Pay off loans in a couple of weeks, or wait and see if they get cancelled? Student Loans

Pay off loans in a couple of weeks, or wait and see if they get cancelled?
FedLoan transfer to MOHELA but payment is wrong
Struggling student, looking for a fast loan.
If I applied for a loan with Sallie Mae already, can I apply with another lender to see if they give me better rates ?

Pay off loans in a couple of weeks, or wait and see if they get cancelled?

Posted: 25 Dec 2021 04:05 PM PST

Hey everyone! So I have about $9,750 in student loans (all federal), and after having it saved in an HYSA during forebearance, I will have enough to pay them off entirely the next time I get paid in early January.

I'm all set to be done and move to the next chapter of my life, but upon the recent announcement that Biden extended the forbearance until May, I keep wondering if student loan cancellation is still on the table. Even if it was just the $10K cancellation that he was talking about earlier this year, that would still wipe mine entirely.

On one hand, I'd feel so stupid if I pulled the plug and paid them off now, only for them to be cancelled later in 2022. Because then I could've just invested that money and let it grow.

On the other hand, I really want the gratification of saying I'm debt free, and would also feel stupid if I just let this money sit there and wait in the hopes of it happening if it doesn't happen.

Also, my credit score is 800+, so it's not like having $10K in student loan debt is affecting me too much financially. I just wanna be able to say "I'm done". What would you do?

Tl;dr I have the money to pay off my student loans now, but wondering if I should wait and see if Biden/congress is going to cancel them so I can have a $10K head start on investing.

submitted by /u/savage-millennial
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FedLoan transfer to MOHELA but payment is wrong

Posted: 25 Dec 2021 01:22 PM PST

As expected, hubby's loans were transferred to MOHELA. All balances and pre-Covid interest rates were correct. However, the monthly payment for a couple of the loans was wrong, resulting in a total monthly payment that is ~$70 less than it should be. I checked the studentaid site but it didn't specify the payments. FedLoan didn't have old statements for me to cross reference.

While I'm happy to pay a lower amount lol I don't want it to cause issues down the road. What should we do to correct this?

submitted by /u/IEatAllofTheCheese
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Struggling student, looking for a fast loan.

Posted: 25 Dec 2021 05:29 PM PST

Trying to get about $8,000 together within the next 2 weeks. I come from poverty, and my folks never went to college, so this loan nonsense is all Greek to them.

Any help would be so greatly appreciated. I don't know where to start even. There are so many predatory lending services. There are too many options, and too many loans require that you to start payments prior to graduation. Looking for the meat and potatoes- what are the best options?

submitted by /u/3rdMelee_2ndWave
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If I applied for a loan with Sallie Mae already, can I apply with another lender to see if they give me better rates ?

Posted: 25 Dec 2021 06:50 PM PST

Or is it too late ?

submitted by /u/yourartmattersxo
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