The freeze in payments and interest helped some people reset their financial priorities and pay off some of their loans completely
Navient’s recent $1.7 billion settlement will erase student debt for about 66,000 borrowers. WSJ’s Josh Mitchell breaks down the settlement and explains which borrowers will receive debt relief. Photo: StoryblocksRather than skipping payments during the Biden administration’s student-loan freeze, a small but committed percentage of borrowers chose to keep paying anyway.
As of December 2021, 1.2% of borrowers continued paying down loans, said Mark Kantrowitz, a student loan expert. Mr. Kantrowitz’s estimate is based on repayment data released by the Education Department.
That's an acceptable choice, but economically misguided as you could save/invest and repay later. Even inflation suggests next year's dollar will be less valuable than today's dollar. Politicians might even write off some of your loan because receiving stolen property is approved
This is what I did. Didn’t realize the number paying was only 500k. Wow. All that said I was able to take advantage of Biden admin loan forgiveness. And accrued leave pay out from job that allowed me to get out for good. Hope Biden relieves the debt for all debt holders
Absolutely nothing to do with student loan debt, but $40 a month for online subscription is RIDICULOUS. I didn’t realize what I was being charged monthly after the promo period expired until I recently sat down to study my card statement. Just cancelled.
If you got it pay it if you don't it might get cheaper..👁
🥱🥱🥱
Um, my payments never stopped during the freeze. I literally had no choice but to continue paying.
Seen the terms of US student loan: that is the first thing to pay off. Borderline slavery.
'chose to' um there have to be certain circumstance to be able to even have a choice
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Ross: Should Biden cancel student-loan debt?Biden seems to be considering forgiving about $10,000 – enough to make a big difference for poor families, but probably way too low to excite the young middle-class voters the Democrats will need in November. Middle class is “struggling”, poor are actually suffering. GeeScottSr says it best (paraphrased), most of the problems society has can be solved by lifting up the poor.
Source: Mynorthwest - 🏆 438. / 53 Read more »
Biden considering income in student loan forgiveness decisionPresident Joe Biden is considering income as a factor in his decision whether to forgive some federal student loans for American borrowers.
Source: SpectrumNews1TX - 🏆 333. / 59 Read more »
Biden says his student loan plan is ‘not yet’ finishedPresident Biden on Monday said his sweeping plan to forgive student loan debt is still under development. $10,000 isnt going to do much for me. Ive lost 9 years of my life to frauds staging lies and thieving my life. Interest and mostly penalties and transfer fees from one company to another - are responsible for the balance I have now - way over $50,000
Source: WashTimes - 🏆 235. / 63 Read more »
Opinion | President Biden, it’s time to cancel student debtOpinion by Ro Khanna: It’s the right thing to do. And it makes economic sense. is this on federal loans or private bank loans Restitution costs will be high interest in time is pricy ! So where’s the bill? What a shame Ro doesn’t know anybody in, let’s say, Congress, who could write and promote the legislation on this that the president said he’d sign… Oh wait.
Source: washingtonpost - 🏆 95. / 72 Read more »
'I Don't Believe in a Cutoff': AOC Says Biden Shouldn't Means-Test Student Debt ReliefThe New York Democrat warned that limits on student loan forgiveness \u0022could exclude many of the frontline workers who are drowning in debt.\u0022 AOC The creditor class seized control of government 40 yrs ago, cutting off normal gov't investment in the public sector. This allowed banks to rake in billions in penalties and fees, causing a massive private debt that today is at peak level, meaning it can never be repaid. AOC AOC Quaint, but hyper complex means testing is the way the geriatric Democratic leadership will “fight for”[tm] early-bird fundraising opportunities for their minions to bleed the system. Its what the Democratic Party has become.
Source: commondreams - 🏆 530. / 51 Read more »
Activists keep up pressure as Biden weighs student debt moveFor student loan activists, the week began with hope as President Joe Biden gave his clearest indication that he was considering canceling federal debt rather than simply allowing borrowers to defer payments during the pandemic. I have car and house loans that are holding me back, can you give me $10k for that. I did something crazy during college, I worked and didn’t take out loan and with no parental assistance. POTUS JoeBiden Give me one reason I would want to pay off any of their student loan debts...
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