re: Student Loan payments restarting

quote:

---

If there is 0 interest there is no motivation to pay it off early. I might as well just put the minimum payment on autopay and let it run for however long it takes and use the money I’ve saved for other stuff

---

wtf. you had a 3 year window to be paying aggressively on it while there was no interest and your conclusion was there was no incentive to pay more than the minimum requirement?

exactly, the incentive was 0% interest. the interest was always going to come back, its just a matter of when.

now if he truly saved aside the money he wasn't paying toward the loan and plans on putting it as lump sum to the loan then cool, but judging by his mindset of "i have no incentive to pay this loan at 0%" i highly doubt it.

because you are paying directly into principal and saving a shite ton of money on interest? it's not like you have to pay off the loan entirely, but you could save $1000s on interest by putting 100% of your payments to principal before interest resumes

and frick off with the forgiveness shite, stop waiting for daddy government to throw you a bone, it took pandemic hysteria to even get a pause and the only time in history you could put your payments entirely to principal, but of course everyone squanders the opportunity because, "muh future forgiveness" that probably won't ever come

quote:

---

I have a degree in finance and haven't paid a cent on my loans since the pause and interest rate freeze happened. Why would I?

---

if you are putting the money aside and letting it earn interest obviously that's fine/even better but let's not get nuanced over it. The guy SPENT the money on other stuff. That's the whole point.

quote:

---

Yes he did, maybe. He said he saved but he also said he spent. He contradicted himself.

---

No he didn't.

Read it again.

Why would I, as someone with no student loan debt, support the government lending money at 0% interest, that may or may not be paid back?

I'd be OK with setting it to a variable rate adjusted to inflation. But no less.

Last point to OP, this is not something that Congress will fix any time soon. Don't count on them helping you out.

quote:

---

if you are putting the money aside and letting it earn interest obviously that's fine/even better but let's not get nuanced over it. The guy SPENT the money on other stuff. That's the whole point.

---

It's not how I would have handled it, but so what if he did? He's still "on-time" with his loans once they restart, and all that money he saved/spent he can go back to making payments to his student loans.

At least from what he's saying, he has no interest in walking away from the loan, he just had no desire to pay on a loan that was not accruing interest and did not require principal payments at the time.

quote:

---

and frick off with the forgiveness shite, stop waiting for daddy government to throw you a bone, it took pandemic hysteria to even get a pause and the only time in history you could put your payments entirely to principal, but of course everyone squanders the opportunity because, "muh future forgiveness" that probably won't ever come

---

frick financially irresponsible people. If no one is fricking responsible then everything falls apart. There is no free lunch. I guess my lawn is getting larger, so kindly get off of it.

Because they think the interest rate will some day be much higher?

Also, I’d like to remind everyone that the government does pay for ANYTHING. Taxpayers pay for it.