/biz/ - Business & Finance

>>54791776
Democracy and Welfare have been a disaster for the human race

>>54791776
1. You took out a loan.
2. Pay it back.

>>54791776
boomers are so low iq from all the lead water

>>54791989
>No.

>>54792010
>Garnishes your wages
Sorry wagies, maybe next time if you vote bloo even harder Brandon might forgive $2k next round.

>>54792028
actually it’s been years of deferment and will continue to be but nice alternate reality delusion boom boom :)

>>54791989
That's not how it works

>>54792001
>>54792010
then come and take it subhuman

>>54792044
>and will continue
Anon...

>>54792061
case and point
>>54792067
two more weeks until payments resume!

>>54791776
average student loan payment is like $300 a month. most normalniggers are maxxed the fuck out because cost of living has spiraled out of control. i predict record breaking rates of delinquency.

>>54791989
If you owe the bank 1000 dollars, that's your problem.
If you owe the bank 1000000 dollars, that's the bank's problem.

>>54791776
>Let restart payments so I can finally vote for trump and not biden.

What's this? If we keep dangling school payments in your face, you'll keep voting democrat? sweet!

>>54791776
Im out of the loop, when do they have to start paying again? the pandemic was 3 fucking years ago.

>>54791989
3. No.
4. Not my problem.
5. Deal with it.

>>54791989
Based
>dropped of high school, twice
>been working the whole time
>24 now with manufacturing Jon
>debt free
>never stepped foot on a college in my life
>I make more than anyone I know who went to college for 4 years
>they're all tens of thousands in debt
Kek imagine falling for college fucking NERDS LMAOOOOOOO

>>54792759

Late August most likely.

I have a feeling Uncle Joe will kick the can down the road and try to defer them again, though. Especially if SCOTUS BTFOs his student loan bailout. And also assuming the payment pause isn't ended by Congress or the courts first, SoFi has sued to put a stop to the payment pause because it's hurting their student loan refi business.

>>54792820
>SoFi has sued
who gives a damn fuck those kikes lol

>>54792840

I need you retards to start paying back your loans and refi'ing with SoFi so I can keep getting that sweet 4.20% APY on my savings.

>>54792788
wagie wagie back in the manufacturing cagie

>>54791989
BASED

>>54791989
>1. You gave a 5-6 figure loan with no collateral, credit history, and a 3 digit savings at best
>2. End the government subsidizedation/guarantees

>>54792917
>for an art history degree
>to an 18 year old with no credit history

>>54791989
>nigga doesn't know how to read
Maybe you should have gone to college.

>>54792076
August actually ;)

Maybe you could get rid of those via bankruptcy

oh wait kek ZOOM ZOOM ZOOM

>>54792917
>with no collateral

The degree should be the "collateral." I might support student loan forgiveness if graduates were forced to forfeit that piece of paper in order to have their debts forgiven. Most of them are working at Starbucks and not even using it anyway. Not really fair to claim you were duped and get your loans forgiven, but then still go around flashing the certification you got from the school to employers and using it to benefit you.

>>54791776
So the option are
>(A) government does nothing and gets away with interfering with citizens financials- cringe

>(B) government pays student loans thus causing tuition (and student accommodation) to go up in price again as now they'll expect they're asking price to be paid in full - mega cringe

>(C) The government undoes it's previous law where student could declared bankruptcy on their loans meaning banks will actually have to thier jobs and vet people before giving them money and tuition will go down as a consequence so potential students could just take jobs instead to earn a reasonable amount of money in a few short years to pay for college outright- based

Why does OP never talk about option C?

>>54793473
>vet people before giving them money
option C is racist

>>54792862
>Dude weed APY lmao

>>54791776
I'm debtmaxxing when it comes to student loans. Right now I'm thinking about taking out more grad PLUS loans and entering an executive doctor of business administration program in my city (at a cool $100,000, thanks Uncle Sam) just so I don't have to start paying my 8.5% tithe this year. I would rather kick the can down the road and continue working so I can have more cash to take advantage of low, low prices and buy assets like real estate for cheapies. By the time I graduate with my doctor's degree (from an R1 very high research university), the market will have corrected and I will simply get an executive advisory job, supportive C-suite role at a startup (like CIO), or just grow my own specialized consulting firm.

>>54793539
To clarify: If I don't go back to school and they turn on student loan payments again I will be paying about 8.5% of my pay which is about $1200 a month.

>self admitted high school dropout retard thinks he's winning because he has a smaller deviation of fiat dollars to slosh around into monthly payments.
Here is a quick arithmetic masterclass for you anon. Your shit yearly comp multiplied by zero gets the same answer as the college nerds shit yearly comp multiplied by zero. That zero being how much you have left at the end of the year with inflation adjusted for whatever coupons you have in your moth invested wallet.

>>54791989
1. You gave a loan to an unemployed teenager.
2. You made a bad bet.
3. Take your L.

>>54793473
It would make a bunch of politicians, like Biden look like a fucking clown so they never will do this although it's the best solution.

>>54793950

Federal law requires the Department of Education to give out loans to teenagers. If private banks were allowed to underwrite student loan applicants, they wouldn't give DeShawn $60k to get a degree in African American studies. But denying him would be RAYCIS, so here we are.

The reason interest rates tended to be so high is because it is unsecured debt and there's no collateral to be taken and sold. It's also why you're basically not allowed to default on them either. The government will get their money back (plus interest) one way or another.

>>54793980
Loans magically disappear after 20 years, no matter what balance is left. Also, repayments are also capped to 10% of borrower discretionary income. So, borrowers can take out a quarter million in debt and not really feel anything

>>54794023
Also if you have 0 income you pay 0

>>54794023

Yeah and you have to pay income tax on the forgiven loans lmao. "Magically disappear" lool. If a creditor cancels $250k of debt, it's no different than them writing you a check for $250k. That makes it income in the eyes of the IRS.

So hope you set aside $63k to pay the taxes on the 1/4 mil of income when if the DOE does even cancel it.

>>54794131
Considering the entire class of individuals holding student loans which have been created, but I highly doubt it will go down that way. Can already pay that amount in cash but if it does, I will just set up an IRS long term installment plan and let the cashflow from the assets which I purchased cover it, then pocket the rest.

>>54792820
This shouldn’t effect sofi, the student loan pause only effect govt loans.

>>54794942

It does affect them indirectly. Problem for SoFi is much of their student loan business is people with high interest FAFSA consolidating and refinancing their federal loans to private ones with lower rates. With payments paused there's zero incentive for people to refi since the interest rate on public loans is effectively zero percent. The carrot of student loan forgiveness being dangled in front of the public kind of fucks them too as people are starting to realize if you refi for a private loan, this is likely going to disqualify you from any future loan forgiveness that could happen. Congress could pass loan forgiveness that included private student loans too, but this is a lot less likely to happen public loans being forgiven.

>>54795042
Fair enough, yea i’d rather keep my loans as a govt loan, because i’m betting in the future that there gonna be a tipping point and they do a jubilee.

>>54791989
>implying credit spread is risk free
>implying this isn't more egregious than subprime lending
>student loans don't clear on bankruptcy
mutts are so financially illiterate it's not even funny

>>54793539
Kek, grad school is only valuable if your degree is from a t15 school. I don't even think I't put a non-t15 school on my resume, lest the hiring manager think I'm some sort of idiot for wasting my money.

>>54795042
Very unlikely the government would forgive private loans since instead of writing it off they'd actually have to pay out to private companies.

>>54795072
No way I'd refinance right now. I'd say there is probably a 25% chance that federal student loan payments either get wiped entirely or payments just don't restart.