Just 60% of student loan borrowers made a payment when the bills resumed in October. "This is, in essence, a massive student debt strike," one activist said.
Not sure what proportion of loans it accounts for, but the 60% figure probably also includes people like me who currently have $0 monthly payments. Hilariously every month it takes 3 days to “process” my “auto-debit payment” of $0 but I imagine those are all being marked as “paid” in the system.
Thankfully, Biden’s new IDR plan (“SAVE”) waives any additional accrued interest for the month after you’ve made your minimum payment (even if it’s $0.) This fixes the pretty massive flaw in the IDR plans that were allowing loans to grow out of control, despite payments made on them. As if people barely scraping by will not be unduly burdened by an even more massive debt if they ever manage to claw their way out of the low wage hole. Personally, after a long stretch of unemployment and low-wage jobs, I had like 5 years of payments under my belt and my loan had grown by 25%. Lol… Still hurts to think about even though I’m doing much better these days.
FYI, idk if anything will actually come of it, but Biden is now trying to do a more targeted loan forgiveness and one of the groups he is targeting are those who owe more than their initial loans. So, I guess we’ll see what happens.
Not sure what proportion of loans it accounts for, but the 60% figure probably also includes people like me who currently have $0 monthly payments. Hilariously every month it takes 3 days to “process” my “auto-debit payment” of $0 but I imagine those are all being marked as “paid” in the system.
Be careful. Mine has $0 monthly payments for some years but is still accruing interest.
Thankfully, Biden’s new IDR plan (“SAVE”) waives any additional accrued interest for the month after you’ve made your minimum payment (even if it’s $0.) This fixes the pretty massive flaw in the IDR plans that were allowing loans to grow out of control, despite payments made on them. As if people barely scraping by will not be unduly burdened by an even more massive debt if they ever manage to claw their way out of the low wage hole. Personally, after a long stretch of unemployment and low-wage jobs, I had like 5 years of payments under my belt and my loan had grown by 25%. Lol… Still hurts to think about even though I’m doing much better these days.
FYI, idk if anything will actually come of it, but Biden is now trying to do a more targeted loan forgiveness and one of the groups he is targeting are those who owe more than their initial loans. So, I guess we’ll see what happens.
If it’s income driven it doesn’t really matter when it all gets forgiven
Downvotes with no reply. Brilliant. Explain how I’m wrong…if you’re in ibr for 20 years it all gets forgiven.
Do you have to pay a fee for each such processing?
No