Notification that my Student Loans from 27-30 years ago have now been forgiven! $31,000+. plus another $12,000 in interest! I had done the Forbearance trick for years as the kids got older and financial hardships arose. However, I was about to start the payments again. Not anymore! Thanks, Joe! I will vote for you 20 times 2024! LOL.
I know right.... I guess I learned the hard way about "picking myself up from my bootstraps" and being fiscally conservative with my household income. .... The funny thing is though, if this joker really did get his loans forgiven (and good for him if that's the case) I guarantee you that in the matter of weeks, he will have went out and purchased something stupid with the monthly payments he's saving which will then contribute to the Biden economy, and he'll be doing his part to make Biden that much more re-electable. However I'll bet 100 bucks that he's full of crap.
So, you are going to send me a $100? I will put it towards my new vehicle downpayment! I could show you the .pdf message I got from Mohela...lol. And no, I'm not going to buy anything....lol. Will help my credit when I buy a new vehicle next year after driving the same truck for almost 2 decades. The problem will student loans is that if you don't pay them off within the first 5-10 years, you can almost never do it because of the interest. I know people who had $75,000-$100000 in debt who have paid more than $100,000 towards those loans. They still had a balance of $75,000 to $100000. These loans are over 20 years old. If you don't wait to start a family, you will have trouble paying loans off. Kids are ****ing expensive. Financial hardships come up. So you use deferments and Forbearance to give yourself a break. Balance just continues to pile up. The first loan was 30 years old. I consolidated in 1999, a few years out of college. That is what Mohela shows as the age of the loans. Luckily, my interest rate was low because of the low rates in 1999. I have 2 kids who graduated from college from college and paying their tuition, etc... was more important than my very old loans. People like you have no problem with the government forgiving business loans when they don't need the relief. Republicans are against free community college (Reagan...ended that in California as governor). We are told you need to have good grades to go to college and make something of yourself, but college is being priced out for most students. Paying on loans for over 20 years is enough for forgiveness.
I'm not faulting the OP and I sincerely congratulate him on getting his loan forgiven and using that money to improve his life. That's why I including the winky face. I paid my loans off largely because as a TA and research assistant, along with working for the U of MN for a few years after graduation my loans were small and reduced. I think burdensome loans are a problem and I don't fault others for feeling they have to take them.
It is a scam. Colleges give you grants basically your 1st year/year and half. Then to actually finish, you have to take loans to graduate.
Yes it's a big problem. Not sure I would go as far as calling it a scam but this is something that definitely needs fixing.
Hopefully you're aware that under the new plan biden got rid of negative Interest. Your balance doesn't ever grow now if you make payments
Good then. I made the assumption that you were being sarcastic. I absolutely understand the issues with student loans because I also had trouble over the years paying mine off, and made stupid lending decisions while I was in college just to finish, and took a loan outside of the FAFSA process, and got screwed. I also am certainly not one of those "people" who has no problem with the government forgiving business loans when they don't need the relief. At the time of the first two bills passed, I was working for a large company who received a massive payday from the Covid relief, took the money, and used it to pay debt off, then decided to have mass layoffs, and those left in the company were forced to have a 40% temporary salary decrease.... all the while on the earnings call boasted about how they are sitting on 100 million in emergency cash, and are still likely to turn a profit that year. So yeah... be careful about just assuming anything about me as well. Congrats on the loan forgiveness, and being able to get a new truck next year.
Not what I said. Was talking specifically about me. My son and daughter both have loans, plus we have Parent loans for my daughter. So, student loan concerns will still be a concern to me. Matter of fact, my wife is looking at the repayment programs this weekend.
