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Posted: 6/19/2023 12:20:02 PM EDT
Student loan repayments are set to begin again starting in October. I think this will be what finally kicks the economy over the edge. 45 million people are about to have an avg $400 monthly bill hitting their bank accounts in October. Of the 45 million people with student loans, only 2% of borrowers have been paying on them since they were paused in 2020.
Most people have probably completely forgotten about them and haven't been budgeting for them. Many people have probably bought cars, houses or are renting apartments that they otherwise wouldn't have had they accounted for their student loans hitting. I am happy that the payments will finally start hitting again, this is going to help deflate the bubble.  Student loan repayment could hit economy hard |
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Posted: 6/19/2023 12:23:46 PM EDT
[#1]
That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in.
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Posted: 6/19/2023 12:25:50 PM EDT
[#2]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. |
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Posted: 6/19/2023 12:27:27 PM EDT
[#3]
I graduated in 1998. I went to a private college. I paid mine off earlier in the year. They act like it's impossible, but in reality they want to spend money on other things like vacations every year etc.
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Posted: 6/19/2023 12:31:32 PM EDT
[#4]
Bulllllllllshit!!
Not gonna happen. |
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Posted: 6/19/2023 12:32:56 PM EDT
[#5]
I await nourishment from their delicious, salty tears.
 
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Posted: 6/19/2023 12:40:01 PM EDT
[#6]
Student loan payments were paused in 2020?
Someone forgot to tell me, as I've made my payments without interruption. |
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Posted: 6/19/2023 12:40:30 PM EDT
[#7]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. |
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Posted: 6/19/2023 12:41:56 PM EDT
[#8]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. LOL |
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Posted: 6/19/2023 12:42:58 PM EDT
[#9]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. LOL. The % of those doing what you're suggesting is likely less than the 2% that have been paying. You're giving WAY too much credit to the average American. |
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Posted: 6/19/2023 12:43:58 PM EDT
[#10]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. We’ve been doing that on my wife’s loans. Ready to buttfuck those things when the lever is flipped and standing by to watch the wailing and gnashing of teeth |
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Posted: 6/19/2023 12:46:42 PM EDT
[#11]
Quote HistoryQuoted: Student loan payments were paused in 2020? Someone forgot to tell me, as I've made my payments without interruption. This 
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Posted: 6/19/2023 12:47:30 PM EDT
[#12]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. lol |
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Posted: 6/19/2023 12:48:09 PM EDT
[#13]
So another massive dumpster fire that the government lit, and then will try to put out with gasoline?
SOP really. |
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Posted: 6/19/2023 12:48:20 PM EDT
[#14]
Good. Fuck the freeloaders.
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Posted: 6/19/2023 12:48:50 PM EDT
[#15]
Quote HistoryQuoted: Good. Fuck the freeloaders. |
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Posted: 6/19/2023 12:51:57 PM EDT
[#16]
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Posted: 6/19/2023 12:53:04 PM EDT
[#17]
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Posted: 6/19/2023 12:53:11 PM EDT
[#18]
Quote HistoryQuoted: I graduated in 1998. I went to a private college. I paid mine off earlier in the year. They act like it's impossible, but in reality they want to spend money on other things like vacations every year etc. And they've been brainwashed into thinking it should have always been free. But yeah, priorities are not a thing post-modern humans are good with. |
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Posted: 6/19/2023 12:54:37 PM EDT
[#19]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. The answer is simple. If you were to keep paying the same amount every month during the no interest period 100% of your payment would be applied towards the principal. The person that does this would have had their student loans paid off years in advance than the same person who didn’t keep making payments during the Student Loan payment suspension. Compound interest is a bitch. |
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Posted: 6/19/2023 12:59:55 PM EDT
[#20]
Quote HistoryQuoted: I graduated in 1998. I went to a private college. I paid mine off earlier in the year. They act like it's impossible, but in reality they want to spend money on other things like vacations every year etc. Imagine that. Wanting to pump money into the economy instead of indentured servitude to big banks in bed with the corrupt government. Vacations every year, I mean what is this, a first world country? |
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Posted: 6/19/2023 1:01:17 PM EDT
[#21]
What kind of opportunities will this present to those who actually have money and want good deals
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Posted: 6/19/2023 1:04:27 PM EDT
[#22]
Conservatives: Charlie Brown
Liberals: Lucy Student loans: the football Good luck in 2024! |
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Posted: 6/19/2023 1:11:08 PM EDT
[#23]
I’ve used the initial pause to pay off all CC debt, max out Roths, build a nice savings account. I have a private loan that I kept paying on, initially paid the fed loan amount on this to cut it in half and recently resumed payments on the 0% interest to get that principal down. I’m ready, have budgeted to continue my retirement investments and loan payments - but will hate it when interest resumes. I do not think many others have done this.
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Posted: 6/19/2023 1:16:10 PM EDT
[#24]
So, a year of pain to remind everyone to vote Democrat in 2024?
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Posted: 6/19/2023 1:19:08 PM EDT
[#25]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. The kids with the liberal arts degrees, and 18th century black cat arts degrees are stacking their savings into high yield accounts to prepare for the 0% loan repayments. Ok bud, these people will never in their lives save anything or make decisions like this. |
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Posted: 6/19/2023 1:19:15 PM EDT
[#26]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. 
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Posted: 6/19/2023 1:24:26 PM EDT
[#27]
It’s gonna pump the brakes on a lot of peoples spending.
I didn’t pay anything on the loans that got stopped. I paid off other debts with the extra. I know a few people that truly believed that uncle Joe was going to write off a bunch of student loans and have already spent that monthly money. On cars, housing, etc. things that the bank will actually come and get. It’s gonna be a straw on the camels back |
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Posted: 6/19/2023 1:26:12 PM EDT
[#28]
They aren't going to pay.
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Posted: 6/19/2023 1:27:29 PM EDT
[#29]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. that's not how it works |
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Posted: 6/19/2023 1:28:34 PM EDT
[#30]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. I’d bet less than 2% are doing that. |
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Posted: 6/19/2023 1:31:14 PM EDT
[#31]
Quote HistoryQuoted: that's not how it works I've seen data that suggests that most people with loans are actually deeper in debt now because they used the monthly savings from not paying student loans to secure down payments on even more financed items. |
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Posted: 6/19/2023 1:31:17 PM EDT
[#32]
Quoted: I think this will be what finally kicks the economy over the edge. 45 million people are about to have an avg $400 monthly bill hitting their bank accounts in October. Of the 45 million people with student loans, only 2% of borrowers have been paying on them since they were paused in 2020. Most people have probably completely forgotten about them and haven’t been budgeting for them. Many people have probably bought cars, houses or are renting apartments that they otherwise wouldn’t have had they accounted for their student loans hitting. I am happy that the payments will finally start hitting again, this is going to help deflate the bubble. Got to get more money for ukraine! |
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Posted: 6/19/2023 1:34:12 PM EDT
[#33]
Quote HistoryQuoted: I've seen data that suggests that most people with loans are actually deeper in debt now because they used the monthly savings from not paying student loans to secure down payments on even more financed items. Quote HistoryQuoted: Quoted: that's not how it works I've seen data that suggests that most people with loans are actually deeper in debt now because they used the monthly savings from not paying student loans to secure down payments on even more financed items. That’s likely true. |
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Posted: 6/19/2023 1:36:38 PM EDT
[#34]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. 
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Posted: 6/19/2023 1:37:40 PM EDT
[#35]
Paid mine and my wife’s diligently for 10 years (she had a higher rate). Got sick of accruing interest, wrote two checks and said fuck it.
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Posted: 6/19/2023 1:37:46 PM EDT
[#36]
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Posted: 6/19/2023 1:38:49 PM EDT
[#37]
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Posted: 6/19/2023 1:39:39 PM EDT
[#38]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in.  |
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Posted: 6/19/2023 1:41:22 PM EDT
[#39]
Sweet, I'll finally be able to find that cheap fishing skiff i've been looking for.
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Posted: 6/19/2023 1:42:25 PM EDT
[#40]
Quote History |
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Posted: 6/19/2023 1:43:17 PM EDT
[#41]
Prepare for the economy to tank in October right before the holiday season and continue the pain train with poor holiday figures.
2008, here we come! |
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Posted: 6/19/2023 1:43:40 PM EDT
[#42]
Quote HistoryQuoted: That’s likely true. concur. |
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Posted: 6/19/2023 1:44:15 PM EDT
[#43]
I see a lot of people needing to pull cash out of their homes at higher interest rates to help cover this.
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Posted: 6/19/2023 1:47:40 PM EDT
[#44]
Quote HistoryQuoted: Prepare for the economy to tank in October right before the holiday season and continue the pain train with poor holiday figures. 2008, here we come! They will just ramp up ‘defense’ spending more to offset. |
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Posted: 6/19/2023 1:49:13 PM EDT
[#45]
Quote HistoryQuoted: They aren't going to pay. Oh yes they will even if they dont want to. |
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Posted: 6/19/2023 1:52:17 PM EDT
[#46]
Swamp will kick the can again before October
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Posted: 6/19/2023 2:10:23 PM EDT
[#47]
Quote HistoryQuoted: I graduated in 1998. I went to a private college. I paid mine off earlier in the year. They act like it's impossible, but in reality they want to spend money on other things like vacations every year etc. It took you 20+ years? |
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Posted: 6/19/2023 2:18:05 PM EDT
[#48]
Well, they think they're going to start. I think they may be in for a surprise.
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Posted: 6/19/2023 2:20:32 PM EDT
[#49]
Quote HistoryQuoted: That 2% is misleading. Why pay down the 0% loans when high yield accounts are getting 5% interest. Many are stacking cash for a payment before interest kicks back in. youseriousclark.jpg |
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Posted: 6/19/2023 2:28:59 PM EDT
[#50]
Likely be pushed out again until after the 2024 election as liberals can't think beyond the moment.
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