Anyone else paying the minimum on their student loans until we see who the next president is?

likefunnyhelpful
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Forgiving all student debt is Democrats’ version of the promises to build a wall and eliminate the federal deficit in 2016. There’s approximately zero chance it happens - don’t count on that bill disappearing.

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Erm, don’t look now but the wall is actively going up

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Yikes. That doesn’t seem like sound planning. 1. Regardless of who wins the next election, student loan forgiveness would need to pass the Senate. That’s not going to happen, there is no way Democrats will win the number of seats required to overrule a Republican filibuster.
2. I’m all for student loan forgiveness for most people. Consultants/high wage earners are not among them. You can afford to pay off your student loans. Please be a responsible adult and do so.

likesmart

OP, you *chose* your path. Now you have to walk it. You could have gone to a state school and paid a lot less. You could have taken longer to finish school and worked your way through. It’s beyond ridiculous that you think others should be taken advantage of so you can escape the consequences of the decision you made.

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Why do you want someone else to pay off debt you accrued?

likeupliftingsmart

Hahahahaha, you people are soooo angry. I believe we should all fulfill our responsibilities, but I won’t say no if the government chooses to assist. At this point, I hope all student loans are forgiven just to see you all freak out 😂

funny

Been paying the minimum because the interest rate is below inflation and I can find better things to do with my money.

likesmart

Meeee too

This just rubs me the wrong way. If you were unemployed or struggling I would get it, but just hoping to have them forgiven when you knowingly took the loans and can afford to repay them is a joke. If it ever happens I hope they put rules in place to ensure only those with a serious need qualify.

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I think everyone is missing the point. OP isn’t saying that he/she wants their loans COMPLETELY forgiven, but just that there could be some govt assistance in the future.

I’m not banking on that, but I’m making the minimum payments because I don’t want to suffer every month to try to pay more than I can afford.

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not all mortgages were forgiven or restructured. I lost my job during the recession, almost lost my house and bank was unwilling to help. ended up cleaning out my 401k to get back upright. sometimes you do what you have to do.

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One more thing, how many of us on this thread have at one time or another worked or consulted for a company that has declared bankruptcy, walked away from a load of debt, and then proceeded to pay their leadership massive bonuses shortly thereafter? I’m not saying what OP is suggesting is 100% right, but if the rules of the game allow them to benefit, then they’re entitled to act accordingly.

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I’m also not suggesting I want no responsibility for my loans. I am willing to pay, I should pay, and I am currently paying. But if the government is potentially going to forgive, I’m just asking the practical question...is anyone going to wait to see what happens with the election?

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I get what OP is saying. If the government were to offer you money to pay off your debts.... who in their right mind would say no? Besides it’s not like they’re defaulting on their current loans. They’re still making the minimum payment. It’s a practical question, don’t pay the old heads any mind!

likesmarthelpful

D3, does it matter that A1 replied 2 days later? People reply to these posts all of the time. But A1 made a valid and real point, specifically with state schools - funding to the universities has been cut left and right. Since it’s not subsidized, tuition has increased meaning the price of attending is hitting students harder. Since many can’t afford straight up paying for school, they take out loans. Because loan programs are just so generous to students, the result is that universities lack any incentive to control tuition increases if loan programs continue to foot the bill up front.

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Clarification: I’m not avoiding my payments, I’m just paying the minimum (~1k per month). I don’t want to REALLY struggle by putting $1.5k per month if there is a potential that the government will assist with the loans in the coming years. I’m surprised by such an adverse reaction.

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OP, it is disturbing that you would irresponsibly consider offloading your personal responsibilities onto the taxpayers.

You’re probably too young to have understood the 2007 crash, but the core start of it was people taking out loans they couldn’t afford and then dumping the loans when things got bad. The way the loans were eventually collateralized, it became the job of the American people to pay for them. Along the way, it nearly shut down the banking system. That won’t happen here because your loans will never go away, plus there isn’t bad quant shifting risk into the system.

If you’re upset over college being expensive, you can thank those seeking a level playing field. By injecting more and more loan money into an essentially closed system, they have driven up the prices to the point they are equally unaffordable...so, equal access achieved, your loans are your personal cost of that. Economics and Supply and Demand strikes again.

I’m sure you’ve heard the African saying that it takes a village to raise a child. There are others that appropriate here -

If your child is dancing clumsily, tell him “you are dancing clumsily”. Do not tell him “do as you please”.

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No, I am upholding the commitment I made when I took out the loans and minimizing my carry costs.

likefunny

Love all the moralizing on this thread. OP isn’t asking about anyone’s personal viewpoint on the ethics of student debt forgiveness — it’s just a practical question. And to that, I’d say it’s unlikely to pass even if the Dems do win in 2020.

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It’s not really being debated though - it’s more of a suggestion by desperate candidates in a crowded field pandering for your vote. Just be like M3 / pay what you can as quickly as possible and be done with it before more of life’s challenges come your way.

Yeah I really disagree. You signed up for the loan, so shouldn’t you pay it back (and not hope someone else does it for you)? 🤡

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Yup, but contingency-planning for the likelihood that it won’t matter who wins.

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🙋‍♀️ I can’t afford a standard payment so I have to do this anyway.

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there are always alternatives to adjusting COL. they may not be comfortable, but they build character.

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Boggles the mind how it’s illegal to offer someone a $5 bill to vote for you, but you can tell them you’ll forgive $80,000 of their debt to vote for you. Should be criminal.

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Tough to make a major political party’s entire campaigning strategy illegal: Make more voters and give them free things.

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YangGang

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My student loans are $1000/month min so YangGang or BernieBurn would all help the same

I’d say ignore the “morality/ethics” of it. Do what’s right for you. You should check into what kind of loans you have (not just “public v. private” - lots of different types of “public” loans) vs. what kinds of loans candidates are proposing to forgive. Think through what the consequences are if you’re paying the minimum and there is no forgiveness - make sure you’re comfortable with that. I have been paying $1.2 to $1.8k in undergrad loans for 7 years and have 5 more to go. DM me if you want.

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I’m sure everyone here takes advantage of every available tax credit/write off even if they are unfair. Look if a government program is available to you, why not take advantage of it. OP is going to pay hundreds of thousands of dollars in taxes over his lifetime and collect much less than that in benefits.

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I’m also taking the same approach lol minimums until election outcome then depending on how that goes I’ll prob refi my private and fafsa bc my rates for my private are 7%. Also my rent is going up and I’m gonna need to buy my own insurance since I’m turning 26 so I don’t have the extra income to overpay my student loans anymore (my min per month for private + fafsa is $900)

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I think if we asked all of these people on about half of the things happening right now like 3 years ago they would say the same thing. Lmao they don't know what's going to happen anymore than we do. I'm still paying income-based and keeping peeped on the election. Something will get done. If there can be 5 billion diverted from defense for a wall we can have some assistance 👍

likefunny

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