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screw them - they took the money they need to pay it back like the millions of other kids and young adults that have
This is all that needs to be said. Guess schools didn’t teach them how the real world works, and they didn’t attend the school of hard knocks, well guess what, knock knock your installment payment is due again soon. Figure it out.
The issue with the student loan debt forbearance is that many didn't continue paying on their debt at 0% interest, nor saved the money from the forbearance. So where did this money go? It very well could have went to trips/experiences or a new car for them. The best decision students could have made was pay what they could on their student loan debt, so that all their payment would go to principal reduction.
The students who were really hosed with the forbearance were the students who refinanced their Federally funded loans to private loans with SoFi. Those students received a cheaper rate, but had to continue paying their student loans throughout the entire pandemic. I would recommend any student to seriously consider all options when refinancing their Federally funded loans to private loans. You have so many perks available to you under the Federally funded loans compared to going private just to get a 2% rate cut.
Particularly if you are in a public interest field/job and can join the Public Service Loan Forgiveness program. For me, this forbearance has been wonderful. Even if this thing is not extended again past May 1, I would have been able to keep at least $10k in my pocket during the pause while adding having that time count as if I was making payments.
If I have to resume payments in May, I'll definitely get through it, but I won't exactly shed a tear if the pause continues
Why all this talk of loan forgiveness?? You signed an agreement... You got your money and education. The deal was you pay it back. Time to honor your end of the agreement. Have some integrity and self responsibility people! It's not like there aren't jobs to be had.
Why all this talk of loan forgiveness?? You signed an agreement... You got your money and education. The deal was you pay it back. Time to honor your end of the agreement. Have some integrity and self responsibility people! It's not like there aren't jobs to be had.
I think it all depends on what you mean by forgiveness as there is an actual Public Service Loan Forgiveness program that people also signed an agreement for whereby the balance of their loans are forgiven in exchange for making 120 timely payments while employed at a qualifying public interest job.
Anyone else worried what impact this will have on the markets and economy?
Over 40 million people haven't had to make student loan payments in nearly 2 years. People freaked out when their monthly child care act payments dried up, whats going to happen when inflation hits 10% and people have to start making those $500 student loan payments again?
I'm genuinely starting to get very worried.
A lot of those people have good paying jobs and can make those payments.
Know any young doctors? This has been a huge win for them as they carry house sized student loan debt in many cases.
Why all this talk of loan forgiveness?? You signed an agreement... You got your money and education. The deal was you pay it back. Time to honor your end of the agreement. Have some integrity and self responsibility people! It's not like there aren't jobs to be had.
Because politicians keep dangling in front of young voters like a worm on a hook only to yank it back out of reach after an election.
I think it all depends on what you mean by forgiveness as there is an actual Public Service Loan Forgiveness program that people also signed an agreement for whereby the balance of their loans are forgiven in exchange for making 120 timely payments while employed at a qualifying public interest job.
This is a really good point and, to be fair, we should definitely distinguish between blanket forgiveness versus Public Service Loan Forgiveness. I assume the OP meant the blanket forgiveness for all federal student loan borrowers despite what job they have?
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