Student loan refinance

[browning2480]

You know what your right. It's not fair to you that we haven't had to pay interest on our student loans. The banks are entitled to those interest payments. Now about all the PPP loans and stimulus checks. People should pay those back now. And why were at it, same with tax loopholes. Pay up. That'll fix the country right up.

0% interest extended to August. I gotta figure out how to pay the bank interest I don't owe as to not be less of a man in your eyes.

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I guess I am confused. Did you not go out and look for a loan, sign your name and agree to pay the loan back with interest? How is it different than you borrowing against your house or a car? Everything you wrote explains the issue. You are acting like it was forced upon you or given to you without your permission by the government. Please help me understand the difference between a student loan and any other kind. Maybe I just don’t understand

Also, I never said anything about the 0 percent that is place right now. I think that is a great opportunity for you to get these paid off quicker. Take advantage of it.

 

[gburk]

My kids refinanced their loans shortly after finding employment and reported very significant interest rate reductions. Look into it.
I don’t know about this loan forgiveness demagoguery but wouldn’t let it distract you too much.

 

[billoo349]

I guess I am confused. Did you not go out and look for a loan, sign your name and agree to pay the loan back with interest? How is it different than you borrowing against your house or a car? Everything you wrote explains the issue. You are acting like it was forced upon you or given to you without your permission by the government. Please help me understand the difference between a student loan and any other kind. Maybe I just don’t understand

Also, I never said anything about the 0 percent that is place right now. I think that is a great opportunity for you to get these paid off quicker. Take advantage of it.

Yeah you are confused. We know we signed up for loans with interest. You seem like your arguing with the people who decided to use the money they would have been paying to student loans to instead invest or pay off other high interest debts. There is nothing wrong being financially savvy. You're trying to lump me into the type that think they are a victim for everything that is hard in life. I'm not, I own my actions, but that doesn't mean it's not smart to do the thing that makes the most sense financially.

Like I said, how would you like me to pay interest that isn't charged? I don't want to be less of a man.

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[browning2480]

Yeah you are confused. We know we signed up for loans with interest. You seem like your arguing with the people who decided to use the money they would have been paying to student loans to instead invest or pay off other high interest debts. There is nothing wrong being financially savvy. You're trying to lump me into the type that think they are a victim for everything that is hard in life. I'm not, I own my actions, but that doesn't mean it's not smart to do the thing that makes the most sense financially.

Like I said, how would you like me to pay interest that isn't charged? I don't want to be less of a man.

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So why would you pay interest that isn’t charged? Why are you even saying that? Also, we can agree to disagree that taking out student loans is financially responsible

 

[307]

So, if I'm reading correctly, it should be about $10,000 for many borrowers and double that for a small #. Wonder if that's the final figure or if things will change now that the $ is announced?

 

[snipe10]

Send me a check! I paid my bill!

 

[fngTony]

Just so everyone knows I will be putting my money saved into the classifieds here so post up the good stuff!

 

[Forestryguy]

Doesn't really matter to me. As pretty much every government assistance program I am not eligible or excluded. I did not have loans before June '22, the ones I did have I worked and paid them off. Forgoing saving money, purchasing a house, etc. When I needed unemployment services and healthcare, nope. You worked for the Railroad and did not contribute to state and fed programs, but the railroad won't cover you because you didn't have enough time in for the year to qualify.

Maybe we should look at making school more affordable and not forgiving loans that were taken out by individuals. Want free college, join the military, or the Peace Corp. This "forgiveness" program is going to cost everyone way more in the long run for a few that get something out of it. Take advantage of it to help yourself get ahead, but remember that higher taxes will be a result in the future. Would I take it, yes. Then do something to make myself more money with the money I don't spend on loans. Not buy some new toy. This is just as dumb as the feds making it better for me not to be married so that I can get more out of my SS, that I was forced to pay into, and get taxed again on after I paid taxes on it already. Then for them to take most of anything that my spouse and I would save if one goes into a nursing home.

 

[magtech]

Why would anyone refinance... unless they're debt rich. We saved for the last 2 years so we could lump sum payoff our loan.

We don't have the best things. We work harder around here to save money. My vehicle is 20 years old (baling wire will keep her going another year).

My point is. If someone got a degree over a year ago and hasn't paid it off. That was their choice.

 

[roadrunner]

Hey guys just curious with the feds dumping all the student loans, has anyone figured out a viable solution for re-financing?
Mine are supposed to be serviced / transferred to a lending agency.. but on initial glance at their website I’m not going to be happy with their terms.

Thanks for any suggestions

Then don't accept their terms. You're not obligated to.

 

[jmez]

I paid mine off. I believe reparations are in order!!

The solution isn't difficult. First off, do away with the required humanities and any other class that isn't directly associated with your degree. Less time in school, less tuition, lower cost. The amount you can borrow is directly dependant on the average salary in your degree area. If you want an art history degree you can't borrow like a physician.

It's called life. It's not fair and was never meant to be. Get over it and take some personal responsibility.

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[Bubblehide]

I paid mine off. I believe reparations are in order!!

...

It's called life. It's not fair and was never meant to be. Get over it and take some personal responsibility.

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Reparations, no, you said it yourself, so to quote you: "It's called life. It's not fair and was never meant to be. Get over it" ...

Sorry man, I just couldn't resist.

 

[MuleyFever]

Reparations!! Just kidding.

My wife and I finished degrees later. I was 35 and she was a few years behind me. We paid ours off recently by buckling down and throwing 20K+ a year at them for a couple of years. Guess we should have left some of that on the table. She did get a scholarship that covered her 2nd masters so maybe that made up for some of it.

 

[jayhawk]

Sorry if this is a thread hijack.

I lived on ramen and saved to paid my loans off. With that being said, if you owe money on your loans, then take the $10,000! This thing is bigger than you and you're only hurting yourself if you don't take it on "principle"

The bottom line is two fold:
1. Tuition costs are incredibly high for a worthless education, regardless of the degree. I enjoyed school because I learned how to think and reason and was challenged in so many ways, and it gave me opportunities I never would've had if I hadn't gone. It's not all about "getting a degree to make money". However, most public universities today don't teach kids anymore. They're just daycare centers for older children.

2. At this point, the Democratic party is just buying votes. It's a mid-term year and this kind of foolishness is just going to get worse until November.

 

[CorbLand]

I paid mine off. I believe reparations are in order!!

The solution isn't difficult. First off, do away with the required humanities and any other class that isn't directly associated with your degree. Less time in school, less tuition, lower cost. The amount you can borrow is directly dependant on the average salary in your degree area. If you want an art history degree you can't borrow like a physician.

It's called life. It's not fair and was never meant to be. Get over it and take some personal responsibility.

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We could also start to wonder why 75% of the jobs that require a degree are actually requiring them. The vast majority of jobs shouldnt require a 4 year degree to get a chance at being interviewed.

 

[S.Clancy]

This is really the only political move they had. There are really only 2 outcomes here: 1) The executive order sees no legal challenge, they get to gloat how they wasted taxpayers money on student loans debt while not actually addressing the problem, or 2) The executive order is challenged legally and revoked. They can then blame republicans, who will overwhelmingly get behind the legal challenge.

I think they came down to that this is more likely to help them in the midterms than it is to hurt them. It's damage control, before this Dems were going to get DESTROYED in the midterms. That doesn't make it any less aggravating to someone who paid for 2 degrees.

 

[amassi]

We could also start to wonder why 75% of the jobs that require a degree are actually requiring them. The vast majority of jobs shouldnt require a 4 year degree to get a chance at being interviewed.

We just had a fight with hr over this. We've expanded our department and have some new vacancies that are perfect for new grads with no experience, every aspect of the role will be thoroughly trained and supervised, hr posted the job with the degree(bs/ba) and 2+ years experience as a requisite. We lobbied for an associate degree preferred but not required and they're fighting us tooth and nail.
Predictably noone has applied so far.

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[amassi]

This is really the only political move they had. There are really only 2 outcomes here: 1) The executive order sees no legal challenge, they get to gloat how they wasted taxpayers money on student loans debt while not actually addressing the problem, or 2) The executive order is challenged legally and revoked. They can then blame republicans, who will overwhelmingly get behind the legal challenge.

I think they came down to that this is more likely to help them in the midterms than it is to hurt them. It's damage control, before this Dems were going to get DESTROYED in the midterms. That doesn't make it any less aggravating to someone who paid for 2 degrees.

What does you paying for 2 degrees have to do with this relief program?
I've paid back business loans before the gov did sweeping ppp loan forgiveness and didn't feel slighted by that in the least.

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[CoStick]

there is no requirements to qualify and it is not discs

This is really the only political move they had. There are really only 2 outcomes here: 1) The executive order sees no legal challenge, they get to gloat how they wasted taxpayers money on student loans debt while not actually addressing the problem, or 2) The executive order is challenged legally and revoked. They can then blame republicans, who will overwhelmingly get behind the legal challenge.

I think they came down to that this is more likely to help them in the midterms than it is to hurt them. It's damage control, before this Dems were going to get DESTROYED in the midterms. That doesn't make it any less aggravating to someone who paid for 2 degrees.

over the past few weeks the midterms have shifted, will be a mail bitter this fall. Crazy how political momentum shifts.

 

[IdahoElk]

What does you paying for 2 degrees have to do with this relief program?
I've paid back business loans before the gov did sweeping ppp loan forgiveness and didn't feel slighted by that in the least.

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Can I borrow a few thousand? Promise to pay it back