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    How Likely is Biden's Loan Forgiveness Plan? Student Loans

    October 13, 2020

    How Likely is Biden's Loan Forgiveness Plan? Student Loans

    How Likely is Biden's Loan Forgiveness Plan?

    Posted: 12 Oct 2020 05:25 AM PDT

    Biden has proposed a plan that would eliminate undergraduate student loan debt for borrowers who make under $125,000 a year. Given the recession and the significant need for broad forms of economic relief, what do you think are the chances, if Biden wins, that this plan will come to fruition? Do you think it will be pared down, or realized in full? Do you think it's more likely now than it would have been pre-COVID, pre-recession, etc.?

    Edit: There is some confusion about Biden's actual loan forgiveness plan, as it's been presented in media. On his actual campaign website, it states that he will ensure free tuition for those whose families make under $125,000, and this is not specifically extended to student loan cancellation. However, on various other reputable sites that discuss Biden's student loan plan, there is significant mention of debt cancellation for those who make less than $125k. I think some of this confusion also comes from the fact that Biden, himself, has departed from his campaign website's message in town halls, indicating that he will eliminate undergraduate debt for those whose families fit this criterion. He also said that he'd knock a default $10,000 dollars off everyone's debt. So either his verbal messaging needs to be streamlined, or his website needs to be amended.

    submitted by /u/Miss-Tiq
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    Student Loan Interest Proposal

    Posted: 12 Oct 2020 06:58 AM PDT

    Lots of talk about forgiving student loans. If we really want to help those who sought higher education and boost the economy, nix the interest rate instead and let us pay back the original amount we borrowed.

    "When you say cancel student debt, you're saying a minority of people who had the advantage of obtaining a degree should have their debt paid off by hardworking taxpayers, 2/3 of whom don't have degrees themselves, or already paid their own student debt off." - Dan Crenshaw

    Edit: Income used to pay off student loans should also be pre-tax.

    submitted by /u/lemon429
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    should I pay my loans off fast just because I can ? (reposted from r/cRedit)

    Posted: 12 Oct 2020 02:35 PM PDT

    ( I hope this is the right place to post this)

    Long story short, i'm 19 and graduating soon from a trade school. I only have 10,000 in loans and i've been working hard for years to set my life up in a way where my expenses are designed to be comfortable now and pocket change as I get older. ( Not to sound like bragging but low car payment, etc.) I can definitely pay this 10,000 off in a year but i've read so much conflicting information on this.

    It seems to be that most people say "pay off all of your other debt first" but I don't have any other debt. And due to coronavirus my payments are deferred anyway so when I start paying it will go directly to the principal and not interest. Also it seems like advice regarding student loans never applies to people who have very low loans. I don't want to hurt my credit by paying it off too fast but I also don't want to have a loan payment if I can pay it off and avoid all that extra interest and then just use my money to save for other things.

    Will student loans on my credit report look bad if for example i'm 8/10 years done paying for it and I want a house even if I paid the balance on time every month ???

    TlDR: I only have 10,000 in loans and I am unsure if paying them off quickly would be okay because all the advice i've read is designed for people who have 80,000 loans.

    submitted by /u/ch3rryela
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    Received an email about Two weeks ago from ED that I was sent a Communication notifying me about the extention of Cares Act ... but Honestly except this email , I never received any other communication. Was anybody else sent any other email before this about Extention , If so What was it please ?

    Posted: 12 Oct 2020 08:48 PM PDT

    "You recently received a communication notifying you about the extension of current federal student loan relief measures through Dec. 31, 2020. Over the next few months, we will continue to send you updated information about student loan flexibilities available to you during this period"

    So this was the email I received two weeks ago. Although I know my loans have been Extended , but I never received any other so called communication from ED about Extention nor from my own Servicer.

    So did anybody else receive another communication from ED before this email as it says and was notified officially about extention ? If so would you please copy and paste the copy of the communication from ED ( take your name out lol ) and let me know what it was ? Thank you

    submitted by /u/Narmak3
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    Has anyone ever applied for teacher loan forgiveness? Any pointers?

    Posted: 12 Oct 2020 04:10 PM PDT

    Career choice to pay off debt

    Posted: 12 Oct 2020 06:34 PM PDT

    Long story short I made the dumb decision of thinking my school was going to be paid via scholarships and ended up taking too much out in student loans, private and federal. The total comes out to $100k+ and no telling what'll it'll be after interest.

    My question is should I stay in my state and take a higher paying job that will eventually give some debt forgiveness, or take the job that I want which doesn't pay nearly as well and be required to move?

    I'm sure this question has been tackled many times but I need help as exit interviews don't provide much and I don't want to make a stupid decision if I go through with refinancing.

    Thank you all

    submitted by /u/lando_bass
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    Student loans when transferring universities

    Posted: 12 Oct 2020 01:54 PM PDT

    What will happen with my student loans when I transfer? On my schedule right now I took out loans for the full program but I'm considering transferring before I'm done with the program. For example if I am roughly halfway done with my program will I only be charged for the loans that were used for classes I attended?

    Also, does my repayment date change to when I graduate from the school I transferred to or will I have to start paying on those loans immediately?

    Thanks.

    submitted by /u/RobotCruz
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    Starting Student Loan Repayment during COVID-19 Forbearance

    Posted: 12 Oct 2020 07:44 AM PDT

    Hi everyone! I was hoping to get some feedback and constructive criticism on my plan for student loan repayment. I am using a burner account since my other account has identifiable posts.

    Summary of my student loans (reflects current balances with interest):

    Great Lakes

    Direct Subsidized Stafford $3500 @ 3.76%

    Direct Unsubsidized Stafford $2253.96 @ 3.76%

    Direct Subsidized Stafford $4200 @ 4.45%

    Direct Unsubsidized Stafford $2212.81 @ 4.45%

    Direct Unsubsidized Stafford $4,757.05 @ 4.45%

    Direct Unsubsidized Stafford $5,882.22 @ 5.05%

    Direct Unsubsidized Stafford $7,632.45 @ 4.53%

    University Loan (ECSI Heartland)

    $3803 @ 5%

    Wells Fargo

    Private Loan $8,100.27 @ 11.14%

    Discover

    Private Loan $9,323.32 @ 10.74%

    Total: $51,665.08

    I have the majority of my student loan balance ($30,438.49) tied up in 7 Stafford Loans (5 unsubsidized, 2 subsidized) serviced by Great Lakes Borrowing Services. Additionally, I have one loan through my university serviced by ECSI and two private loans: one from Wells Fargo and one from Discover.

    My first step would be to consolidate the Wells Fargo and Discover Loans at a lower rate.

    Would anyone advise to consolidate any of my other loans along with the Wells Fargo and Discover private loans?

    Then I would use the avalanche repayment methodology.

    However, I would like to take advantage of the federal student loans COVID-19 forbearance.

    Would it be wise to pay down as much as I can (after savings and expenses ofc) on the federal loans while the COVID-19 forbearance is implemented? Or at least just the interest? I'm not sure if I should stick to the avalanche method, or use the 0% interest on federal loans to my advantage and dump as much as I can into it. Then start avalanche after forbearance ends.

    I have an emergency fund already saved and just started a secure job at $75k/yr.

    BONUS:

    I have two Parent PLUS loans under my dad's name. ($18,870 @ 7.6%) and ($15,309 @ 7.08%)

    Should I just pay the minimum on these until I complete my personal loan repayment? Should I consolidate these under his name?

    Any advice would be appreciated!

    submitted by /u/especiallyrobust
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    Should I refinance a loan that I refinanced in February?

    Posted: 12 Oct 2020 11:23 AM PDT

    In February I refinanced two private loans. I was able to pay off one loan during the course of the year. Since rates have gone lower since I first refinanced and I paid off one of the loans, would it be a good idea to refinance the second loan again with a different company? Can I refinance a loan again in the same year period?

    submitted by /u/bearclaw66
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    Move out or pay off student loans?

    Posted: 12 Oct 2020 06:31 AM PDT

    Hi everyone!

    So I (21F) graduated this spring with my bachelor's in psychology (yes, poor choice) and I ended up with a total of 52,000 in student loans. $12,000 are private through Sallie Mae (~10% interest), while the rest are federal with around a 5% interest rate.

    I just got a new job where my salary will be 30k a year, and I have 6k in savings. I currently live at home with my parents rent free and only have a car payment. However, I have been with my partner for around 4 years now and we are both beyond ready to move out. He has a toxic home environment and has been waiting for me to graduate so we can get an apartment together. Now that I've finally graduated and i'm facing the reality of this debt, I have no idea what to do. If we did move out, rent would be around $1100-1200 per month, and we would most likely split it evenly.

    I love my family and have a great relationship with them, but I frequently feel like I'm treated like a child and my mental health isn't the best living here. I'm also more than ready to take the next step in life with my partner.

    Obviously it is the better choice for me to live at home and pay off my loans, but I would 100% prefer to move out. I guess i'm just looking for some opinions on what you would do, if I can justify moving out, or if anyone has been in this situation before and how that worked out for you.

    Do you really think it would be a terrible idea to move out with all of the loans and my low salary, or would it be doable?

    I am also considering living at home just a few more months to get the private(12k, 10% interest) loan paid off, and then moving out.

    Any advice or input from past experiences it is much appreciated.

    submitted by /u/BacardiLime
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