Another SL payment is coming

[Ava]

geenamercile
I'm also on IBR. The good thing is that the last 24 months count as payment time in this program.

If I were to send the amount I'm supposed to send, it wouldn't be a financial burden. Well, it would be, but not too much.
The problem is that if I send only what I'm supposed to send, my balance keeps increasing.
So I send more, enough to cover the interest. My balance has been the same for years. I cannot send more than that. I wish I could touch the principal, but I can't so far.

[Ava]

My loan services is Great Lakes.
This is what it says on its page.


Get Ready to Repay Ready to repay logo

Last updated March 9, 2022



This page provides a summary of the relief measures available to borrowers during the ongoing federal student loan payment pause, as well as actions you can take to get ready before repayment resumes.



What's the Latest?

On December 22, 2021, the U.S. Department of Education (ED) extended the student loan payment pause through May 1, 2022. This gives borrowers additional time to prepare for the return to repayment.



Great Lakes Educational Loan Services will continue to monitor announcements pertaining to federal student loans related to the COVID-19 emergency. We'll update this page as developments arise.



You can log in to your myGreatLakes account at any time to see your loan status. You can also visit ED's office of Federal Student Aid (FSA) COVID-19 information page at StudentAid.gov/coronavirus. We encourage you to check FSA's page regularly as it includes details about relief to federal student loan borrowers, including those who have defaulted on their loans.



What Are the Approved Relief Measures?

Here is a quick rundown of the benefits to borrowers on ED-owned federal student loans under the COVID-19 emergency.



Student loan payments are paused until after May 1, 2022; you are not required to make payments through that date. Your account has been updated to reflect the latest extension.

Your interest rate remains at 0% from March 13, 2020, through May 1, 2022.

If you wish to make payments, you can do so anytime during the payment pause.

Months during which payments are paused and/or not due count toward income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF) as long as you meet all other qualifications. For more information, review the COVID-19 IDR and Public Service Loan Forgiveness pages on FSA's website. We also encourage you to learn more about the limited PSLF waiver.

Additional Important Information

Here are some things to keep in mind during this payment pause. Some of these will apply to all borrowers, and some will apply to borrowers in particular circumstances.



IDR recertifications are now due no earlier than November 2022. IDR plan annual recertification due dates occurring before November 2022, are all now being pushed out by one year. For example, if your IDR recertification was due on October 1, 2022, the new recertification date is October 1, 2023.

If you wish to make payments to reduce your loan's balance, you can do so anytime during the COVID-19 payment pause. Log in to your account to make a payment.

You can get a refund for any payment, including those through Auto Pay, you make during the payment pause (which started March 13, 2020). To request a refund, please contact us.

If you want to opt out of the COVID-19 payment pause to take advantage of the 0% interest period, please contact us. By opting out, payments will be due every month going forward. You'll receive either online or paper billing statements, depending on your communication preference you have selected on your account. No interest will accrue through May 1, 2022. If your account becomes 30 or more days past due, FSA requires that we reapply the administrative forbearance (payment pause).

If you are on Auto Pay, the COVID-19 payment pause stopped your Auto Pay payments. If you want to continue making payments during the payment pause, you can log in to your account to make an online payment.

You can also continue your Auto Pay payments by contacting us to opt out of the payment pause.



Before the end of this payment pause, we'll reach out to tell you how much your scheduled monthly payment through Auto Pay will be after the payment pause ends.



The COVID-19 payment pause is a non-capitalizing forbearance. Because of the relief measures under the COVID-19 emergency, unpaid interest will not capitalize (that is, be added to your principal balance) during the payment pause and through November 1, 2022, six months after the payment pause is scheduled to end. Your interest will capitalize only if you consolidate your federal student loans. Great Lakes will reverse and delay any interest capitalization that has an effective date of March 13, 2020 through November 1, 2022.

How Can I Prepare for Repayment?

While it may seem a bit daunting to think about making payments after such a long period of time, please know that Great Lakes is here to help you every step of the way. We want your repayment experience to be as smooth as possible, so we've outlined the following actions you can take now so you'll be in good shape to manage your student loans.



Step 1: Make sure you can access your Great Lakes online account

If you haven't logged in recently, give it a go. If you don't remember your user ID, PIN, and password, we have tips for accessing your account.



Step 2: Bring your contact information up-to-date

If you've moved or changed your email address or phone number since March 2020, update your contact information on your account. Visit your Welcome page and select the Manage Profile section to confirm your address, email address, and phone number are correct. If your name has changed, please give us a call.



Step 3: Check your payment amount and expected due date

If you were already in repayment before the COVID-19 payment pause took effect, visit your Welcome page and view the Repayment Planner section to get reacquainted with your prior monthly payment amount. This will help you plan for the amount you'll pay once repayment begins.



If you weren't in repayment before the COVID-19 payment pause took effect (for example, you were in a grace period that has since ended), the Repayment Planner on the Welcome page will display an estimated amount you'll pay each month once the pause ends.



Also take note of your first due date (which will be after May 1, 2022) so you can adjust your monthly budget to start making student loan payments on time.



Step 4: Take action if you won't be able to afford your payments

Are you concerned that when repayment begins, you won't be able to manage your payments? If so, now is the time to act. While you're on the Welcome page, select Explore Repayment Options. There, you can start the process of applying for options that may better suit your needs.



Step 5: Watch for notices from us

Great Lakes and FSA have sent, and will continue to send, communications to help get you prepared for repayment. Read these notices carefully, as they have important tips about what to expect.



As the end of the payment pause grows nearer, we will send you a billing statement about three weeks before your due date. If you previously had a bill pay service set up with your bank, you may have to set that back up again. Refer to "I previously made monthly payments using a bill pay service. How do I continue using that payment method when repayment starts?" in the FAQs below.



In addition, if you were previously using Auto Pay to make your monthly payments, we'll send you notices to confirm you want to stay enrolled.



If you haven't already, you must confirm that you want to remain in Auto Pay for your payments to be made using that method. If you do not elect to stay enrolled in Auto Pay by April 8, 2022, your Auto Pay will be cancelled, you'll lose the 0.25% reduction on your interest rate, and you'll need to make other payment arrangements when the COVID-19 payment pause ends. Log in to your myGreatLakes account, and you'll be prompted to confirm enrollment in Auto Pay.



FAQs — Preparing for Repayment

Here are some questions and answers you may be wondering about as the COVID-19 payment pause winds down.



Review these Q&As to get ready to repay!



Making Payments

How can I find out how much my payment amount will be when repayment starts?

Where can I find my account balance?

Will my payment amount change after the payment pause ends?

Will I receive a new payment schedule?

When the payment pause ends, what's the earliest my payment could be due?

How will I know when to start making payments again?

I've been making payments during the pause. Can I continue to do so?

I haven't been making payments during the pause, but I want to start early. Can I still do that?

How will payments be applied after the COVID-19 payment pause ends?

I previously made monthly payments using a bill pay service. How do I continue using that payment method when repayment starts?

Auto Pay

Am I on Auto Pay? Can I sign up for Auto Pay now?

I was previously enrolled in Auto Pay. Will my Auto Pay payments resume automatically when repayment starts?

Interest Capitalization

Did any interest accrue during the COVID-19 payment pause? And if so, will it capitalize when the pause ends?

My loans were past due (delinquent) before March 13, 2020. Was my unpaid interest capitalized (added to my outstanding principal balance) when the COVID-19 payment pause was applied to my account?

Repayment Options

My monthly student loan payment will be too high, and I can't afford it. What can I do to lower it?

How can I explore options to lower or postpone payments?

What about student loan forgiveness?

I'm in the Public Service Loan Forgiveness (PSLF) program. Will my suspended payments count toward PSLF?

I've been contacted by a company that charges a fee for assistance in beginning repayment when the pause ends. Should I work with them?

Income-Driven Repayment (IDR) Plans

Can I apply for an income-driven repayment (IDR) plan during the payment pause?

I'm on an IDR plan. When do I need to complete my annual recertification?

I'm already on an IDR plan. My income is substantially lower than before the COVID-19 emergency began. Can I apply for lower payments?

If I'm currently on an income-driven repayment (IDR) plan, will my suspended payments count toward IDR plan loan forgiveness?

In-School and Grace Period Status

I'm currently in school. How does the 0% interest rate impact my loans?

What happens if I used up my grace period during the payment pause?

What else can I do to get ready for repayment?

Other Questions

How does the payment pause affect my cancer treatment deferment?

The 1098-E I received for 2020 was much lower than in previous years. Did the payment pause affect the student loan interest I paid in 2020? What about 2021?

Great Lakes' goal is to provide you with the best service possible. We're in this together. We're here if you need us.

[formerroomate99]

Apr 1, 2022 15:25:11 GMT -5 @athena53 said:

Mar 31, 2022 18:26:57 GMT -5 formerroomate99 said:

I went to school before private loans were really a big thing. One of the main reasons why the tuition back then was more reasonable was because there were limits to how much kids could borrow. Those limits are what kept tuition from getting out of hand. If the school wanted to charge more, they needed to either pony up scholarships to students who are likely to be successful enough to donate later on, or they were limited to only catering to rich kids. That’s a lot better than giving colleges an incentive to try to entice mediocre students from disadvantaged families to rack up enormous debts for useless degrees.

The other advantage of the limits is that kids had to live on what they could earn working minimum wage jobs. That means they learned how to live cheaply, and they had a very good idea of what the price of failure was.

To be fair, states have cut way back on what they used to spend on higher education since I went to college (class of 1975). That explains part of the increase over the years. I agree, though- when more loans became available, universities raised their fees and just offered more "financial aid". To me, "financial aid' means you don't have to pay it back.

I checked out my alma mater, U. of Cincinnati, and it would run about $23K/year for room and board at the dorm I was in plus tuition for a state resident. No way you could pay for that working PT at minimum-wage jobs.

When I went to school, living in the dorm meant sharing an 8 x 10 room with a stranger and a bathroom down the hall. To be specific sharing 4 toilets and four shower stalls with 79 other women.Food at the cafeteria was basically some form of hamburger helper. My stepsister’s accommodations at state school were a little better, but not much. These days, those sort of accommodations would be utterly unthinkable.

And by the way, the college I attended was a private school that charged about the same as the big state school in my home state. So subsidies from state and federal government weren’t a factor. What was a factor was the administration knowing that there were limits to how much money the students could borrow and earn. It’s no accident the dorms suddenly got much more luxurious right after we started allowing 18-year-old to borrow near infinite amounts of money.

[minnesotapaintlady]

Apr 4, 2022 0:04:26 GMT -5 formerroomate99 said:

Apr 1, 2022 15:25:11 GMT -5 @athena53 said:

To be fair, states have cut way back on what they used to spend on higher education since I went to college (class of 1975). That explains part of the increase over the years. I agree, though- when more loans became available, universities raised their fees and just offered more "financial aid". To me, "financial aid' means you don't have to pay it back.

I checked out my alma mater, U. of Cincinnati, and it would run about $23K/year for room and board at the dorm I was in plus tuition for a state resident. No way you could pay for that working PT at minimum-wage jobs.

When I went to school, living in the dorm meant sharing an 8 x 10 room with a stranger and a bathroom down the hall. To be specific sharing 4 toilets and four shower stalls with 79 other women.Food at the cafeteria was basically some form of hamburger helper. My stepsister’s accommodations at state school were a little better, but not much. These days, those sort of accommodations would be utterly unthinkable.

And by the way, the college I attended was a private school that charged about the same as the big state school in my home state. So subsidies from state and federal government weren’t a factor. What was a factor was the administration knowing that there were limits to how much money the students could borrow and earn. It’s no accident the dorms suddenly got much more luxurious right after we started allowing 18-year-old to borrow near infinite amounts of money.

I toured a lot of colleges with DS and most dorms were exactly as you described.  Not 8X10...I think that was a bit of an exaggeration as it would be pretty hard to fit two beds, two desks and two wardrobes in an 8X10 room, but shared bath down the hall.

This was my son's room.  It was one of the fancier freshman dorms we toured.  Many were cinderblock without carpet or AC.  He met his roommate on move-in day.

modobay.com/Modo/View/1172

[pulmonarymd]

There are more housing options than when I went to school, but at my alma mater, the same dorms are still in use. There is more apartment style housing now than there was back then. But from what I have seen on YM, that is a good thing, because you can save money by cooking for yourself and not eating an overpriced meal plan. 

The idea that dorms are palatial is an urban myth. All the college tours we did with my 3 sons all had similar dorm style housing. But why let facts get in the way of a good narrative.

[teen persuasion]

There's a lot of variations in college dorms. We've had 4 kids in 4 different schools so far, they've moved dorms a few times each, and all the tours of prospective colleges - just last weekend we visited a new one with DS5 and saw 2 different dorm styles.

Different schools have different policies on R&B pricing, too. Some charge one price, regardless of style - it's either a lottery to get in the better ones, or seniority + lottery. Some charge more for better dorms, but availability might mean you get put in the higher priced one anyways. Or, there's only a slight break in price, like $100, so might as well go for better quarters when you are spending $15k on R&B annually.

Apartment style (with a real kitchen) can save money because you can drop board and cook your own meals. But there are quite a few "suite" style dorms with no kitchen - in fact, those often seem worse than the cinder block bedroom with one roommate and bathrooms down the hall, because the suite is 7+ roommates sharing ONE bathroom and common lounge with claustrophobic windowless skinny hallways between individual bedrooms.

Biggest difference between cost of living on campus when I went to college vs now - I could pay for R&B in full with the standard student loan then, even after origination fees: $2500. The loan limit is now $5500 ($6500, $7500 for upperclassmen), but R&B is $15k, more than tuition and fees at state schools now.

[giramomma]

Apr 4, 2022 8:43:03 GMT -5 pulmonarymd said:

There are more housing options than when I went to school, but at my alma mater, the same dorms are still in use. There is more apartment style housing now than there was back then. But from what I have seen on YM, that is a good thing, because you can save money by cooking for yourself and not eating an overpriced meal plan. 

The idea that dorms are palatial is an urban myth. All the college tours we did with my 3 sons all had similar dorm style housing. But why let facts get in the way of a good narrative.

I also think one's ideal of palatial depends on how they grew up.

I thought that I was moving up like the Jefferson's when I moved into my dorm room. My floor had a den in which we had a tv with *cable.*

I'm 46. We didn't get our first color tv until I was 8. Cable was a luxury that we could not afford. So having cable at 18, was indeed a very big treat. (And, actually, my mom still has that tv in the living room.. Which means in 49 years, my parents bought exactly 2 tvs for the living room and two for their bedroom.)

We also had a land-line phone for two people. TWO. And it came with privacy.

My parents had one line in their house for all three of us. There was one phone in the kitchen and one in my parents bedroom. Since I was not allowed in my parent's bedroom, it meant the three of us had to share a phone. AND my mom would often listen in on my conversations with friends. She'd pick up her phone in her bedroom while I was talking in the kitchen.

The other thing that amazed me was multiple washers and dryers. Laundry was not an endless chore. It took 2.5 hours to wash and dry my stuff, about once every 10 days to two weeks.

ETA: When I went to school if you wanted a loft/bunk bed, you made it yourself and brought it to school. The university upgraded all of the dorm furniture some time ago.

Air conditioning was also only for those with a medical need when I went to college.  Now, having window air conditioners is standard in all the rooms.

My FIL used to tell us we had it good. We were supplied a mini fridge. When he went to college on the same campus, if he wanted cold beer, he had to put his beer outside in the winter.

There's also an Amazon drop off place in my old dorm. It's pretty convenient now, to use that for returns rather than having to walk 4 blocks to go to the actual post office.

[wvugurl26]

I'm sure this dates me but when I moved into the dorm in 2002, having a dedicated T1 line in the room was amazing. I still had dial up internet at home and I'm certain many of my classmates from more rural parts of the state felt the same.

Also a dairy queen in walking distance was awesome. There was nothing like a milkshake on that first nice spring day.

[Deleted]

Apr 5, 2022 7:42:18 GMT -5 giramomma said:

I also think one's ideal of palatial depends on how they grew up.

True. DH took DS to check out dorms at Trinity in Hartford. DS was in HS at NY Military Academy at the time. DH told me that they toured the dorms with a young lady, another prospective student, and her parents. Young lady thought the dorms were kind of primitive. DS thought they were luxurious.

Out of curiosity I checked my old dorm at University of Cincinnati. Same cramped rooms but they switched twin beds for bunk beds to accommodate a workspace. I'm assuming they have Wi-Fi and there's "recreational equipment" on the lobby level. Each floor has a lounge and a kitchenette and there are 2 main lounges- same as when I attended. Each floor has a large shared bathroom- it's now a co-ed dorm but with same-sex floors.

But they're seeking a builder for a $60 million renovation of the dorm.

[minnesotapaintlady]

I was really surprised how many college dorms don't have AC.  I think that's half the reason my son chose the school he did over his number 2 choice.  Granted this is upper Midwest and they're not there in the summer, but still...

[pulmonarymd]

Apr 5, 2022 7:42:18 GMT -5 giramomma said:

Apr 4, 2022 8:43:03 GMT -5 pulmonarymd said:

There are more housing options than when I went to school, but at my alma mater, the same dorms are still in use. There is more apartment style housing now than there was back then. But from what I have seen on YM, that is a good thing, because you can save money by cooking for yourself and not eating an overpriced meal plan. 

The idea that dorms are palatial is an urban myth. All the college tours we did with my 3 sons all had similar dorm style housing. But why let facts get in the way of a good narrative.

I also think one's ideal of palatial depends on how they grew up.

I thought that I was moving up like the Jefferson's when I moved into my dorm room. My floor had a den in which we had a tv with *cable.*

I'm 46. We didn't get our first color tv until I was 8. Cable was a luxury that we could not afford. So having cable at 18, was indeed a very big treat. (And, actually, my mom still has that tv in the living room.. Which means in 49 years, my parents bought exactly 2 tvs for the living room and two for their bedroom.)

We also had a land-line phone for two people. TWO. And it came with privacy.

My parents had one line in their house for all three of us. There was one phone in the kitchen and one in my parents bedroom. Since I was not allowed in my parent's bedroom, it meant the three of us had to share a phone. AND my mom would often listen in on my conversations with friends. She'd pick up her phone in her bedroom while I was talking in the kitchen.

The other thing that amazed me was multiple washers and dryers. Laundry was not an endless chore. It took 2.5 hours to wash and dry my stuff, about once every 10 days to two weeks.

ETA: When I went to school if you wanted a loft/bunk bed, you made it yourself and brought it to school. The university upgraded all of the dorm furniture some time ago.

Air conditioning was also only for those with a medical need when I went to college.  Now, having window air conditioners is standard in all the rooms.

My FIL used to tell us we had it good. We were supplied a mini fridge. When he went to college on the same campus, if he wanted cold beer, he had to put his beer outside in the winter.

There's also an Amazon drop off place in my old dorm. It's pretty convenient now, to use that for returns rather than having to walk 4 blocks to go to the actual post office.

I agree that it is dependent upon viewpoint. But there seems to be this feeling that any sort of improvement in these bare bones living environment is luxurious. My son lived in the same dorm I lived in almost 40 years ago. The rooms were the same, and the amenities are not significantly better.

When I was in school, on campus housing was guaranteed for only 1 year, and you went in a lottery. Living in the neighborhood was expensive. The school built more housing, so now they can guarantee 3 years of on campus housing. Neighborhood is now ridiculously expensive. Living on campus is cheaper, as you only pay for 10 months instead of signing a 12 month lease for off campus housing. The idea that housing is the cause of the outrageous tuition increases is about as true as the people on food stamps buying crab legs. In some cases the dorms may be luxurious, but that is not the general rule.

[Deleted]

When Dad went to University of Cincinnati, class of 1953, he and Mom, who were newly-married, moved to "Vetsville" his senior year. It was an area of quonset huts that had been built to house veterans returning from WW II, with paper-thin partitions among living units and no A/C. This was significant because the Engineering program was a co-op one where you went to school one quarter, worked a co-op job the next quarter, etc. (Great way to pay for school and they were pioneers of the idea.) Dad reminisced about a friend who'd be sweating, literally, over his drafting table in the summer. And then I was born and I had colic. Not good for someone trying to study.

Mom laughed when she brought me down to school for the first time. We hadn't toured the place since it was 5 hours away. My dorm was built right on the site of Vetsville.

[nidena]

While the govt decides about another pause, this bill was introduced a few days ago: 

Senate Bill 3828, introduced by Democratic Sens. Alex Padilla from California and Sheldon Whitehouse from Rhode Island, would benefit medical workers who have provided COVID-related health services during the pandemic.

[bean29]

Apr 5, 2022 10:39:55 GMT -5 nidena said:

While the govt decides about another pause, this bill was introduced a few days ago: 

Senate Bill 3828, introduced by Democratic Sens. Alex Padilla from California and Sheldon Whitehouse from Rhode Island, would benefit medical workers who have provided COVID-related health services during the pandemic.

Yeah, I don't think Medical workers need a break.  My niece is a nurse and so is her DH.  He works as a local travel nurse.  I think he is making maybe 200,000/yr?  My Niece has 2 kids 2 and 1, she works very very pt, like I think on call.  They conviced her to work for 6 weeks, my brother said she will earn a full year's salary in 6 weeks.  There are a lot of people more deserving of help IMHO.  

[nidena]

Apr 5, 2022 10:51:44 GMT -5 bean29 said:

Apr 5, 2022 10:39:55 GMT -5 nidena said:

While the govt decides about another pause, this bill was introduced a few days ago: 

Senate Bill 3828, introduced by Democratic Sens. Alex Padilla from California and Sheldon Whitehouse from Rhode Island, would benefit medical workers who have provided COVID-related health services during the pandemic.

Yeah, I don't think Medical workers need a break.  My niece is a nurse and so is her DH.  He works as a local travel nurse.  I think he is making maybe 200,000/yr?  My Niece has 2 kids 2 and 1, she works very very pt, like I think on call.  They conviced her to work for 6 weeks, my brother said she will earn a full year's salary in 6 weeks.  There are a lot of people more deserving of help IMHO.  

"...forgive the outstanding balance of interest and principal due on the applicable eligible Federal student loans of borrowers who are frontline health care workers."

I don't read that as just MDs.  I read that as nurses, phlebotomists, janitors, housekeeping, etc.

[haapai]

Off-topic. 

Dang!  Forbes seems determined to turn those student subscriptions into adult subscriptions by pumping out articles (or maybe they should be called blog posts or tweets) on the subject of student loans.  That's all that you find when you search for student loans on google news.  You can't even figure out if they are worth reading before you run out of free articles and the paywall descends. 

The peepshow metaphor is intentional.  G--!  I am old!

[haapai]

Politico has just published an article indicating that the pause will be extended through August.  The announcement is expected tomorrow. 

[haapai]

FWIW, it would not surprise me a bit if "through the end of August" actually means until September 12th or 13th.  Doing that would take care of most of the accrued interest issues that would necessitate recalculating monthly payments for borrowers in standard and extended repayment plans.  I say "most" because borrowers with large loan balances who are making fully amortizing payments may still see their payments change by a small amount due to interest being calculated daily and the number of days between payments changing.  

[bean29]

Nidena, I will note that Janitors and housekeeping people probably don't have student loans.  I am at a point where if I or my children do not qualify for help, I don't want to pay for a benefit someone else gets.  I figure they got very little assistance in the form of subsidized loans, so, if there is going to be forgiveness, they should be included in the forgiveness.  If they will not, I am fine with it not happening.  I already pay plenty of tax $$.  If they want to say something like we will help all those who earn under 75,000 or 50,000 but not those who earn more, I am ok with that too.  But why help those who already have really good earning potential. ETA.  I am in favor of $10,000 forgiveness across the board.  I also think they should make student loan's able to be dismissed in bankruptcy and lower the interest rates for student loans.  

and Haapi, on those paywall articles, I seem to swipe past the ads, then end up diverted to the ad site, and end up back at the beginning, so I probably get counted for 2-3 articles before I even see the one I am trying to read. I am at the point of giving up on reading news articles from publications I don't subscribe to.

[susana1954]

My university crammed 3 people into 2-people dorm spaces.  I got 1/3 of two closets and a drawer in each desk.  I could not use the desk tops themselves because they were already claimed.  And, yes, I paid the same amount as the other 2 people.  I felt it was luxurious when I moved into a room with just 1 other person!

I did get lucky the next year and got to live in a room with a private bath.  It was ok, but that meant you had to clean it!  That dorm also had a/c.  We did pay more than those in the other dorms did.

I only had a telephone because my roommate's mother insisted on it and personally talked to my aunt to get her to pay my share.  

I laugh now when I see the elaborate dorm decor that the freshman girls put up every year.  Headboards, nightstands, matching everything.  Remember that I taught seniors.  It is always for sale by May as they move into apartments.  We didn't even have matching bedspreads.

[nidena]

Apr 5, 2022 14:01:17 GMT -5 bean29 said:

Nidena, I will note that Janitors and housekeeping people probably don't have student loans.  

<snip>

Your classism is showing.

This is from a few years ago but I highly doubt it's less relevant.

Janitors With College Degrees and The Higher-Education Bubble

Bureau of Labor Statistics data show that as many as one out of three college graduates today are in jobs that previously or historically have been filled by people with lesser educations or none.

[TheOtherMe]

While I don't think any more than $10K or $20K of student loan debt should be forgiven unless the forgiven amount is included in taxable income, I do have an issue in saying that people like janitors, and housekeeping, etc. may still have student loans.  It can't be based on job title.  

Living in Boulder, many waiters had PhD's because they couldn't find a job they wanted in an area they wanted to live in.  It has to be across the board or not at all.

[Ava]

This is great news!!!!
I'll be happier tomorrow, if they make it official.

Hopefully, they'll find the way to present a more definite solution before the end of August.
We can't continue with all the drama and innuendo every few months.

[TheOtherMe]

Rumor is student loan payments will not resume until after the election.  

[Deleted]

I am hoping all debt for everybody will be forgiven.
What about people with credit card debt that have trouble making minimum payments?
Too much mortgage?
etc., etc., etc.

[minnesotapaintlady]

Apr 6, 2022 10:45:17 GMT -5 @beckaroo said:

I am hoping all debt for everybody will be forgiven.
What about people with credit card debt that have trouble making minimum payments?
Too much mortgage?
etc., etc., etc.

Well, too much credit card debt you can declare bankruptcy.  Too much mortgage you can either sell or let it go into foreclosure.

What is the option with student loans?

[jerseygirl]

If stiudent loan debt is completely forgiven the the student loan program should end for students in college now and future students
Thinking no interest would be very helpful too

Colleges right now have no responsibility for the loans
Maybe having colleges take on the risks and manageyof loans would cause colleges to be more aware of the problems
Right now colleges can increase tuition snd fees and they encourage kids to take these loans.

[pulmonarymd]

You then have the problem of how people at the low end of the socioeconomic scale go to college, and you make the "elite" schools accessible only to the upper class. And before anyone says an Ivy League education isn't worth it, look at the composition of the Supreme Court. It is a complicated issue and there are no easy solutions. Just like with health care.

[Deleted]

Apr 6, 2022 10:51:43 GMT -5 minnesotapaintlady said:

Apr 6, 2022 10:45:17 GMT -5 @beckaroo said:

I am hoping all debt for everybody will be forgiven.
What about people with credit card debt that have trouble making minimum payments?
Too much mortgage?
etc., etc., etc.

Well, too much credit card debt you can declare bankruptcy.  Too much mortgage you can either sell or let it go into foreclosure.

What is the option with student loans?

Either way, somebody will be losing.
When the credit cards were maxed out, was payback thought about?
When the humungous mortgage papers were signed, were the house payments thought about?
When student loans were taken out, was payback considered?

[stillmovingforward]

Apr 6, 2022 11:38:37 GMT -5 @beckaroo said:

Apr 6, 2022 10:51:43 GMT -5 minnesotapaintlady said:

Well, too much credit card debt you can declare bankruptcy.  Too much mortgage you can either sell or let it go into foreclosure.

What is the option with student loans?

Either way, somebody will be losing.
When the credit cards were maxed out, was payback thought about?
When the humungous mortgage papers were signed, were the house payments thought about?
When student loans were taken out, was payback considered?

Should be. Adulting is all about looking ahead.