I have paid $64,000 on $30,000 in principal and still owe $49,000. My student loans have done irreparable harm already and will finish me off. It's just a matter of time. Student loans are a scam that sells dreams to kids, then indentures them for life.
I very much agree that student loans are a problem and the aid program should end right away. But I think it is dishonest to claim that it is “impossible” to pay back all this debt. It is not impossible. Americans collectively hold about $1.4 trillion in auto debt, often at much higher interest rates, but we don’t call this an auto debt crisis and claim we can never pay it back. Quite the opposite happens actually. We fawn over the new cars we buy ourselves every few years. Also, this freeze in payments was never going to be forever, so my wuestion to all those who are “disgusted” is: what did you expect? Why did you not prepare to resume payments over the past 18 months? The government is letting us know now that payments will resume in 4 months, that is plenty of time to budget in your payments. The program must end, but nobody is going to end it, so it’s time to take responsibility and pay the debt.
Why wouldn't they at least suspend the interest payments for like 5 years to let people catch up. Biden admin folks, I know you are reading this plz suspend the interest rates at least 5 years. We know forgiveness is out of the picture as you stated but why bail out banks and big businesses when you could bail out the people! #SuspendInterest5years
I had my first Federal Student loan in 1970s for $10000 was legit, fixed , simple interest, you knew what you owed, to Sallie Mae paid it off and was free
I got a 2nd Federal Student loan in 2000 and by then Navient was the servicer "for" Sallie Mae.and I "owed" $18000 .. at first. Suddenly I found I was owing more and more, interest was no longer fixed and w all the scams of consolidation, times I could only pay the interest and etc I was now 65 wanting to retire but still "owed" $12000!!! How? Never could find out and this was a Federal Student loan not a private one! How? How? I'll be dead before it's paid . This was a small amount compared to many student loans. College has become a cash cow not only for the schools with absurd tuition rates, fees and etc. But also to these government backed con artists like Navient.
The educational system is wacked and the financing system is predatory. Something needs to be done by Congress. Yeah right! I'll be dead before I see that as well
My big hope is that they just keep kicking the can down the road forever, and they know that if they make people start payments again it's going to cause widespread economic chaos. But given the way they unceremoniously ditched the unemployment benefits and eviction moratorium that doesn't seem super likely anymore
I am also working towards PSLF and I think James who’s 6 years into it might be overpaying. He should check studentaid.gov/loan-simulator. Depending on his payment plan and tax filing status he might be able to cut his payment.
I stopped worrying about paying mine off a long time ago. They can't touch my husband after I'm gone, and without the education I would've been stuck in service jobs for life. Everyone is entitled to an education to their own level of ability, and damn it, I'm no less entitled than everyone else.
I have paid $64,000 on $30,000 in principal and still owe $49,000. My student loans have done irreparable harm already and will finish me off. It's just a matter of time. Student loans are a scam that sells dreams to kids, then indentures them for life.
I very much agree that student loans are a problem and the aid program should end right away. But I think it is dishonest to claim that it is “impossible” to pay back all this debt. It is not impossible. Americans collectively hold about $1.4 trillion in auto debt, often at much higher interest rates, but we don’t call this an auto debt crisis and claim we can never pay it back. Quite the opposite happens actually. We fawn over the new cars we buy ourselves every few years. Also, this freeze in payments was never going to be forever, so my wuestion to all those who are “disgusted” is: what did you expect? Why did you not prepare to resume payments over the past 18 months? The government is letting us know now that payments will resume in 4 months, that is plenty of time to budget in your payments. The program must end, but nobody is going to end it, so it’s time to take responsibility and pay the debt.
Why wouldn't they at least suspend the interest payments for like 5 years to let people catch up. Biden admin folks, I know you are reading this plz suspend the interest rates at least 5 years. We know forgiveness is out of the picture as you stated but why bail out banks and big businesses when you could bail out the people! #SuspendInterest5years
I had my first Federal Student loan in 1970s for $10000 was legit, fixed , simple interest, you knew what you owed, to Sallie Mae paid it off and was free
I got a 2nd Federal Student loan in 2000 and by then Navient was the servicer "for" Sallie Mae.and I "owed" $18000 .. at first. Suddenly I found I was owing more and more, interest was no longer fixed and w all the scams of consolidation, times I could only pay the interest and etc I was now 65 wanting to retire but still "owed" $12000!!! How? Never could find out and this was a Federal Student loan not a private one! How? How? I'll be dead before it's paid . This was a small amount compared to many student loans. College has become a cash cow not only for the schools with absurd tuition rates, fees and etc. But also to these government backed con artists like Navient.
The educational system is wacked and the financing system is predatory. Something needs to be done by Congress. Yeah right! I'll be dead before I see that as well
This time
My big hope is that they just keep kicking the can down the road forever, and they know that if they make people start payments again it's going to cause widespread economic chaos. But given the way they unceremoniously ditched the unemployment benefits and eviction moratorium that doesn't seem super likely anymore
I am also working towards PSLF and I think James who’s 6 years into it might be overpaying. He should check studentaid.gov/loan-simulator. Depending on his payment plan and tax filing status he might be able to cut his payment.
I stopped worrying about paying mine off a long time ago. They can't touch my husband after I'm gone, and without the education I would've been stuck in service jobs for life. Everyone is entitled to an education to their own level of ability, and damn it, I'm no less entitled than everyone else.