quote:
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?

Why would someone pay down an unsecured loan at 0% interest with payments frozen? It make 0 sense. Having $75k sitting in a high interest savings account actually yields decent money right now. And there’s still some uncertainty about forgiveness/rate changes.

This post was edited on 8/3/23 at 8:36 am

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Posted by bbap

Baton Rouge, LA

Member since Feb 2006

96027 posts

Posted on 8/3/23 at 8:37 am to LSUtiger17

that would be fine but that's not what he did. he said he used the money to "pay for other stuff".

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Posted by DVinBR

Member since Jan 2013

13028 posts

Posted on 8/3/23 at 8:43 am to LSUtiger17

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

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Posted by turkish

Member since Aug 2016

1785 posts

Posted on 8/3/23 at 9:49 am to LSUtiger17

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.

This post was edited on 8/3/23 at 9:50 am

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