Another SL payment is coming

[haapai]

Has anyone heard anything about how large, voluntary payments made prior to the end of the pause will be handled?  Borrowers who have been shoving their paused payments and economic recovery payments into savings accounts really should be getting some guidance regarding how such payments will affect the size of future monthly payments.  That is, usually when a borrower exits a grace period, a deferment, or a forbearance, they are given the option of paying the capitalized interest and/or making an even larger payment.  Then a monthly payment amount is calculated based on the principal, the interest rate, and the number of remaining payments. 

It therefore stands to reason that a borrower who makes such a payment, or even a borrower who has been making unnecessary payments during the pause, should get the same treatment and have their required monthly payments re-calculated. 

And before you get all gotcha on me and scream that since there was no interest accumulating during the pause, I'd like to point out that the pause began on the 13th of March 2020 and the proposals to resume payments begin on the first day of the month.  Therefore, almost every borrower will have a little bit of interest accrued either before or after the pause that has to be dealt with somehow. 

Have any of you read anything regarding this matter?  I haven't heard a whisper about it and it could be a really big deal for folks who have been making payments or have the cash to make a large one. 

[Ava]

Mar 20, 2022 12:59:04 GMT -5 The Walk of the Penguin Mich said:

Mar 20, 2022 11:02:29 GMT -5 Ava said:

I'm grateful for the payment and interest pause we've had for the last 2 years.
I will be even more grateful if they extend the pause. But this isn't the solution.

The system is broken and needs a total overhaul. We have to think not only of those who have loans now, but also of future students, so they don't end up in the same spot we're in.

It makes me laugh when I read comments saying "pay your debt, deadbeat", etc.
It's a total lack of understanding of the situation we're in. If those people went to school many years ago, or didn't go to school at all, they don't understand the unfairness of this.
I'm not a deadbeat. I pay my mortgage, my car loan and all my bills on time.

Student loan debt was sold to me as a means to an end and as "good" debt.
It's not good debt. Interest accumulates daily. When I was still in school, my interest was already capitalizing on my unsubsidized loans. I had no means to pay them then. And mine are all federal loans. And I went to in-state local universities, living in my condo while attended, and working full time to support myself. There wasn't enough to pay tuition, otherwise I would have done it. 

By the time I graduated and started paying, I had to go into IDR. Interest continued to accumulate and capitalize. 
Once I got a couple of raises, I sat down and made some calculations. If I paid $350 a month, I was able to cover the interest and avoid debt increases. It was a huge sacrifice, and my balance was going down maybe $5 a month with that monthly payment.
It's scary to be in that situation, and I hope there are some changes to the system so I don't have to go back to that.
Of course, inflation plays a part and the $350 now is not the same as $350 in 2020, but it's still a huge sacrifice for me.

To me, the solution would be to start subsidizing state schools so tuition is free, and for current debtors to be put on an IDR plan, with interest at 0%, and the loan balance forgiven after 10 years.

State schools ARE subsidized.  The problem is that many states have cut the subsidies over the years to the point that something needs to cover those cuts, thus a tuition increase.  

For instance, state funding in 2018 was $6.6 billion less than what it was in 2008.  

Yes, I know. Many professors explained that while I was attending school.
What I was trying to say is that we should go back to the time when state schools were heavily subsidized. 

[Ava]

Mar 20, 2022 18:41:47 GMT -5 obelisk said:

Mar 20, 2022 11:02:29 GMT -5 Ava said:

I'm grateful for the payment and interest pause we've had for the last 2 years.
I will be even more grateful if they extend the pause. But this isn't the solution.

The system is broken and needs a total overhaul. We have to think not only of those who have loans now, but also of future students, so they don't end up in the same spot we're in.

It makes me laugh when I read comments saying "pay your debt, deadbeat", etc.
It's a total lack of understanding of the situation we're in. If those people went to school many years ago, or didn't go to school at all, they don't understand the unfairness of this.
I'm not a deadbeat. I pay my mortgage, my car loan and all my bills on time.

Student loan debt was sold to me as a means to an end and as "good" debt.
It's not good debt. Interest accumulates daily. When I was still in school, my interest was already capitalizing on my unsubsidized loans. I had no means to pay them then. And mine are all federal loans. And I went to in-state local universities, living in my condo while attended, and working full time to support myself. There wasn't enough to pay tuition, otherwise I would have done it. 

By the time I graduated and started paying, I had to go into IDR. Interest continued to accumulate and capitalize. 
Once I got a couple of raises, I sat down and made some calculations. If I paid $350 a month, I was able to cover the interest and avoid debt increases. It was a huge sacrifice, and my balance was going down maybe $5 a month with that monthly payment.
It's scary to be in that situation, and I hope there are some changes to the system so I don't have to go back to that.
Of course, inflation plays a part and the $350 now is not the same as $350 in 2020, but it's still a huge sacrifice for me.

To me, the solution would be to start subsidizing state schools so tuition is free, and for current debtors to be put on an IDR plan, with interest at 0%, and the loan balance forgiven after 10 years.

In receiving your degree including your student loans was this a degree to increase your salary or was this a hobby, meaning with your degree why it did not change your job.  If this degree was not intended for a job change then why do you think the loans should be forgiven.  At your age with a mortgage you were not mistaken in  taking student loans.

Hi, Obelisk.
No I didn't get the degree for "fun" or as a hobby. It was a huge sacrifice where I was working full time and going to school full time for years, and driving 90 miles a day.
I graduated 10 years ago, changed jobs thanks to the degree I got, and I have another 10 years of work ahead, at least.
The mortgage is for a cheap condo and it's way less than what I would pay in rent.
No, I don't think I was mistaken in taking student loans as it was the only way I had to get a career and an education.
That doesn't mean I deserve to be burdened with debt for 25 years, only being able to cover the interest, because of the way the loan is set up.

[haapai]

Ava, I'm having a bit of trouble understanding what you are saying.  It is unclear to me whether you will eventually pay off your loans or whether you will have a balance forgiven.  If it's the latter, I agree that must be difficult and frustrating to think about.  

Since I am a bona fide numbers nerd, I would really be looking forward to getting an accounting of payments at the end and doing a little bit of time value of money alchemy on it to figure out what I actually paid on the loans.  Unfortunately, with all the changes of loan servicers, you probably won't be able to get that accounting. 

[nidena]

Looks like it's getting some traction...

From Forbes, March 21, 2022: Extend Student Loan Pause To 2023? Biden May Do It

[Ava]

I'm refreshing the news page every now and then. 

The Biden administration has not said anything about what's going to happen. 
It's very strange to be this close to May 1 and no indication of whether payments will resume.

I haven't received any emails from my loan servicer. The Department of Education instructed them not to send notices. I had received them in the past when payments were about to resume.
This is very weird. I don't know what to think.

[haapai]

Even native-born folks are having a hard time deciphering what is up and processing what it means to get no communications at all.  This is not normal.  This is kinda not-first-world.  This is kinda unprecedented even for me, and I did not grow up entirely in the first world, so I have slightly lower expectations.  I really do not have words for how weird this is for me too. 

Even though I do not owe student loan lenders anything, yes, this is profoundly weird. 

[Ava]

Mar 22, 2022 15:36:44 GMT -5 haapai said:

Even native-born folks are having a hard time deciphering what is up and processing what it means to get no communications at all.  This is not normal.  This is kinda not-first-world.  This is kinda unprecedented even for me, and I did not grow up entirely in the first world, so I have slightly lower expectations.  I really do not have words for how weird this is for me too. 

Even though I do not owe student loan lenders anything, yes, this is profoundly weird. 

Out of curiosity, why do you feel so invested in this issue if you don't have student loans?
Do you have a SO or family/friends who are dealing with this?

[obelisk]

Mar 22, 2022 10:17:17 GMT -5 Ava said:

Mar 20, 2022 18:41:47 GMT -5 obelisk said:

Hi, Obelisk.
No I didn't get the degree for "fun" or as a hobby. It was a huge sacrifice where I was working full time and going to school full time for years, and driving 90 miles a day.
I graduated 10 years ago, changed jobs thanks to the degree I got, and I have another 10 years of work ahead, at least.
The mortgage is for a cheap condo and it's way less than what I would pay in rent.
No, I don't think I was mistaken in taking student loans as it was the only way I had to get a career and an education.
That doesn't mean I deserve to be burdened with debt for 25 years, only being able to cover the interest, because of the way the loan is set up.

Hi Ava,

I  have been working since 14 years of age without parental support. I was able to live with room mates + 15 years. Why do you think as a tax payer that I need to support your decisions for your decision for a degree that does not support your lifestyle. Your purchase of property does not improve your driving time . I WILL NOT SUPPORT A PAYOFF OFF OF YOUR STUDENT LOANS

You most likely support a more poor me attitude

[TheOtherMe]

I haven't had student loans in years.  However, I have a niece and three nephews who have student loans or have had student loans.

Niece paid all of hers back.  She worked for a few years before she went to school and saved her money for school.  First, she was living at home and then she got married.  They could live off his salary so they saved hers for when she went to nursing school.  She had to go out of town for the last two years.  It was where her husband's father and step-father lived.  She stayed with them all week and came home every weekend.  I have my doubts if she paid any rent to them but I do not know that for a fact.

The three nephews all had student loans.

DN1 had student loans for his bachelor's and master's degrees.  He said his PhD was on grants and research assistantships.  For his last semester on his master's degrees, he needed a parent plus loan.  When his dad found out all the information he had to provide, he gave him the money for that semester only.  He worked all 4 years as an undergrad part time and full time during the summers.  Those summer jobs in factories taught him he never wanted to do that.  He has said every time he wanted to give up on the PhD, he would thing about those hot factories and keep on working.  He also worked during his master's program.

DN2 had his first year of his undergraduate degree paid for by grants and scholarships.  He had a scholarship that was spread over all 4 years but it was not a full academic ride.  I have no idea of what kind of loans he took out.  He graduated and worked full time for 3 years.  Got a job locally and decided after 3 years, he was not going any higher in that company unless someone died because there was only one person higher than him.  He went back to school for two years to get his MBA and CPA.  Don't know how much in loans he took out.  He owned a house while he was working so he couldn't have been saving every penny.  After getting his MBA, he has worked his way up and has been buying in to his parents farm.  My guess, and that is all it is, is that he paid off his loans.

DN3 was on the 7 year plan.     He was a perfect example of why people shouldn't go to college until they actually have an idea of what they want to do.  He had not declared a major during his first two years and says he mostly partied.  Grades sucked and when he transferred to the college where he needed to get his degree, no credits transferred.  So it was starting over.  He did work part time all through college.  His dad also paid for an amount rather than take out a parent plus loan.  Otherwise, he has student loans coming out of his ears.

I have no problem forgiving the interest.  If the student loans themselves are forgiven, then it needs to be treated as income on tax returns, like any other loan that is forgiven.  I don't think all student loans should be forgiven.

I say that as a taxpayer and a person who worked my way through my bachelor's and MBA degrees and had savings and student loans to pay for it.  I know college is more expensive now.

I also know that while student loan payments have not needed to have been paid, people should probably have saved the money as much as possible or gone ahead and made payments towards the principle.

[haapai]

Mar 22, 2022 16:33:49 GMT -5 Ava said:

Mar 22, 2022 15:36:44 GMT -5 haapai said:

Even native-born folks are having a hard time deciphering what is up and processing what it means to get no communications at all.  This is not normal.  This is kinda not-first-world.  This is kinda unprecedented even for me, and I did not grow up entirely in the first world, so I have slightly lower expectations.  I really do not have words for how weird this is for me too. 

Even though I do not owe student loan lenders anything, yes, this is profoundly weird. 

Out of curiosity, why do you feel so invested in this issue if you don't have student loans?
Do you have a SO or family/friends who are dealing with this?

I found my own student loans fascinating.  I'd done what I had been told to do.  I went to school to better myself and borrowed when I ran out of money.  I didn't take every federal loan that I was eligible for.  I had calculated my payment range prior to borrowing (variable-rate loans, so you could calculate the payments at the caps).  I bought a used three-cylinder car after graduating.  I had all my loan papers in a folder and the dates that repayments could begin marked on my calendar.  When the Department of Ed sent me the letters announcing the payment amount, I had already discovered the current interest rate and my calculations were within a nickel of the DoE's amount. 

Three months after my Staffords entered repayment, I discovered that I had almost no discretionary income.  I could not save anything. 

Five months after my Staffords entered repayment, I lost my job.  That's when things could have gone really awry for me.  I was eligible for an unemployment deferment but didn't take it.  I was terrified of facing an even larger payment when the deferment ended or getting used to not making fully amortizing payments.  I managed to keep current on the loans with unemployment payments (I'd moved, so there was a lot less rent) and by liquidating a graduation gift. 

By the time that I got a job I had a couple thousand dollars of credit card debt and the job netted less than unemployment.  I was probably eligible for a forbearance or some sort of deferment but I still refused to check them out.  Consolidating and extending the term of repayment was also an option, but that would have converted my variable-rate loans to a fixed rate and interest rates were dropping. 

The next year was pretty tight and without room for any kind of error.  I was keeping up with the loan payments but not much else.  The zipper on my winter coat was busted but that coat did not get replaced.  I wore shoes with holes in the uppers and painfully thin spots in the lowers until water leaked in or my toes poked out.  My tires were so bald that my car occasionally hydroplaned in light mist.  Finding a doctor, a dentist, and an optometrist in my new town were not even on my radar, even though I had health insurance, I just couldn't afford the co-pays.   The only healthcare that I received was from Planned Parenthood and I took that extremely seriously.  I decided that long hair suited me and found a barber shop that would charge me half of what a hair salon would and only got my split ends trimmed every couple of months. 

I was both blessed and lucky.  I had 20th Century loans, with 20th Century amounts, with 20th Century features, and far more life experience and Excel-fu than the average student loan borrower.  I understood my loans far better than most people but they probably would have sunk me had it not been for that graduation gift that kept me afloat for long enough for me to figure out where I was.  I managed to find a way to wriggle out from under those loans, but today's loans are quite different and the strategies that I employed to make my loans manageable don't appear to be options for most folks today.  

I have a friend who has mentioned a defaulted student loan a couple of times.  She probably borrowed less than half of what I did, at the same time that I did, defaulted, and now owes at least twice as much as I ever did.  She's too afraid of the balance and the anger that it will generate, to take advantage of the provisions of the CARES Act to get herself out of default.  I don't want to live like her, unable to order a book online, rent a car, or rent an apartment from anyone but the scuzziest landlord.  She was unable to handle her 20th Century loans, despite being in so many ways more capable than I am and I'm damn certain that her social security check will be garnished heavily.  She did what she was told to do and she became pretty much a vassal. 

[jerseygirl]

haapi your SL experience was a terrible ordeal - but you made it! But at a cost, not even able to afford medical care.
Both SLs and medical care in the US are so terribly messed up. Seems there is at least an opportunity for young people to not get enmeshed in at least the SL fiasco. Most of these young people would benefit from parents to tell them just no to student loans. Go to community college for first 2 years, even take local college courses while in HS at no cost. Then only go to public in state for the batchelor degree and work as much as possible summers snd during class semesters. Even that fairly low tuition expense might not be teneble for many. Get a job that pays for some tuition and take classes at night.

The colleges that continue to raise tuition even when paying peanuts for their many adjunct faculty while using only minimal amounts of their sometimes enormous endowment funds are in my opinion immoral to take advantage of young people and their families
Their ‘financial aid’ department often just pushes kids and their families into loans

Part of the reason tuition keeps increasing above inflation is colleges can find people to ‘pay’ those obscene tuitions because of student loans.

[nidena]

Mar 23, 2022 12:49:14 GMT -5 jerseygirl said:

haapi your SL experience was a terrible ordeal - but you made it! But at a cost, not even able to afford medical care.
Both SLs and medical care in the US are so terribly messed up. Seems there is at least an opportunity for young people to not get enmeshed in at least the SL fiasco. Most of these young people would benefit from parents to tell them just no to student loans. Go to community college for first 2 years, even take local college courses while in HS at no cost. Then only go to public in state for the batchelor degree and work as much as possible summers snd during class semesters. Even that fairly low tuition expense might not be teneble for many. Get a job that pays for some tuition and take classes at night.

The colleges that continue to raise tuition even when paying peanuts for their many adjunct faculty while using only minimal amounts of their sometimes enormous endowment funds are in my opinion immoral to take advantage of young people and their families
Their ‘financial aid’ department often just pushes kids and their families into loans

Part of the reason tuition keeps increasing above inflation is colleges can find people to ‘pay’ those obscene tuitions because of student loans.

I listened at the door of my Fin Aid office once, while waiting to discuss my own issue.  The person behind the desk was SELLING these student loans to both the student and the parent like they were better than sliced bread: "You can pay for your books, your meals, everything, with your student loans!"  It was terrible.  These were people who come from near poverty.  College was their way out.  The parents didn't know any more than the student and trusted the person behind the desk to do right by them.  SO not the case.  And I'm sure that situation is not uncommon.

They messed up mine as it was.  Mine were supposed to cover the summer in between the Bachelor's and Master's official school year.  They released them in Fall of my Senior year.  They should not have been released to me until Spring.

It's just one domino in a chain of BS that is the SL system.

[Rukh O'Rorke]

Mar 22, 2022 18:33:04 GMT -5 obelisk said:

Mar 22, 2022 10:17:17 GMT -5 Ava said:

Hi, Obelisk.
No I didn't get the degree for "fun" or as a hobby. It was a huge sacrifice where I was working full time and going to school full time for years, and driving 90 miles a day.
I graduated 10 years ago, changed jobs thanks to the degree I got, and I have another 10 years of work ahead, at least.
The mortgage is for a cheap condo and it's way less than what I would pay in rent.
No, I don't think I was mistaken in taking student loans as it was the only way I had to get a career and an education.
That doesn't mean I deserve to be burdened with debt for 25 years, only being able to cover the interest, because of the way the loan is set up.

Hi Ava,

I  have been working since 14 years of age without parental support. I was able to live with room mates + 15 years. Why do you think as a tax payer that I need to support your decisions for your decision for a degree that does not support your lifestyle. Your purchase of property does not improve your driving time . I WILL NOT SUPPORT A PAYOFF OFF OF YOUR STUDENT LOANS

You most likely support a more poor me attitude

This is really uncalled for.

It's fine if you don't support student loan forgiveness, it's just an opinion. And we all have one.

But there is no need to insult someone over their opinion. And what a shocker - most people think that taxation should be managed in a way that they think benefits them most. wow - what a revelation.

You need to go back to school and learn some manners. Here is a primer. Don't insult people. Don't make up things you don't know about people and then insult them as if your made up atributes of them was real. Capital letters on the internet is shouting. It's rude to shout at people. Don't shout at people.

[minnesotapaintlady]

Mar 22, 2022 18:33:04 GMT -5 obelisk said:

Mar 22, 2022 10:17:17 GMT -5 Ava said:

Hi, Obelisk.
No I didn't get the degree for "fun" or as a hobby. It was a huge sacrifice where I was working full time and going to school full time for years, and driving 90 miles a day.
I graduated 10 years ago, changed jobs thanks to the degree I got, and I have another 10 years of work ahead, at least.
The mortgage is for a cheap condo and it's way less than what I would pay in rent.
No, I don't think I was mistaken in taking student loans as it was the only way I had to get a career and an education.
That doesn't mean I deserve to be burdened with debt for 25 years, only being able to cover the interest, because of the way the loan is set up.

Hi Ava,

I  have been working since 14 years of age without parental support. I was able to live with room mates + 15 years. Why do you think as a tax payer that I need to support your decisions for your decision for a degree that does not support your lifestyle. Your purchase of property does not improve your driving time . I WILL NOT SUPPORT A PAYOFF OFF OF YOUR STUDENT LOANS

You most likely support a more poor me attitude

I am not a fan of complete loan forgiveness, but student loans are without a doubt predatory...there needs to be reform of some kind. 0% interest would be the easiest way IMO to help and keep people like you from foaming at the mouth.   

[pulmonarymd]

Federal student loans had over a 6% apr when mortgages were 3%. I would say that that is predatory if the goal is to increase affordability for college. Another example at how our government makes it more difficult for people to better themselves

[nidena]

It's definitely disturbing that the likelihood of getting a $100,000 mortgage at age 18-22 is quite difficult but it takes just a pulse for the same amount of SL debt for that age group.  Granted, many SLs are cosigned by parents but, even still, many of those parents can't get mortgages for whatever reason.

[Ava]

The suspense is killing me.
I wish they would announce what happens next.
I'm trying not to think about it too much, and not check the news too often. I don't want to obsess over SL.

The thing is the administration instructed the loan servicers to not send notices about payments restarting in May. So what's happening? We're only 5 weeks away from the due date to return to payments.
If there's another extension, why don't they say it?

Unfortunately, I think they haven't made a decision yet, and they probably don't know what to do.
It's such a huge, difficult, and controversial issue.

I talked to a coworker yesterday. He's in the same boat; immigrant, minority, went to school in his 30s and 40s, has a high balance.
He told me he voluntarily started payments in January. Even without the interest, his payments won't make much of a dent on a large balance. But he said he's lost hope this administration will find any solution to the problem.

[jerseygirl]

It would help if the interest was eliminated

[nidena]

Mar 26, 2022 9:42:42 GMT -5 Ava said:

The suspense is killing me.
I wish they would announce what happens next.
I'm trying not to think about it too much, and not check the news too often. I don't want to obsess over SL.

The thing is the administration instructed the loan servicers to not send notices about payments restarting in May. So what's happening? We're only 5 weeks away from the due date to return to payments.
If there's another extension, why don't they say it?

Unfortunately, I think they haven't made a decision yet, and they probably don't know what to do.
It's such a huge, difficult, and controversial issue.

I talked to a coworker yesterday. He's in the same boat; immigrant, minority, went to school in his 30s and 40s, has a high balance.
He told me he voluntarily started payments in January. Even without the interest, his payments won't make much of a dent on a large balance. But he said he's lost hope this administration will find any solution to the problem.

Maybe the govt can't handle more than one thing at a time.  

The confirmation hearing has been a big priority this week.

And the conversation isn't just repayment pause but how much to forgive, if anything.

I would hope they have some sort of path forward in the next two weeks.

[susana1954]

What people seem to have forgotten is that this isn't a "one-and-done" problem.  That is, if there is loan forgiveness or even zero interest, will this extend to future borrowers?  What about people who sacrificed to pay theirs off?  Were they "dumb" to take their obligations so seriously?  Is that the message that we want to send to future borrowers?

I have a grandson who is graduating this year.  He got a partial scholarship to a local university so he can live at home.  He will have to take out loans for the rest.   

[pulmonarymd]

Not the first time they changed the rules on us. When I took my loans for Undergrad and Medical School, the interest was tax deductible. Shortly after I began to repay them, that went away. I did not get any consideration for what had been the rules previously, and I doubt anyone feels sorry for me. You just take the risk they will change the rules before you pay them off.

[Lizard Queen]

That's bullshit and should absolutely be tax deductible at any level of income.

[wvugurl26]

I lost the ability to deduct the interest a long time ago even before I was married. 6.8% interest on non dischargeable debt is way too high.

There is definitely reform needed and I'm sure all the private loan companies have lobbyists to fight against that. It should not be a for profit industry.

[Lizard Queen]

I also think daycare expenses should be largely tax deductible. Much more so than currently. 

[susana1954]

Mar 26, 2022 12:00:08 GMT -5 pulmonarymd said:

Not the first time they changed the rules on us. When I took my loans for Undergrad and Medical School, the interest was tax deductible. Shortly after I began to repay them, that went away. I did not get any consideration for what had been the rules previously, and I doubt anyone feels sorry for me. You just take the risk they will change the rules before you pay them off.

Was this specific to student loan interest being tax deductible?  All interest was tax deductible, and then that went away.  Was this separate or part of that?

[Lizard Queen]

I was able to get some kind of credit off my taxes for student loan interest.  It was a tiny amount,  a long time ago because I paid off my small loans back in the 90's. 
Never in my life have I itemized my taxes.

[pulmonarymd]

Mar 27, 2022 7:56:10 GMT -5 susana1954 said:

Mar 26, 2022 12:00:08 GMT -5 pulmonarymd said:

Not the first time they changed the rules on us. When I took my loans for Undergrad and Medical School, the interest was tax deductible. Shortly after I began to repay them, that went away. I did not get any consideration for what had been the rules previously, and I doubt anyone feels sorry for me. You just take the risk they will change the rules before you pay them off.

Was this specific to student loan interest being tax deductible?  All interest was tax deductible, and then that went away.  Was this separate or part of that?

I forget the details. It was 30 years ago. But I do remember in the loan counseling I received that they emphasized that the interest would be deductible, so the repayment was a little easier. That the n went away. Just pointing out that the rules can be changed anytime.

Since loans are such a big part of financing education nowadays, I think the interest should be deductible up to a certain income.

[haapai]

If you google "student loans" or "student loans deferred" you can land up with some interesting reading.  I particularly liked the think-tank articles that I ran across.

I think that we're going to look back on the pause and marvel at how much of the benefit went to older borrowers, or those who had more expensive graduate school debt, or were not in income-driven repayment plans. 

We may also marvel at how badly students graduating in 2020, 2021, and 2022 handle their student loans once the pause is lifted.  Those folks who have never made student loan payments are probably going to struggle and default at rates that we have never seen before.  ETA:  I learned a lot about taking my loans seriously from watching and listening to students who had graduated a few years earlier than I did.   They won't have those little hints and warnings and terrible examples to help them out.  Their slightly older friends and colleagues will be just as clueless as them. 

[wvugurl26]

I'm guessing at one point maybe loan interest was tax deductible for all. And then income limits were put in which rendered the interest not deductible for many.