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    Muslim orgs propose Principal-only loans Student Loans

    February 13, 2022

    Muslim orgs propose Principal-only loans Student Loans

    Muslim orgs propose Principal-only loans

    Posted: 12 Feb 2022 06:29 PM PST

    Dozens of Muslim organizations wrote a letter to the Biden administration urging immediate action to curb student loans and proposing a 3 step plan:

    1) Extend moratorium through 2022

    2) Cancel loans for all borrowers who have already paid off their principal (even if the payments didn't go towards the principal)

    3) Offer interest-free loans with a fixed administrative fee to cover operating costs

    Details here:

    https://www.cair.com/press_releases/dozens-of-american-muslim-groups-call-on-president-biden-to-cancel-student-debt-establish-interest-free-student-loans/?mc_cid=48af0ddbc7&mc_eid=56190ee771

    submitted by /u/naiq6236
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    Interesting Barron's article:Student Loan Forgiveness: Republican Opposition Will Face an ‘Uphill Slog’ in Courts, Experts Say

    Posted: 12 Feb 2022 01:25 PM PST

    https://www.marketwatch.com/story/student-loan-forgiveness-republican-opposition-will-face-an-uphill-slog-in-courts-experts-say-11644675893

    TLDR: Basically the article undermines the common retort that student loan forgiveness would be successfully challenged in the courts. Federal courts generally don't allow legislators to fight executive orders through the court system, and the large student loan servicing companies would be unlikely to sue the Education department as that is their largest client and it would be akin to biting the hand that feeds them.

    Quotes from the article:

    But Republicans in Congress may be powerless to stop the Biden administration if it decides to use the Secretary of Education's broad authority to waive student debt obligations that are owned by the federal government. According to an analysis by Wilson Freeman, former attorney advisor to the Congressional Research Service, federal courts "have generally…been less willing to permit individual legislators to seek redress for injuries to a house of Congress as a whole, at least in the absence of explicit authorization to do so from the legislative body itself."

    Scott Buchanan, executive director of the Student Loan Servicing Alliance, an industry group, says however that servicing companies would be unlikely to sue the Department of Education, which ranks as many of these firm's largest client.

    "Our approach has always been that this is a partnership and the government's a client,' he said. "As long as the education department recognizes that if they want to keep someone managing the loans they have left, they're going to have to pay appropriate compensation for it. It would alter scale. We would have to fire people, but the business would adapt."

    submitted by /u/Ncav2
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    Plan to be debt-free before the loan payment turns on

    Posted: 13 Feb 2022 01:40 AM PST

    Hello everyone. This is a bit of a rant but also maybe could be interesting to some of you?

    Long-time lurker whose livelihood has also been deeply affected by this student loan scam our country still seems to be getting away with. (I'm a skeptic with all this student loan forgiveness, can you blame me?)

    Just here to rant and who knows, maybe offer some insight for people who feel desperate.
    First of all, the reason I am able to be debt-free as soon as I am is because of the pandemic. (Isn't that crazy? That it takes a pandemic for me to be able to pay off my loans?)
    Granted I know this is not the case for some people, but if you can make payments now, I would definitely suggest doing so now because paying directly to your loan will get you out of this mess faster.

    I'm currently living in South Korea, and to be honest, I moved here to help pay off my debt faster. I am an English teacher and they give me a free apartment on top of affordable health insurance. I moved here in 2018, before the pandemic. I was able to make bigger payments to my loans, but still, it was the interest rate that was slowing me down.

    Fast forward to now. My partner is Korean and frankly appalled at how much debt I've had with my student loans. He was able to pay his off a year and a half after graduating while it's taken me over 10 years.

    I'm just so disgusted with how the U.S. has handled this, and frankly, I would never send my children to college in the states unless they had a full ride.

    Anyway, a few more months to go and I'll be debt-free and to be honest it feels like it's not even real since it's been a huge part of my life for so long.

    I also highly recommend trying out teaching a year or 2 in either South Korea or Japan (if you have a college degree) because you may be surprised at how much you can pay off. Plus, it's a good experience if you enjoy visiting new countries. Feel free to ask me questions about it if you're curious.

    Have a great week. :)

    submitted by /u/debbxi
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    How to find number of qualify payments made toward IBR?

    Posted: 12 Feb 2022 01:58 PM PST

    Hi, does anyone know how I can find out how many payments I've made that count towards an income based repayment plan?

    I've contacted the servicer and they sent a partial raw print out of records they have for only 2 loans and no other statements. This seems very inadequate.

    Any help is appreciated.

    submitted by /u/mlody11
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    Wells Fargo Interest Reimbursement

    Posted: 12 Feb 2022 10:48 AM PST

    So, I just received 2 checks from Wells Fargo today for 189 and 186. It's for a reimbursement of interest for them holding my money. Did anyone else receive this?

    Thanks in advance.

    submitted by /u/whoaitsvass
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    A question on how loan interest accrues

    Posted: 12 Feb 2022 10:41 AM PST

    I have student loans I'm working to pay off, interest won't begin accruing until July, but I'm beginning to pay them off before then.

    If they're not paid off by then, how does interest rates accrue? I see there's an option on the loan site with a monthly payment requirement, as long as that monthly rate is paid will interest not be charged? Or is interest charged on the total loan balance regardless?

    For example (not actual numbers), if I have $1000 in loans and a required monthly payment of $100, even if I pay that $100 will that remaining $900 still have interest accrued so it'd turn into $990 remaining if 10% interest?

    I realize this is stuff I should have understood when getting loans and stuff, but tuition was due and paid what I could towards them when I could.

    submitted by /u/cshag
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    Student Loan Forgiveness

    Posted: 12 Feb 2022 10:48 AM PST

    Does anyone know if Flight Attendants are eligible to have their student loans forgiven since they are considered federal employees?

    submitted by /u/lovejuane
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