Student Loan Repayment Postponed Another 4 Months

Maybe a stupid question but does interest continue to accrue or is that also halted?

If interest is still accruing it's a bad idea to keep kicking this can down the road.

a reply to: litterbaux

A good question.

Probably is.

And everyone enjoying the reprieve is going to be bit in the butt.

The idea of a blanket "loan forgiveness" is insane to even entertain, in my opinion.

It will cause even higher inflation. Though I'm not sure how to be honest.

I'm not an economist.

a reply to: IndieA

Keep kicking the can until after midterms.

a reply to: litterbaux

ED owned loans have interest frozen at 0%.

a reply to: chris_stibrany

My exit interview quoted 144k...

originally posted by: DBCowboy
a reply to: litterbaux

A good question.

Probably is.

And everyone enjoying the reprieve is going to be bit in the butt.

The idea of a blanket "loan forgiveness" is insane to even entertain, in my opinion.

It will cause even higher inflation. Though I'm not sure how to be honest.

I'm not an economist.

I agree with you 100%.

And for those asking, the interest on the student loan debt has also been suspended.

originally posted by: RickyD
a reply to: IndieA

When this bubble bursts its going to make 2008 look like nothing...

It's gonna make the Great Depression look tiny.

I think when this bubble bursts ... there's going to be a substitute for the US Dollar. All value will have to be reset.

a reply to: IndieA

I love seeing this keep getting kicked down the road. As someone who paid their loans off years ago, it's always nice to know I could have let them linger and use that money for investing.

originally posted by: Snarl

originally posted by: RickyD
a reply to: IndieA

When this bubble bursts its going to make 2008 look like nothing...

It's gonna make the Great Depression look tiny.

I think when this bubble bursts ... there's going to be a substitute for the US Dollar. All value will have to be reset.

I've seen the story of debt forgiveness used as a disinformational psychological operation for over a decade now. Ben Fulford used to hope porn about a jubilee. Other disinformation people since then have ran with the NESARA/GESARA hoax. The great reset could just be another version of this psy-op that fools people into not worrying about taking on massive debt.

My advice to people is to avoid debt whenever possible, and don't be gulible. The rich and powerful have been taking advantage of the rest of us forever, they are just getting my clever about it.

originally posted by: IndieA

It has been said that only around 1% of borrowers have continued to make payments on their student loans.

Do you have a source for this? I looked around the internet and couldn't find anything except articles from fall 2020 that said 11% of borrowers were still repaying.

Either way, this places me in the minority as I'm still repaying my loans

originally posted by: DBCowboy
a reply to: IndieA

Is Biden going to pay off my car loan? Is he going to pay off my mortgage?

How about credit card debt?

Interesting thought... would you accept a new digital currency if you were given a clean slate?

I bet a lot of people would.

originally posted by: InwardDiver

originally posted by: IndieA

It has been said that only around 1% of borrowers have continued to make payments on their student loans.

Do you have a source for this? I looked around the internet and couldn't find anything except articles from fall 2020 that said 11% of borrowers were still repaying.

Either way, this places me in the minority as I'm still repaying my loans

I read it in an article about a month ago. That's the best I can do this 2am.

Good for you btw.

originally posted by: EternalShadow

originally posted by: DBCowboy
a reply to: IndieA

Is Biden going to pay off my car loan? Is he going to pay off my mortgage?

How about credit card debt?

Interesting thought... would you accept a new digital currency if you were given a clean slate?

I bet a lot of people would.

That doesn't really make sense. If debt is forgiven, then dollar debt is forgiven, meaning people will receive the property they borrowed, after their debt is paid off in dollars. What about the owners of that property? Do they just get a bunch of hyper inflated obsolete dollars?

Your idea that a highly controlled central bank digital currency (CBDC) would be a replacement to the dollar, would only come into play after this fact.
After owned property was given to anyone who borrowed it? Keep dreaming.

Best case is you keep your freedom and be responsible about your commitments, worse case is you'll own nothing and be "happy", because anyone who claims to have the power to forgive everyone's debt, is a lair and clearly not a friend.

a reply to: EternalShadow

It sickens me to think that people are so incapable of being accountable for their actions that they would willingly go to the government and beg for handouts. Of course, many people would; they've racked up so much debt it's not even funny. It removes individual accountability from the process, which does not teach the proper lessons. Then again, it falls perfectly in line with keeping the populace under control somehow.

originally posted by: EternalShadow

originally posted by: DBCowboy
a reply to: IndieA

Is Biden going to pay off my car loan? Is he going to pay off my mortgage?

How about credit card debt?

Interesting thought... would you accept a new digital currency if you were given a clean slate?

No. What could be given could also be taken away.

I bet a lot of people would.

And that's why our country will fail.

a reply to: RickyD

Housing bubble + student loan bubble + inflation and Biden being President make for a looming disaster. Sorry I forgot about the border that will soon explode more than it already has . What else did I forget ?

a reply to: 10uoutlaw

Supply and food shortage...

a reply to: RickyD

Damn , thanks maybe I should have gone to collage

a reply to: xuenchen

They better not try that #- I would demand to keep paying it monthly rather than take that hit.
I've paid every month for years except when they suspended the interest for coronacold.

originally posted by: DBCowboy
a reply to: IndieA

Is Biden going to pay off my car loan? Is he going to pay off my mortgage?

How about credit card debt?


This is stupid.

People used to believe in personal responsibility.

Now they all want to suckle at governments teat.

You have that right.

I graduated college, the first time in May of 1999. I didn't have a large student loan debt, mainly because I got an Associate's Degree from a local Community College. My first payment was due in December of 1999. I made it and started the cycle of monthly payments. In April of 2000 I received notice that my Federal Income Tax refund was being held because of non-payment of my student loan. I had the cancelled checks, but, nobody would do anything about it. So I figured that it would be applied to my loan and knock it down quite a bit. I kept making payments until April of 2003. By that time, the amount that I paid, plus the amount that they kept from my tax refunds more than paid off the loan. So I stopped making payments. A couple months later HR calls me in and tells me that they have to start garnishing my paycheck for the student loan. I showed her the cancelled checks and the letters from the IRS stating that they were keeping my refunds. Finally the garnishment stopped and I got a letter telling me that my loan was paid off. It had a name, address and phone number. I called the number and set up an appointment. It turns out that my refunds were never credited to my loan. It took ten minutes after my threatening to get a lawyer involved to clear it up. Five days later I got my refunds plus interest, my employer was sent a letter that admitted to the Government's mistake and my loans were removed from my credit report.

After going through all of that, I have little sympathy for the clowns who maxed out their student loans and now they can't repay them. Did you know that Spring Break always falls at the time that the second disbursement of student loans happens. If you max out your loan the first disbursement usually covers the cost of the college leaving the second one for them to party on.