How did the pandemic impact your student loan repayment process?

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It was nice to not pay for 3 years without interest accruing. Gave me some breathing room with inflation. I kept my excess cash in a HYSA at around 5% and now just refinanced my loans.

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Smart!

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The government did pause the repayment process, and that stopped interest from accruing for about 6 months. It might not be a lot, but it was a good plan.

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I didn't have income for awhile during Covid so I couldn't make any payments. They did pause the payments but now I am paying the price. I feel it will never be paid. So frustrating.

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Well it just made me not think about it for a minute lol. Truth is it's still just as bad as it was three years ago. I wish they would develop a realistic forgiveness plan for people like me.

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I know some people paid down their principal a lot during the no interest period. I know others who didn’t pay at all and instead saved that money!

It didn't. I had commercial ffelp loans that didn't pause, so I paid until June 2023, when I transferred then to the department of education so they could be forgiven. I get none of my covid era payments back because I made them to navient. So I basically made $13.6k in payments that I otherwise would have gotten back or not had to make since I have older loans.

I paid off a lot of my principal during the no interest period. I figured throwing everything I had at it and it going straight to principal was worth it.

Remember those early days of the pandemic, when the world shut down and nobody knew what was going on? Yeah, my student loan payments were the least of my worries then. My focus was on staying safe, adjusting to the new reality, and figuring out how to work from home in my pajamas.

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Additional Posts in Student Loans

Damn LIBOR rate up again...

If you didn't have to pay off any more of your student loans what would you use the money for instead? I'm stuck between something impractical like a trip somewhere or something I need like a new car lol

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I have a 25K loan from my MBA. I paid off 100k whole, after graduation. 3 years ago, I moved my loan from federal to private ( SOFI) account. I recently lost my job. I have applied for unemployment, as the severance that I received will only cover for 2 months. Together my husband and I used to make less than 250k after tax. Now, with a loss of pay , we are going to make less. Do you think I will be eligible for Loan forgiveness?

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SOFI or who else?

If you could go back in time what would you tell yourself before taking out student loans?

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Can grad students get $20k forgiven if they got Pell in undergrad but outstaning loans are only for grad school?

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Curious to know how much your student loans were when you graduated from your program, how much you’ve paid off so far, and your age. If you have any varying factors too, like kids, income range, etc. Just trying to see if I’m on track or slacking in life. I am 34 yo, i graduated with 95k in student loans, i currently have 85k left and i make 85k in come. I’m also a single mom with two kids. Just praying for 100% student loans forgiveness. Wishful thinking???

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Not mad that student loans being paused means I can use the money for Christmas. Are you still making payments during the pause? Or are you saving the money for something else. My christmas present to myself is a spa day!

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In a perfect world how much would you want to make a year to both pay off your loans and live a good life? I think I'd need to make upwards of $200k to pay off my loans, take care of my family and live a fulfilling life.

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