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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
If that's the case then the taxpayer isn't on the hook for shit since that loan has been paid off long ago in actual dollars and even counting inflation is even.A servicer. And they forward the money to the US Treasury, for loans made after 2010.
If that's the case then the taxpayer isn't on the hook for shit since that loan has been paid off long ago in actual dollars and even counting inflation is even.
The remaining 7 years on that loan is PROFIT...to the government?
Yea...they can afford to forgive it and should
The original amount has been paid off...including inflation. No loss to taxpayersIt's not paid off until it's paid off.
That loan and most college loans are AT market rate or damn closeBoohoo. Don't like it, get a higher rate loan from a private company.
You're whining because you can't make a PROFIT off my kid trying to educate himself?You took out the loan, you got the degree, pay what you owe.
Pell Grants are NOT loans, dumbass and only the destitute can get them!Pell grants cover only a third of college loans
The original amount has been paid off...including inflation. No loss to taxpayers
That loan and most college loans are AT market rate or damn close
You're whining because you can't make a PROFIT off my kid trying to educate himself?
Let's see your link!You dispute that Federal loans are “serviced” by companies who collect most of the interest?
Been through this. I have read various things… most that make no sense.Let's see your link!
How the Fuck is the government losing billions when they charge market rate on loans that are almost impossible to default onThe original amount has been paid off...including inflation. No loss to taxpayers
You're lying. You borrowed it, pay it off.
That loan and most college loans are AT market rate or damn close
It's below the rate you can borrow from a private lender.
You're whining because you can't make a PROFIT off my kid trying to educate himself?
Did your kid get a decent degree? A decent job? Then he can repay what he owes.
Profit? The government is losing billions and Biden wants to lose more. Fuck him and you.
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.
How the Fuck is the government losing billions when they charge market rate on loans that are almost impossible to default on
And do the math retard. Borrow 100 dollars at 5.4% interest and pay it off over 14 years and you have paid off that loan and more… and even taking into account inflation that money has been paid back.
You want the government to make a profit off education loans to middle class folks and that’s bullshit
You're quoting the Fed Reserve (inaccurately). It's between $200 and $299...and income based . That payment is a TWENTY year Payback and increases with income...to as much as $650/mponth
Average Student Loan Payment: Estimate How Much You’ll Owe
The typical monthly student loan payment among borrowers who were actively repaying their loans in 2019 was between $200 and $299, according to the Federal Reserve. But your monthly bill may be much lower or higher than that. Your required payment depends on the amount you initially borrowed, your iwww.forbes.com
That's a car payment...eventually a Lexus payment.
$650/month is where that debt goes as income increases
I’m saying that the only way for most middle class kids to get an education is to take on massive debt at market rates guaranteed by the government so that banks have zero risk.
It’s a scam that the banks LOVE
The original amount has been paid off...including inflation. No loss to taxpayers
You're whining because you can't make a PROFIT off my kid trying to educate himself?
Crushing debt? My kids owe NOTHING for student loans, because they never got one!
Yea...they can afford to forgive it and should
Banks don't make student loans, dumbass!
The federal government makes student loans.
Correct. Obama eliminated banks from giving student loans. He claimed/lied that would save $68B to taxpayers. That law also put a cap on loan payments, not to exceed 10 percent of annual income.
650 a month is not the average and how many people are paying 650 a month$650/month is where that debt goes as income increases
