Another Month of Student Loan Relief!

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I hope not but he has indicated he will run.
I just heard. Sad. It would be cool to have a president that doesn’t qualify for social security.
Hopefully mortgage forgiveness is next. I'm spending money like a fool every month when I could be helping the local economy. Forget that I can afford to make these payments that I agreed to make. My vote in November is up for sale to the highest bidder!
I wonder if we would get all the boo hooing here if that happened.

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Mortgage forgiveness would make more sense. 42% of Americans have a mortgage. Only 13% have student loans.
 
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10% IBR when payments restart, the 5% plan will likely go through abbreviated neg reg with an effective date of 12/2022 if you follow the previous pattern of implementation.

But note that 5% is for undergrad loans only, you’ll get a weighted average if you have both undergrad + grad.

And yeah, your loans will be forgiven in 7 years. Did you submit a PSLF form to FedLoan (or MOHELA if you changed over) already)?
Thank you so much! I submitted it to Mohela since that’s where they transferred all my loans.
 
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Can someone explain to me how to apply for PSLF?
Go to student aid.gov. Click on PSLF under manage my loans and it will walk you through the process. Basically, first you search to see if your employer is eligible, that’s step 1. Just google their EIN number and paste that in the search box to determine eligibility if you’re not sure. After that just follow instructions

Here’s the link to get you started: https://studentaid.gov/pslf/
 
The $10k forgiveness, if it truly impacts someone, will probably result in higher savings, or more likely more money spent on essential goods, since it’s such a small amount month-to-month.

No, the way this was discussed and debated internally was that it would keep those who benefited from giving banks free money from interest on their other debt. For the analyses, the majority (>65%) had substantial structural debt that forgiving the loans won't impact their savings as much as keep them from taking out further loans to float. Given that interest rates are going up, we don't want more defaults from the balance of payments pressure.
 
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Yep I had classmates paying $2,000/mo for a luxury apt (I was paying $333), driving new cars during school, eating fancy dinners, going on vacations during school. They kept touting to max out student loans cause "that's the best kind of debt" even though the interest rate was 6.8-7.9%.

What in the world! How stupid do they have to be to think student loans are "the best kind of debt." Student loans are one of the worst debts (the only worse debt would be owing Louie the Mobster money.) Unlike almost very other kind of debt, student loans can't be discharged in bankruptcy, tax returns and social security can be garnished to pay them back, driver's license and professional licenses in many states can be cancelled for non-payment.

You know what - I’ve just decided that life isn’t fair. For me, you, or most anyone else.

Unless you were born into royalty/money - it’s just not fair.

And if you had been born in Africa or China or India, you'd probably be saying that "unless you were born in the US--it's just not fair." It's all perspective, most "poor" people in the US, are only poor compared to others in the US, they would be considered wealthy by billions of other people in the world.

You can be against the government handing out PPP loans to business with no oversight, and you can be against government handing out $10k to debtors who could afford to pay off their debt but chose not to.

Those who receive nothing from the handouts do pay for it in higher taxes and inflation.

Sure, but we all pay for other's all the time. We all have to pay more in taxes, when corporations don't pay their share. We all have to pay for schools, even if we don't have kids. We all pay higher health care costs, because of other people totally trashing their health or living very recklessly. We all pay higher costs at stores that take credit cards, even if we never use a credit card. And on and on. ....... or maybe are the ones benefitting from other people having to pay higher costs to subsidize us in some way. Life isn't fair. Especially if one lives in China and one is the poorer than US poor person working at a slave labor job to make cheap plastic junk for Americans.
 
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We all have to pay for schools, even if we don't have kids. l
May I nitpick here? I have never understood the “I pay for schools even though I don’t have children” ‘complaint’. Like do people think they don’t get a benefit from other people being educated? Like would they be better off if most Americans were even more illiterate/uneducated? Obviously not. It’s a real lack of thinking about it for even 2 seconds.
 
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Unlike almost very other kind of debt, student loans can't be discharged in bankruptcy, tax returns and social security can be garnished to pay them back, driver's license and professional licenses in many states can be cancelled for non-payment.
Why's everyone always say that? Student loans can be discharged in bankruptcy. Busting myths about bankruptcy and private student loans | Consumer Financial Protection Bureau.

Anywho: Mentos is a letsrun.com troll. Unfortunately, you don't need to register to use that site. But you can find his posts from the copy and pasting he does from this one (or vice versa...I've never timed which posts he does first, but it appears his greatest hits here end up over there). I don't quite understand the phenomenon, but the object seems to get as many responses as possible. I've got an 8 year old...it's a bit like arguing with her. The best way to win such an argument is to disengage from the 8 year old and go running as no amount of evidence will get the 8 year old to admit that, in fact, the sky is blue.
 
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May I nitpick here? I have never understood the “I pay for schools even though I don’t have children” ‘complaint’. Like do people think they don’t get a benefit from other people being educated? Like would they be better off if most Americans were even more illiterate/uneducated? Obviously not. It’s a real lack of thinking about it for even 2 seconds.
Owlegrad, I like you.

I'll further add, you pay for all kinds of things you never use. Become a libertarian if you don't want to pay for the Washington State Ferry system or humpback whale study in Hawaii. But wait, you'll be out of a job as the public isn't going to pay you for services without CMS, FDA, DEA, DHS, and BOP... They'd rather buy white mulberry leaf off the internet.
 
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Why's everyone always say that? Student loans can be discharged in bankruptcy. Busting myths about bankruptcy and private student loans | Consumer Financial Protection Bureau.

Anywho: Mentos is a letsrun.com troll. Unfortunately, you don't need to register to use that site. But you can find his posts from the copy and pasting he does from this one (or vice versa...I've never timed which posts he does first, but it appears his greatest hits here end up over there). I don't quite understand the phenomenon, but the object seems to get as many responses as possible. I've got an 8 year old...it's a bit like arguing with her. The best way to win such an argument is to disengage from the 8 year old and go running as no amount of evidence will get the 8 year old to admit that, in fact, the sky is blue.
I like mentos so this isn’t directed at him but I do want to say my favorite relevant quote is “never argue with an idiot. They will drag you down to their level and beat you with experience.”
 
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May I nitpick here? I have never understood the “I pay for schools even though I don’t have children” ‘complaint’. Like do people think they don’t get a benefit from other people being educated? Like would they be better off if most Americans were even more illiterate/uneducated? Obviously not. It’s a real lack of thinking about it for even 2 seconds.
You would certainly benefit financially if we had mortgage forgiveness. All of that money freed up will go somewhere, yeah?
 
Why's everyone always say that? Student loans can be discharged in bankruptcy. Busting myths about bankruptcy and private student loans | Consumer Financial Protection Bureau.

Anywho: Mentos is a letsrun.com troll. Unfortunately, you don't need to register to use that site. But you can find his posts from the copy and pasting he does from this one (or vice versa...I've never timed which posts he does first, but it appears his greatest hits here end up over there). I don't quite understand the phenomenon, but the object seems to get as many responses as possible. I've got an 8 year old...it's a bit like arguing with her. The best way to win such an argument is to disengage from the 8 year old and go running as no amount of evidence will get the 8 year old to admit that, in fact, the sky is blue.

Yeah not sure what your issue is with me just because you don't agree with me about student loan forgiveness. Not trolling.
 
Get real…a person is not a troll just because he doesn’t agree with you
I mean both you and him are saying students are rich. Im also pretty sure he goes around saying restaurant servers make 6 figure income
 
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You would certainly benefit financially if we had mortgage forgiveness. All of that money freed up will go somewhere, yeah?
I don’t understand what this has to do with the issue of schooling, but in no way am I against mortgage forgiveness. In fact I think that would be pretty rad. I am in favor of most any policy that directly benefits me.
 
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I mean both you and him are saying students are rich. Im also pretty sure he goes around saying restaurant servers make 6 figure income

Maybe at Hooters? Not sure where you get that idea from.
 
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Yeah not sure what your issue is with me just because you don't agree with me about student loan forgiveness. Not trolling.

I don’t agree with you - but I totally respect what it took to pay your loans off and raise a family.

Pretty cool - I guess I just feel like it will benefit me more if I pay as little as possible (in my case I have 5 dependents so I save a lot).

Considering I am following the terms of my loan repayment agreement - I feel justified in my decision.

I have literally paid off all forms of debt except my student loans. I just sold a house for a very large profit and I’m renting now so being “debt free” is different for me.

I’ll buy a house again when I’m ready to downsize to a 3 bedroom..

Anyways - I respect people who have paid their loans and honestly I just along for the ride for wherever my loans end up. I will continue to vote for candidates who support easing student loan debt.
 
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Can we all just agree that everyone of us working individuals is stuck paying for stuff we don’t necessarily agree with personally? I think the US might be a better place if we replace politicians with economists (fiscal accountability)

I’ve lived here for over a decade…
 
That is just how this country is set up. It is pretty much run by lawyers/politicians who make good speeches but can’t make anything work. Just look at the head of NASA…Bill Nelson. He is a lawyer/former Senator who has no science background whatsoever but he is running something as scientific and complex as NASA.

You see this over and over again not only in our government but also at Intel, Boeing, GE. They are there just to pump the stock price via stock buyback instead of investing in research. Of course when their companies make dumb decisions and fall behind, they hold out their hands and ask for a handout from the government.
In just the last 20 years, EVERYONE has had their hand out at one time or another. The banks, Brokerage Firms, Automakers, Airlines, Hospitals, small and large businesses, most every other struggling nation. I know I missed a few dozen other entities. Why not the Student Loan Crowed?
I paid off my student loans, I paid my kids college tuition, and still have no problem with my fellow citizens getting a break. Why not, everyone else does! And I don't care what they spend it on, a really crappy kitchen reno (at $10K) or a luxury vacation in Greece, it's all going back into the economy.
 
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Now Biden can blame the GOP when he already knows he doesn’t have the constitutional power to forgive student loans.

He wins either way.

Loan forgiveness passes = more votes

Loan forgiveness gets blocked means that Biden can blame the GOP and conservative SCOTUS = more votes
 
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In just the last 20 years, EVERYONE has had their hand out at one time or another. The banks, Brokerage Firms, Automakers, Airlines, Hospitals, small and large businesses, most every other struggling nation. I know I missed a few dozen other entities. Why not the Student Loan Crowed?
I paid off my student loans, I paid my kids college tuition, and still have no problem with my fellow citizens getting a break. Why not, everyone else does! And I don't care what they spend it on, a really crappy kitchen reno (at $10K) or a luxury vacation in Greece, it's all going back into the economy.

How about a millennial without kids who didn't go to college and never owned a house? What handout has he/she gotten?
 
We don’t need another stimulus. Inflation is already at 40 year high.

If the best argument is “we should forgive student loans because the banks got bailed out during the housing crisis” then that is a weak argument.

Is the student loan bailout going to stop universities from increasing tuition? Is it going to stop students from borrowing more then they need? Is it going to encourage graduates to pay off their remaining student loan? No…if anything it would only make the situation worse. We will be here again in a few years. This time it won’t be just a $300B bailout.

I have no dog in this fight, BUT my best argument is not "the banks got bailed out, why not student loans" That would be absolutely ludicrous!
I just pointed out a great many bailouts and now student loans. Government bailouts have put us in this situation, they have happened before, will happen again in the future, many, many more times. It's not a good thing, but then again blocking student loan forgiveness is not going to be the answer to our overall problems, or is it? Maybe it will solve all the financial issues! Okay, block student loan forgiveness, and every bad thing disappears.
 
I have no dog in this fight, BUT my best argument is not "the banks got bailed out, why not student loans" That would be absolutely ludicrous!
I just pointed out a great many bailouts and now student loans. Government bailouts have put us in this situation, they have happened before, will happen again in the future, many, many more times. It's not a good thing, but then again blocking student loan forgiveness is not going to be the answer to our overall problems, or is it? Maybe it will solve all the financial issues! Okay, block student loan forgiveness, and every bad thing disappears.

The problem with student loan forgiveness is that it changes nothing. Schools will continue to jack up tuition every year and kids will continue to sign their life away no matter what price.
 
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The problem with student loan forgiveness is that it changes nothing. Schools will continue to jack up tuition every year and kids will continue to sign their life away no matter what price.
Did the bank/mortgage bailout change anything? Did the Airlines bailout change anything? All came back meaner, crooked er, and up to the same old tricks. How much better is your flying experience and ticket prices. How well is the mega banks treating you? I bet there are no more foreclosures because everyone learned a valuable lesson.
Okay, no loan forgiveness!
 
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Did the bank/mortgage bailout change anything? Did the Airlines bailout change anything? All came back meaner, crooked er, and up to the same old tricks. How much better is your flying experience and ticket prices. How well is the mega banks treating you? I bet there are no more foreclosures because everyone learned a valuable lesson.
Okay, no loan forgiveness!

Yes it did. Before 2008 banks gave out predatory loans to people who had no business buying a house. Now it is hard to get a mortgage. We were well qualified when we bought our house but the amount of paperwork we had to submit every week was a PITA. BMB mentioned this before, housing prices are high now because the buyers are qualified and have money.
 
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This. The housing market is more stable today because of the regulations that were passed after the housing crisis. Anyone who has recently gotten a mortgage knows how everything needs to be checked off before you are given one.

Correct, lending isn’t really a systemic risk issue anymore. Also, lots of actual banks curtailed lending, so most of the lending is being done by non-banks anyway.
 
Actually student loan is the best debt to have if you don’t have any intention of paying it back or if you planning to work for the government or non profit organization so your loan regardless if it is $100 k or $200 k will be forgiven on the tax payer’s dime. The government cap repayment and as long as you are enrolled in the program and even if your repayment is $1/month, your credit score won’t be affected.

It is not that easy to declare bankruptcy. You have to prove to the court that you can’t possibly pay off your debt. In addition, you have to pay tax on the debt that is forgiven.

And yes, our healthcare system is trash. Just look at the metrics.

Do you know US life expectancy has been in dropping, even before covid? China life expectancy has exceeded the US.

You have to remember we are in the top 10%. Our experiences are totally different from the lower and middle class experience.

Yes, and that was directly to heroin/sufentanyl overdoses. The US healthcare system does have major issues compared to other western nations, but the drop in life expectancy (before Covid) was directly because of drugs. And yes, an argument can be made that lack of access to drug treatment/mental health treatment is the issue.....yet there are other western nations that also have lack of access to drug treatment/mental health treatment, and they don't have the drug issue the US has. There is more than one factor involved.

May I nitpick here? I have never understood the “I pay for schools even though I don’t have children” ‘complaint’. Like do people think they don’t get a benefit from other people being educated? Like would they be better off if most Americans were even more illiterate/uneducated? Obviously not. It’s a real lack of thinking about it for even 2 seconds.

Haha, as someone with far more than the average of 2.4 children, I can be said to benefit from other's taxes.
I throw that out as a common complaint I've heard from childless people--paying for schools is something that everyone does, whether they have children or not. And yes, it benefits all of us. A good portion of taxes that we pay benefit all of us in some way, even if it is only indirectly.


Medicaid expansion

This. I don't think most people know how many full-time working people have health insurance through medicaid. I see people acting like Medicaid is a benefit for "lazy" people, but it is really a benefit for working class people.

Biden is fighting for political survival right now. If he loses, then the new DOJ might go after his family. You see crap like this all of the times in third world country.

HAHAHAHAHAHA. I'll be honest, I didn't vote for Biden (nor did I vote for Trump.) Seeing how well Biden is doing now, if I could go back in time, I would vote for him. Actually, I probably still wouldn't, Biden was going to win IL, regardless of how I voted. Biden is such an average corporatist politician, but that is what we needed after a megalomaniac fascist.
The DOJ isn't going to go after Biden's family just because he loses. They will go after any criminals in his family regardless of whether or not he is the president. I've seen no evidence (other than memes) that there are any criminals in Biden's family.
The US is not a 3rd world country, although people of wealth and connections often are able to get away with far more crime than anyone else would be able to. To some extent, to only a certain level. Treason/stealing nuclear or spy documents would have guaranteed anyone else but an ex-president an immediate arrest. But delayed justice, can still be justice, and it looks like the FBI/DOJ is finally moving on evidence which they should have moved on months ago.


The problem with student loan forgiveness is that it changes nothing. Schools will continue to jack up tuition every year and kids will continue to sign their life away no matter what price.

I agree with that. Loan forgiveness is a bandaid, and a bandaid is needed, but I 100% agree that the larger issue must be looked at.
 
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It wasn’t just drugs. Death from alcohol and suicide have also skyrocketed.

Biden is doing well? Have you seen the polls lately?

40 year record high inflation, skyrocketed rent and food, bear stock market, life expectancy keeps on dropping, war in Europe and perhaps in Asia too. 88% of Americans are saying US is on the wrong track

He literally had to “forgive” student loans when he knows he doesn’t have the constitutional power to do so just to score some points.

If everything is going so well then why is he not running on his record?

For the record, I’m absolutely loving this stock market. I had to sell all positions and rollover a family member’s 401k about 6 months ago and didn’t get access to it (all cash) until a month ago. Decided to dollar cost average the $2M balance over six months to a 60/40 allocation. I could use another 10% drop, tbh.
 
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Why buy bonds when stocks are on sale?

Oh was that for me? This retired family member is going to end up with a 40% bond allocation, but I’ve bought no more than a token amount (BND, BNDX, and VTIP). Once markets are on a sustained rise, I’ll pull back the equities purchases (or they’ll have stopped by then) and fill in the bond purchases.

Actually, the cash portion is being CD laddered right now (short durations) and I bought 1 t-bill…but I feel like that’s just too much work, so bond fund it is come next year.

If there’s a better way, I’m open to options, but I’ve got the equities part down pretty well.
 
It wasn’t just drugs. Death from alcohol and suicide have also skyrocketed.

Biden is doing well? Have you seen the polls lately?

40 year record high inflation, skyrocketed rent and food, bear stock market, life expectancy keeps on dropping, war in Europe and perhaps in Asia too. 88% of Americans are saying US is on the wrong track

He literally had to “forgive” student loans when he knows he doesn’t have the constitutional power to do so just to score some points.

If everything is going so well then why is he not running on his record?

Suicides have definitely increased because of COVID....this is happening in other countries as well, it's not just a US problem. It can be hard to figure out if deaths from alcohol/drugs, were accidental or from suicide. Undoubtedly some are recorded incorrectly, but no doubt that deaths from both are going up.

All president's poll numbers are bad mid-term. Biden's is currently 38% (has been increasing through August), Trump's was 41% at this time, so not a huge difference. Nobody thinks Biden is stellar by any means, but I think most people think he is better than the alternative who could have won in 2020. And smart people realize that a lot of the current issues facing the country, have nothing to do with Biden (and wouldn't have had anything to do with Trump if he were currently president.) Inflation and skyrocketing food prices is a world-wide issue....because of COVID and the continuing shut-downs and reductions in supply, because of natural disasters destroying huge amounts of food supplies. There is nothing that Trump, Biden, or anyone in the US can do to change this.

Presidents have been pushing the limits of the executive orders for decades, with each president steadily pushing the limits more and more. Biden is no different than of the recent past presidents in this regard. It will be up to the Supreme Court to decide if its constitutional, and then will depend on how cleaver Biden was with the details. Just like it wasn't constitutional for Trump to build a wall, but Trump was able to do so by using military funds. I don't know the details, I think Biden is doing so because of a law that says he can in a national emergency? We'll see what the Supreme Court thinks (if it ends up being challenged that far) when the lawyers lay out their reasoning.

I don't think Biden will run for re-election again, because he is so elderly. I don't think Biden really wanted to be president this time around, maybe he was surprised he actually won the primary, maybe Democrat leadership told him it was his duty. He did say at least once during his first campaign, that he intended to be a one-term president. If for some reason he does actually run again, then I expect he will run on his record (if Harris runs, I expect she will run on Biden's record.....but I have my doubts about her running in 2024, maybe farther in the future.)
 
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Bumping this thread since the mods closed the other one started by KCAB.
 
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Regardless of politics, it is just a silly fantasy because it isn't going to happen.
Why in The hell they lock that thread. I didn’t see anything remotely bad , obvious disagreement but jeezus this seems like people don’t have anything better to do that over moderate
 
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Why in The hell they lock that thread. I didn’t see anything remotely bad , obvious disagreement but jeezus this seems like people don’t have anything better to do that over moderate

Maybe I can get the anger ball rolling by saying I hope Biden extends the student loan payment pause until the legal challenges to forgiveness are addressed. Hell, postpone it forever. I'm close to finishing my PSLF anyway so let's do this.
 
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Extended to June 30, 2023 + 60 days, or until resolved by the Supreme Court.

Thank you litigious republican states for another $$$$, whoo!
More bread for the masses.
 

Extended to June 30, 2023 + 60 days, or until resolved by the Supreme Court.

Thank you litigious republican states for another $$$$, whoo!
I may introduce a lawsuit myself just to keep the free PSLF payment train going.
 
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I may introduce a lawsuit myself just to keep the free PSLF payment train going.

Lol pretend to be a Republican snowflake and claim some emotional injury because of Dark Brandon’s actions.
 
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Republican - Democrat…. I don’t care…. I’m just watching my forgiveness date like:




And yes - I can do this whole dance in real life…. It took me about 3 years to master what I call, “The Kool Shuffle”
 
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