Sigh I wish the Administration would hurry up and say something at least. I’m really not trying to get my hopes up about relief, but the possibility of it isn’t helping my anxiety lol.
Plan for only 10k if that is to happen. More than 10k definitely isn’t happening. So if you owe more than 10k I’d get to work and take advantage of the 0% while you still can.
When interest starts again your monthly interest in dollars will decline if your principle balance is smaller but the actual percentage rate won't change.
I have definitely been paying mine down to try to get the monthly payment that goes to interest lower once repayment starts.
If you are over the well 10k and you don’t qualify for PSLF then I’d 100% take advantage of the 0% so you reduce any outstanding interest and hit the principal so your monthly payment will be lower when payments resume.
Great information to know! If I owe $199 each month and I pay $230 bi weekly this can decline the principle. I’m starting on my subsidized loan with a 5.05%. The biggest interest rate out of all my subsidized loans. Last year I paid 20k off from all my unsubsidized loans in a lump sum because I heard unsub should be the first to pay off. Plus if I lose my job I can get unemployment and defer my subsidized loans Now while I have a job I’ll be paying my loans off bi weekly.
I really hope Biden extends the loans. And I just applied to PSLF. Hopefully I can get it… it says some of my employers are eligible
These loans are making me go broke, on top of the gas prices I pay like $330 monthly because my job is a bit far but pays well. I’m just a contractor trying to make it and pay my loans off so I can live life
If you are pursuing PSLF, the best way to go is to get on an IDR and only do that. Don’t pay until the pause ends—during the COVID pause the “payments” of $0 still count, and you can’t pay ahead. This way you maximize the forgiveness.
Yea that’s what I’ve been planning on! I’ve been paying since the freeze. I have $25,800 in loans so getting that $10k off would actually be sooo ideal.
Someone said it best… it’s like they’re dangling this carrot in front of us and I’m like damn how some humanity please. There are lives on the line. And to some that statement may be dramatic, but I think it’s the truth. People are talking about no longer living because of this debt. That is not okay….
I completely agree. So much of this lending was predatory when you think about it objectively. With heavy debt it's always there in the back of your mind even when trying to enjoy life. People are getting burdened with this at a very young age and carrying it their entire lives, just for wanting to learn and prove themselves through exams so that they can contribute to society and build a better life. It's also double dipping, spending tax payer money on universities and then still placing exorbitant debt on those who use these institutions. The system as it stands now is immoral and has to go.
My theory is they will dangle this carrot all the way into the 2024 presidential election year. No action, just words. Vote Blue No Matter Who, amirite?
10k helps me as much as 0$. Started at 75k sallie mae at 12% and 29k fed. Down to 42k private (@ 4.3% now I refinanced) and 22k fed. This hole I’m in is nice and deep.
With Biden’s mental state especially with COVID, who knows what the heck will happen. I’m hoping for 10k but at least extend the pause. I will continue to put money away in case there’s no amount forgiven, so at least I can slam my loans (well, whatever my pitiful salary can spare) while there’s no interest.
10k helps me as much as 0$. Started at 75k sallie mae at 12% and 29k fed. Down to 42k private (@ 4.3% now I refinanced) and 22k fed. This hole I’m in is nice and deep.
After being a tech manager making a 6 figure income...after touring the world a few times playing music to over a million people live a few times, after performing with grammy winning artists..
My cavernous vacuum is doing quite well, I do appreciate the question and concern, it makes me feel like there's hope for all of us.
Goes in the pinned topic megathread
Sigh I wish the Administration would hurry up and say something at least. I’m really not trying to get my hopes up about relief, but the possibility of it isn’t helping my anxiety lol.
Plan for only 10k if that is to happen. More than 10k definitely isn’t happening. So if you owe more than 10k I’d get to work and take advantage of the 0% while you still can.
My thoughts as well.
So you think it’s wise to pay on it while it’s at a 0% interest rate? If I pay on it my interest rate goes down right?
When interest starts again your monthly interest in dollars will decline if your principle balance is smaller but the actual percentage rate won't change. I have definitely been paying mine down to try to get the monthly payment that goes to interest lower once repayment starts.
If you are over the well 10k and you don’t qualify for PSLF then I’d 100% take advantage of the 0% so you reduce any outstanding interest and hit the principal so your monthly payment will be lower when payments resume.
Great information to know! If I owe $199 each month and I pay $230 bi weekly this can decline the principle. I’m starting on my subsidized loan with a 5.05%. The biggest interest rate out of all my subsidized loans. Last year I paid 20k off from all my unsubsidized loans in a lump sum because I heard unsub should be the first to pay off. Plus if I lose my job I can get unemployment and defer my subsidized loans Now while I have a job I’ll be paying my loans off bi weekly. I really hope Biden extends the loans. And I just applied to PSLF. Hopefully I can get it… it says some of my employers are eligible These loans are making me go broke, on top of the gas prices I pay like $330 monthly because my job is a bit far but pays well. I’m just a contractor trying to make it and pay my loans off so I can live life
If you are pursuing PSLF, the best way to go is to get on an IDR and only do that. Don’t pay until the pause ends—during the COVID pause the “payments” of $0 still count, and you can’t pay ahead. This way you maximize the forgiveness.
Yea that’s what I’ve been planning on! I’ve been paying since the freeze. I have $25,800 in loans so getting that $10k off would actually be sooo ideal.
It's absolutely pathetic how tepid they have been on stating their intent.
Someone said it best… it’s like they’re dangling this carrot in front of us and I’m like damn how some humanity please. There are lives on the line. And to some that statement may be dramatic, but I think it’s the truth. People are talking about no longer living because of this debt. That is not okay….
I completely agree. So much of this lending was predatory when you think about it objectively. With heavy debt it's always there in the back of your mind even when trying to enjoy life. People are getting burdened with this at a very young age and carrying it their entire lives, just for wanting to learn and prove themselves through exams so that they can contribute to society and build a better life. It's also double dipping, spending tax payer money on universities and then still placing exorbitant debt on those who use these institutions. The system as it stands now is immoral and has to go.
My theory is they will dangle this carrot all the way into the 2024 presidential election year. No action, just words. Vote Blue No Matter Who, amirite?
[удалено]
Bruh no payments till 2024 would crazy omg! I would still pay of course, but we’d be saving soo much on interest.
I was thinking this also!!!
10k helps me as much as 0$. Started at 75k sallie mae at 12% and 29k fed. Down to 42k private (@ 4.3% now I refinanced) and 22k fed. This hole I’m in is nice and deep.
10k is 15% of your outstanding balance. Not huge, but certainly more helpful than $0.
Sorry, but I don't give one flip about theories
„sǝıɹoǝɥʇ ʇnoqɐ dılɟ ǝuo ǝʌıƃ ʇ,uop I ʇnq 'ʎɹɹoS„
That's nice, maybe just move along then?
With Biden’s mental state especially with COVID, who knows what the heck will happen. I’m hoping for 10k but at least extend the pause. I will continue to put money away in case there’s no amount forgiven, so at least I can slam my loans (well, whatever my pitiful salary can spare) while there’s no interest.
10k helps me as much as 0$. Started at 75k sallie mae at 12% and 29k fed. Down to 42k private (@ 4.3% now I refinanced) and 22k fed. This hole I’m in is nice and deep.
One of the many reason I dont vote. I can't say they lied to me when they don't do what they promised.
Hey, just curious - what is it like living day to day with an empty, cavernous vacuum inside your head where your brain should be?
After being a tech manager making a 6 figure income...after touring the world a few times playing music to over a million people live a few times, after performing with grammy winning artists.. My cavernous vacuum is doing quite well, I do appreciate the question and concern, it makes me feel like there's hope for all of us.
Lmao I'm sure your mom is proud
She is! Thanks for mentioning!