Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
People over 55 were completely neglected - people in default were also neglected.
Young kids who have their whole life ahead of them - may be helped.
People with graduate loan debts were not helped.
People earning over $125K were not helped.
Forgiveness without waiver of the accumulated interest and debt collection fees makes this plan hollow.
My opinion is that this was a lot of show - without any real teeth. Anybody else?
Really only interested in the opinions of people who HAVE student loan debt - I'd rather not hear from the bitter people - I already paid my loans, this isn't fair - wah wah wah. Leave that for another thread. Thanks.
It does not help me directly, but the economic impact will likely benefit me. I'm more interested in the impact of the $20k debt forgiveness. If you received a pell grant, that means you were generally from a lower economic class and this could actually play a large part in pulling you out of low income or poverty to a contributing member of society.
It's all for show. Biden promised to do something and he did the least he could do. Technically, he gets to say he did something, even if it was next to nothing. I think the DOE has (or is introducing) something new for borrowers in default. I say 'new' because it's always been possible for people to get out of default by consolidating their loans - as soon as the consolidation is approved, you're out of default.
Lenders/servicers may not make this information readily available, and have people thinking their only option is to make X amount of payments to "rehabilitate" a loan to get out of default, but this is not true. Servicers may also tell you that you have to still make your payments while your consolidation loan is being processed. It doesn't hurt if you do, but it's not a requirement.
If you're not in default yet, file for a forbearance. That will halt your payments and keep your loans from going into default while you wait for the consolidation loan to process. Note: All of this only works for federal student loans, not private ones.
My kids benefit, but not me. And my kids did not need the help, they are capable of paying their own loans.
Wasted money IMO, on many people who do not need the help. No means testing other than earning less than $125k. Please.
The NAACP complains that $10k is not enough, but that just means the Administration can give out another $10k whenever it needs to. If they gave the whole $50k at once there would be no future incentive to keep voting for them.
It's all for show. Biden promised to do something and he did the least he could do. Technically, he gets to say he did something, even if it was next to nothing. I think the DOE has (or is introducing) something new for borrowers in default. I say 'new' because it's always been possible for people to get out of default by consolidating their loans - as soon as the consolidation is approved, you're out of default.
Lenders/servicers may not make this information readily available, and have people thinking their only option is to make X amount of payments to "rehabilitate" a loan to get out of default, but this is not true. Servicers may also tell you that you have to still make your payments while your consolidation loan is being processed. It doesn't hurt if you do, but it's not a requirement.
If you're not in default yet, file for a forbearance. That will halt your payments and keep your loans from going into default while you wait for the consolidation loan to process. Note: All of this only works for federal student loans, not private ones.
Honest question, other than loan consolidation, why were people taking private loans to finance education? I never had any issues getting federal loans either for undergrad or grad school.
It's all for show. Biden promised to do something and he did the least he could do. Technically, he gets to say he did something, even if it was next to nothing.
With a median student debt amount around $25,000, a $10-20K reduction in debt is significant. And that's only one piece of the proposal.
Honest question, other than loan consolidation, why were people taking private loans to finance education? I never had any issues getting federal loans either for undergrad or grad school.
We had to take a private loan for our younger son's freshman year. The Stafford loans, grants, and scholarship didn't cover it all. Luckily he was chosen as an RA for sophomore year (free dorm) and moved off campus junior & senior year (waaay cheaper than the dorm scam). We rolled that 9.99% loan into a HELOC at a way lower rate as soon as we could.
The NAACP complains that $10k is not enough, but that just means the Administration can give out another $10k whenever it needs to. If they gave the whole $50k at once there would be no future incentive to keep voting for them.
The NCAAP is always going to ask for more. Most people don't have $50k loans.... the median is around half that.
It will not help me but it will my son. He graduated 2 years ago during the pandemic and has yet to make a loan payment. Me and my ex-wife both agreed that we would split the balance three ways (me/ex-wife/son) and pay off the loans as soon as possible. He lives in an apartment and the rental rates here are just crazy. $300-$500 a month increases are common at renewal time. The funds he would have used to pay the loans are going to rent instead.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
