/biz/ - Business & Finance

[Anonymous No.55406770]

Student loans and loan interest.

[Anonymous No.55406778]

>>55406770
it's going to be ugly when they force payments to resume.

[Anonymous No.55406788]

>>55406778

[Anonymous No.55406809]

>>55406778
>>55406788
PAY.
IT.
BACK.

[Anonymous No.55406819]

Student loans are as much as a car loan usually, but it's the interest that's the real killer.

Problem is, when you only make minimum payments, you'll basically be stuck in interest payments forever. There are many I know whose loan balance actually increased instead of decreased after paying for a few years.

[Anonymous No.55406822]

>>55406770

I took 0 loans, never went to college, and make 120k a year

[Anonymous No.55406834]

>>55406822
your job is being outsourced to India. i know because I'm the management consultant that makes this executive dream a reality.

[Anonymous No.55406961]

>>55406834

Ok Vishnu

[Anonymous No.55406965]

>>55406961
my family came over on the mayflower.

[Anonymous No.55406967]

>>55406778
yes you losers finally capitulating is going to be "ugly"

[Anonymous No.55406968]

>>55406770
I paid my student loan off. Be a good wagie and PAY IT OFF IN FULL

[Anonymous No.55406979]

>>55406770
>>55406778
It's not going to be that bad, you know most working people were already paying off student loans and many people that consolidated continued doing so?
>>55406819
Do you think there's people out there that are obliviously paying minimum payments? Most people that have a loan know what a minimum payment is, it's just a deferment bribe for when you're broke for some reason.

[Anonymous No.55406999]

>>55406979
I think it might be, because the media hasn't said a damn word about it.

[Anonymous No.55407007]

>>55406999
Well, that's the thing, they don't actually need to pay off the debt, people can just keep paying the minimum payment like they have been for years already

[Anonymous No.55407028]

>>55407007
Only a small minority of people with a paused loan made any amount of payment. What you're proposing is even worse, because it's a perpetual expense that may even increase.

[Anonymous No.55407040]

>>55407028
I'm saying there won't be short term shock effects on the economy because people can either defer it or use minimum/lower payments to adjust to it

[Anonymous No.55407059]

>>55407040
And I'm saying it's a nonzero expense in a time where people are stretched thin. Besides, it's also a convenient narrative if someone decides it's time to take profit.

[Anonymous No.55407089]

I'm not gonna pay it back HAHAHAHAHAHAHAHAH I know, I know, but I'm just.... not going to pay it HAHAHAHAHAHAHAHAH yeah I know grandpa, "b-but your credit b-but you want a house some day" ehhhhhhhhh no AHHAHAHAHAHAHA just not going to pay it... sorry!

[Anonymous No.55407097]

>>55406770
>>55406778
i aint paying. put me on the list fuckers

[Anonymous No.55407101]

>>55406770
could they stop if everyone just collectively didn't pay their student loans?

[Anonymous No.55407219]

I have owed $700 in student loans since 2020 and received like 700 emails about flip flopping on not being required to pay it back or my loan provider changing in that time

Make it stop, just take the money or don't wtf

[Anonymous No.55407244]

>>55406965

Yes and I'm Batman.

[Anonymous No.55408155]

>Original Principal: $169,166.00
>Current Principal: $97,712.83
>Accrued Interest as of 06/25/23: $13,863.49
>Payoff Amount as of 06/25/23: $111,576.32

its over...

[Anonymous No.55408167]

>>55406979
many are paying the minimum. you think lequisha at college fiance is taking the time to teach kids about paying off the principle? its the student's responsibility to learn how to manage this.

[Anonymous No.55408286]

>>55406770
Americans are so cucked its unbelieavble
>urban sprawl forces the average American to own a car and basically pay subscription to gas companies
>ludicrous healthcare bills you will not find anywhere else in the world
>high as fuck student loans interests where here in my country, id youre poor enough the subsidies make university basically free
>fucked elections
>garbage media force rapes the populace with ads and propaganda
The fucked real estate is universal though, houses are expensive no matter where you go. Not american so im sure I missed out on some stuff.

[Anonymous No.55409133]

>state college
>pell grant and scholarships take care of everything
>take loans out anyway for gambling money

[Anonymous No.55409357]

>>55406770
>Made leveraged bets in the last bull run that went tits up
>-36k @ 19% interest
>Got 2 extra jobs in January started the giga grind
>Will be debt free again in September
NO EXCUSES FAGGOT. PAY WHAT YOU OWE

[Anonymous No.55409384]

I love when millennials cry that it's not fair that they HAD to take out loans to go to college and they HAD to go to college to get a job.
As if the world really needs more visual designers, music producers, psychologists and marketing consultants.

[Anonymous No.55409495]

>>55406770
I have $60k in student loans, I've had some of them for over 10 years. Still have only accumulated $4k in total interest among all loans. Some of them compounded which is where you really get fucked over. But overall It's not that bad.

[Anonymous No.55409528]

>>55407101
We're too diverse for that kind of large-scale collectivist resistance to ever be feasible again.

[Anonymous No.55409552]

>>55406778
I'm literally just going to ignore their letters and not pay.

[Anonymous No.55409581]

>>55406979
>>55408155
>>55409495
weren't the pauses suppose to defer the loans gaining interest? Granted it's the federal loans, but still.

Regardless, people were so gullible that they thought Biden was going to forgive up to $20k. Vote blue no matter who amirite?

[Anonymous No.55409621]

>>55409581
Yes for the interest rates went to 0% for federal loans. So yeah we all got like 3 years of 0% interest which was very nice.

[Anonymous No.55409645]

>>55409621
>0% interest
>3 years
It's a trip how good they had, it just seems like they treated this respite like a credit card, they increased their budget to spend on useless shit and apps rather than pay it down or saved that money for other shit or to start paying back when the time to pay back comes. Even then, it officially starts back up in September.

[Anonymous No.55411014]

Why do American conservatives defend usury so much? I can understand paying back a debt, but isn't kind of satanic to defend paying the interest on the debt when they already paid the debt itself?

[Anonymous No.55411015]

>>55406809
kill yourself boomer miganigger

[Anonymous No.55411035]

>>55411014
miganigger boomer subhuman mentality. they want their children to suffer as they import the entire world and drive up cost of living and drive down wages. at least every boomer will soon be in the grave. i suppose there is a god.

[Anonymous No.55411068]

>>55411014
What is this picture? It is strangely evocative

[Anonymous No.55411076]

>>55408155
Is it really that bad in shartland?
I changed course after 2 years, then repeated a year, and my total student denbts are about $26k ($40k aud).

[Anonymous No.55411087]

>>55411076
Not him but all my friends and their families are starting to sink underwater and I am seeing a dent in my savings for the first time (unlike them I saved several years).

[Anonymous No.55411157]

>>55408286
>Not american so im sure I missed out on some stuff.
Climate change denial
Crumbling infrastructure
Daily mass shootings
Abortion no longer legal
Unaffordable real estate
Anger at LGBTQ as if all this was their fault

There's never been a worse time to be an American.

[Anonymous No.55411296]

>>55411157
All true, and LGBTQ act as de facto modern Eunuchs to enforce this hand in hand with Neoconservatives, even if they were not initially responsible for it.
If you are one of those eunuchs, I strongly recommend you let go of the levers of power soon before things inevitably blow up.
If you happen to identify as LGBT, I strongly recommend you keep your head down when things inevitably blow up.

[Anonymous No.55411417]

>>55406819
>Problem is, when you only make minimum payments, you'll basically be stuck in interest payments forever. There are many I know whose loan balance actually increased instead of decreased after paying for a few years.
The solution is inflation.
This was a known concept when I made a simple excel sheet to show how much I owed vs how much I'd actually pay over the course of 30 years.
>$38,000 outstanding, 30 years at 2% target inflation would put me around $70,000
>$81,000 to pay it off
>$225/mo
I am so glad
SO GLAD
SO HAPPY
I am smart enough to have thought to myself, "I should save that extra capital and buy a house. It's very unlikely any house I buy is not going to increase by more than $50,000 over 30 fucking years.

So what did I do? I saved $700/mo, culminating in a down payment for an FHA loan. I bought my house (20 mins from an international airport, a 3-5 million population city), and it's gone from $250,000 to about $500,000. And guess what? I can fucking live in it.

All these retards that think paying off your student loans will get you anything more than a pat on the back from the Ghost of Uncle Sam is a moron. Oh and by the way, while you're making those 99% interest payments? You can write it off on your taxes, so there's even more savings there.

Protip: learn how loans work, learn to make projections of how you spend money today and where you want to stand tomorrow. In short, no, I'm not paying more than the minimum payment. Thanks.

[Anonymous No.55411708]

>>55409384

even basic office and entry-level jobs require degrees. And add to that, the boomers outsourced many jobs that didn't need a degree. Let me guess, just go into trades? Oh wait, boomers fucked up that market too.

And hey, let's not blame the boomers amiright?

[Anonymous No.55411709]

>>55406770

What about it?

[Anonymous No.55411724]

>>55409552
They're going to garnish your wages like a deadbeat dad. But if you don't work at all... That's a winning strategy.

[Anonymous No.55411752]

>>55406809
You gave a quarter million dollar loan to an uneducated 18 year old with no work experience. Maybe next time you'll show a little more financial responsibility

Lol
Lmao

[Anonymous No.55412260]

>>55411708
Not here in western yurop, everyone is lazy as shit so tradies rake in the cash.
>even basic office and entry-level jobs require degrees
Then, don't work in an office? Plenty of others jobs available, you can be a nurse, a cop, a fireman, a gardener, all sorts of jobs that we actually need.
But social media doesn't make them look glamorous so cunts gotta get a degree just to compete with each other for the same office job that we don't even really need.

[Anonymous No.55412271]

>>55406770
I feel like a lot of people are overthinking the return of student loan payments, ESPECIALLY considering the high TC people are going to be having. I mean, now a days everyone has a four year CS degree making a STARTING BASE SALARY on AVERAGE of 240k. That number easily goes up to 350 to 400k before you know it with a FAIR amount of people hitting 600k. This is with average houses on 7-8& interest being what? 400k. Everything is super affordable right now since everyone has those TCs or will get them in the future curtesy their CS degree they got plus that average MINIMUM salary of about 240k. I don't get the bears right now becasue things are really affordable considering the high TCs that people have on average.

[Anonymous No.55412345]

>>55411752
They had the audacity to call it "Federal Student Aid." What kind of aid comes with an 8% interest rate?

[Anonymous No.55412347]

>>55412260
>social media
no. salary

[Anonymous No.55413521]

>>55412347
Please, I know guys here who earn 3k in a week from doing home repairs.
Lots of richfags who have no idea how to work with their hands will pay out the ass to get their plumbing fixed or walls impregnated.
These guys make more than doctors do and they pay fewer taxes cause they under-report their earnings. They do pay a lot for materials though.

[Anonymous No.55414325]

I'm considering just blowing my brains out. Even if I can't declare bankruptcy on them, they can have the useless information in there back that way.
>>55406778
I just can't imagine things going well when the price of everything, particularly rent, has skyrocketed. Perhaps payments will put downward pressure on essentials?
>>55407101
If you don't pay, your paycheck, tax return, gets garnished. So unless you don't work at all, it's ineffective.

[Anonymous No.55414446]

>>55406778
im just IBRing it til it's over

[Anonymous No.55414470]

>>55411417
Lol at this debtor coping.

[Anonymous No.55414506]

>>55412271
This lol. I'm making 160 CAD as intermediate dev and I've just been on a repayment plan of like 11 dollars a month. When the repayment comes back I'm looking at like a 430 CAD payment. A drop in the bucket. The money I've kept from repayment I've doubled to tripled in certain investments since october of last year.

[Anonymous No.55414589]

>>55406770
I paid all my loans off this past month. The pause on interest saved me about $10K and ever since the bear started I've just been paying student loans instead of buying le dip. My cashflow increased by $800 a month with this alone. I also quit smoking weed and that's another $600 a month I'm saving. Hopefully we see a bottom soon and I can start buying crypto again.

[Anonymous No.55415522]

>>55414589
How in the name of Cheech Marin's ghost were you spending $600/mo on weed?

[Anonymous No.55415553]

>>55406770
Don t worry your student loan will be taken from your reparation money. 1M-100k.... you will GMI (if you live in CA)

[Anonymous No.55415562]

>>55412345
>Hey goyim you'll be paying this debt forever but it's good for the GDP you're welcome for the privilege

[Anonymous No.55415927]

>>55415522
if they live in picrel they're an idiot, but I seriously doubt a $600/mo weed addict will have the capacity to cold turkey

[Anonymous No.55416816]

>>55411752
Based
>INB4 seething boomercucks about to see their retirement and real estate poorfoolios crash 90 percent

[Anonymous No.55418394]

>>55406770
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?

>>55411157
Ok ivan

[Anonymous No.55418435]

>>55412345
i still can't get over how jewish our government is. charging interest on student loans that cannot be discharged -- and interest that far exceeds their calculation of inflation, at that. utterly insane. we truly live in an open air usury prison. kek.

[Anonymous No.55418907]

>>55418435
What if I told you that interest is correct for real inflation?

[Anonymous No.55421719]

>>55418435
>we truly live in an open air usury prison. kek.
The fact it is consider traditional in the US to support usury at all costs convinces me this country is Satanic and going to burn in nuclear fire