$10K in student loans forgiven by Biden; Fine but its NOT ENOUGH

[Lesh]

Not since Obama took over student loans in 2010.

The new law will eliminate fees paid to private banks to act as intermediaries in providing loans to college students and use much of the nearly $68 billion in savings over 11 years to expand Pell grants and make it easier for students to repay outstanding loans after graduating. The law also invests $2 billion in community colleges over the next four years to provide education and career training programs to workers eligible for trade adjustment aid after dislocation in their industries.

Obama Signs Overhaul of Student Loan Program (Published 2010)

The new law will expand Pell grants, make it easier for students to repay outstanding loans after graduating and invest $2 billion in community colleges over the next four years.

www.nytimes.com

Pell grants cover only a third of college loans

 

[Lesh]

Oh? Do you think the bank paid my loan? Banks don’t forgive student loans Lush. I paid it in full and made a mistake, however, taking on the debt because I could have avoided it entirely. As I stated, I was young and very dumb.

Readers would not have missed my point that there are better ways (I listed a few) than taking on a revolving credit interest loan. Your point is non-existent as usual Lush. Stop hitting the bottle so hard so you keep up.

Oddly you didn’t avail yourself of those “better ways”. And no one said that the bank paid your loans. Clearly that education was wasted on you… bitch

 

[ClaireH]

Oddly you didn’t avail yourself of those “better ways”. And no one said that the bank paid your loans. Clearly that education was wasted on you… bitch

Awww you lost Lush…that was easy.

 

[Lesh]

Awww you lost Lush…that was easy.

Don’t sprain your elbow b patting yourself on the back for something that didn’t happen bitch

 

[Toddsterpatriot]

Pell grants cover only a third of college loans

Federal student loans aren't Pell Grants.

 

[Lesh]

Federal student loans aren't Pell Grants.

Yea they are.

And I was somewhat mistaken when I said “banks” are the scammers.

They are actually “services” who collect the repayment for the Federal government. THEY collect most of the market rate interest and they didn’t even have to lend out the money!

It’s a bigger scam than I initially said

 

[iceberg]

The op just posted in an established thread on this and starts a new one? Lol

Trolls b trollin

 

[M14 Shooter]

Yea they are.

And I was somewhat mistaken when I said “banks” are the scammers.

They are actually “services” who collect the repayment for the Federal government. THEY collect most of the market rate interest and they didn’t even have to lend out the money!

It’s a bigger scam than I initially said

Typical liberal - you want the state to rescue you from your bad decisions.

 

[Toddsterpatriot]

Yea they are.

And I was somewhat mistaken when I said “banks” are the scammers.

They are actually “services” who collect the repayment for the Federal government. THEY collect most of the market rate interest and they didn’t even have to lend out the money!

It’s a bigger scam than I initially said

Yea they are.

Grants aren't loans. DURR.

Federal Program Offers a Source of Financing for Students​

A Pell Grant is money the government provides for students who need it to pay for college. Grants, unlike loans, do not have to be repaid. Eligible students receive a specified amount each year under this program. In the academic year of 2020-21, around 30 percent of all students that enrolled in undergraduate programs in the United States had been granted a Pell Grant award.

What Is a Pell Grant? – BigFuture | College Board

One potential source of financial aid for college students is a Federal Pell Grant. Learn more about this and other grants at bigfuture.collegeboard.org.

bigfuture.collegeboard.org

They are actually “services” who collect the repayment for the Federal government. THEY collect most of the market rate interest and they didn’t even have to lend out the money!

Link?

It’s a bigger scam than I initially said

You're more confused than I initially thought.

 

[Lesh]

Yea they are.

Grants aren't loans. DURR.

Federal Program Offers a Source of Financing for Students​

A Pell Grant is money the government provides for students who need it to pay for college. Grants, unlike loans, do not have to be repaid. Eligible students receive a specified amount each year under this program. In the academic year of 2020-21, around 30 percent of all students that enrolled in undergraduate programs in the United States had been granted a Pell Grant award.

What Is a Pell Grant? – BigFuture | College Board

One potential source of financial aid for college students is a Federal Pell Grant. Learn more about this and other grants at bigfuture.collegeboard.org.

bigfuture.collegeboard.org

They are actually “services” who collect the repayment for the Federal government. THEY collect most of the market rate interest and they didn’t even have to lend out the money!

Link?

It’s a bigger scam than I initially said

You're more confused than I initially thought.

You dispute that Federal loans are “serviced” by companies who collect most of the interest?

 

[Toro]

Im not gonna try to act ungrateful or anything. $10,000 isnt chump change. But it is FAR from enough. If he’s planning a series of $10K forgiveness events, say another 5-6 over the next 2 years, fine, thats real progress.

Now that we see Biden CAN and WILL forgive loans, we must keep up the pressure until its all forgiven. America needs an educated workforce. We make all workplaces smarter, more effective and just to put it bluntly, we add more modern era social views to the building that otherwise may get overlooked.

Thank you President Biden for this “down payment”. Now its time to talk bigger, much bigger.

It should be $0.

 

[Ray From Cleveland]

Oddly you didn’t avail yourself of those “better ways”. And no one said that the bank paid your loans. Clearly that education was wasted on you… bitch

I've said numerous times of the different ways. What you do (intentionally) is ignore them.

 

[Toddsterpatriot]

You dispute that Federal loans are “serviced” by companies who collect most of the interest?

You have any evidence, post it.

 

[Lesh]

You have any evidence, post it.

So you claim I’m confused but you don’t understand this system?

 

[Toddsterpatriot]

So you claim I’m confused but you don’t understand this system?

You didn't know that the Federal government took over student loans in 2010.
You think a Pell Grant is a loan.
It's clear that you're confused.

If you have any evidence that a private servicer gets to keep most/all of the interest on these loans,
post it already.

 

[Lesh]

You think a Pell Grant is a loan.

I was thinking of Stafford Loans. Sue me. My bad

If you have any evidence that a private servicer gets to keep most/all of the interest on these loans,
post it already.

YOU claim to know so much about this...you tell us how much of the interest collected on Federal loans by servicers is kept by them.

You ARE the expert right?

 

[Toddsterpatriot]

I was thinking of Stafford Loans. Sue me. My bad

YOU claim to know so much about this...you tell us how much of the interest collected on Federal loans by servicers is kept by them.

You ARE the expert right?

I was thinking of Stafford Loans. Sue me. My bad

Big difference. Glad I could help.

YOU claim to know so much about this...you tell us how much of the interest collected on Federal loans by servicers is kept by them.

None of it.

Borrowers often believe that student loan servicers get to keep the interest on the loan. But it doesn’t work like that.

Servicing companies collect payments of principal and interest on behalf of the loan holder (the Department of Education in the case of federal loans). In exchange, they're paid a monthly fee for each loan serviced.

How Much Do Federal Student Loan Servicers Make Per Loan?

We break down how much federal loan servicer like Fedloan and Navient make per loan. Hint: much less than you think.

thecollegeinvestor.com

 

[Lesh]

Here's what I know. My kid graduated in 2008 and has been paying on his loan since then. He's probably going to be paying on it for another 7 years. That loan was granted by Sallie Mae and guaranteed by the Federal government at 5.4%. That was market rate at the time .

and
In 2010, Congress passed the Health Care and Education Reconciliation Act of 2010, which eliminated the federally guaranteed loan program known as Federal Family Education Loan Program (FFELP), under which banks and companies like Sallie Mae made loans to college students backed by a federal guarantee. As a result, effective July 1, 2010, all federal loans were originated directly by the U.S. Department of Education. Currently, there is no existing government-sponsored entities that provide securitization of student loans.[7]

So as far as who is collecting that interest NOW? I don't know other than Navient (a spinoff of the privately owned Sallie Mae) is "servicing" that loan.

A guaranteed loan at market rate (especially one made by the government) is a rip off.. Having the remainder of that loan paid off at least in part is only reasonable.

And between my son and his wife they pay almost $700 month and will be for a very long time.

 

[Lesh]

Here's what I know. My kid graduated in 2008 and has been paying on his loan since then. He's probably going to be paying on it for another 7 years. That loan was granted by Sallie Mae and guaranteed by the Federal government at 5.4%. That was market rate at the time .

and
In 2010, Congress passed the Health Care and Education Reconciliation Act of 2010, which eliminated the federally guaranteed loan program known as Federal Family Education Loan Program (FFELP), under which banks and companies like Sallie Mae made loans to college students backed by a federal guarantee. As a result, effective July 1, 2010, all federal loans were originated directly by the U.S. Department of Education. Currently, there is no existing government-sponsored entities that provide securitization of student loans.[7]

So as far as who is collecting that interest NOW? I don't know other than Navient (a spinoff of the privately owned Sallie Mae) is "servicing" that loan.

A guaranteed loan at market rate (especially one made by the government) is a rip off.. Having the remainder of that loan paid off at least in part is only reasonable.

And between my son and his wife they pay almost $700 month and will be for a very long time.

So where does all that interest go?

If not to the servicers then where? Back to the government? If that's the case then the taxpayers have been making big buck off these loans and can easily afford to forgive big chunks of it

 

[Toddsterpatriot]

Here's what I know. My kid graduated in 2008 and has been paying on his loan since then. He's probably going to be paying on it for another 7 years. That loan was granted by Sallie Mae and guaranteed by the Federal government at 5.4%. That was market rate at the time .

and
In 2010, Congress passed the Health Care and Education Reconciliation Act of 2010, which eliminated the federally guaranteed loan program known as Federal Family Education Loan Program (FFELP), under which banks and companies like Sallie Mae made loans to college students backed by a federal guarantee. As a result, effective July 1, 2010, all federal loans were originated directly by the U.S. Department of Education. Currently, there is no existing government-sponsored entities that provide securitization of student loans.[7]

So as far as who is collecting that interest NOW? I don't know other than Navient (a spinoff of the privately owned Sallie Mae) is "servicing" that loan.

A guaranteed loan at market rate (especially one made by the government) is a rip off.. Having the remainder of that loan paid off at least in part is only reasonable.

And between my son and his wife they pay almost $700 month and will be for a very long time.

So as far as who is collecting that interest NOW?

A servicer. And they forward the money to the US Treasury, for loans made after 2010.

And between my son and his wife they pay almost $700 month and will be for a very long time.

Hopefully they got worthwhile degrees.