Almost nobody is repaying their student loans

Yahoo Finance ^ | 7/15/21 | Rick Newman

[millenial4freedom]

In the 2020 CARES Act, Congress gave student-loan borrowers a temporary break from repaying their loans. President Trump extended that twice and President Biden once, with loan payments now set to resume Oct. 1, 2021. Borrowers could have kept paying if they wanted to, but almost nobody did. As Tom Lee of the American Action Forum recently explained, the portion of borrowers repaying their student loans dropped from 46% at the beginning of 2020 to 1% today. The portion of borrowers in forbearance rose from 10% to 57%. The rest include borrowers who are still in school, who have gotten deferments or who have defaulted.

[FateAmenableToChange]

What a fool I was for continuing to pay my student loans for the last year and a half...

As far as I know, the federal student loan providers stopped billing, and for borrowers paying by auto withdrawal, those withdrawals stopped automatically as well. I know one borrower who was unaware of the suspension of loan payments and interest during COVID since he made payments by auto withdrawal. It actually took him two days of phone calls to the student loan servicer to get them to start taking the money again because he wanted to get them paid off.

[minnesota_bound]

It will catch up to them when they need a loan for anything like a car or home or to get new credit cards.

[cyclotic]

My idiot son stupidly worked hard and lived cheap to pay off his $30,000 loans in a year.

[blueunicorn6]

Almost no DEMOCRATS are paying off their student loans.

[cockroach_magoo]

I wonder if personal integrity is racist, like math.

As I understand the game, as long as Trump supporters like it, it must be racist. So yes, integrity is racist.

[Truth29]

"Luck is the residue of good planning."

That is very quotable, but it is so hard to plan in a country where the rulers view that everything you do or own is theirs and it is only through their benevolence you are able to do anything.

[Tallguy]

A new doctor that I know took a job at a non-profit inner city hospital. In exchange for the sacrifice he was enrolled in a payment plan to eliminate a rather sizeable student loan debt. He makes monthly payments for 10 years. If he makes them all on-time the balance is forgiven. If he doesn’t, or he take a job at a for-profit, he pays it all. So you better believe that he’s paying, moratorium or no.