wins, I don't think there's any political way for it to happen.

amother

Bisque

Thu, Jan 04 2024, 3:31 pm

Yes, didn’t realize we have a choice.

nicole81

Thu, Jan 04 2024, 3:32 pm

I went for another degree lol so they're in forbearance. More interest, yay. Repayment is going to be a hard shock but at least possible with the IDR plans.

amother

Wed, Jan 24 2024, 12:21 pm

https://www.cnbc.com/2024/01/2......html

I see the administration is still trying forgive students (voters) debt. There's no way I'm paying back a dime until after the election. Once you pay you will never get your money back.

Call it what you want but there's a price to pay for being a good citizen these days.

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