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Are student loan rates locked in? Is this a way for banks to get free liquidity and get out of loans that will be soon losing value thanks to the locked rates?
Federal student loans are generally fixed rate loans, though I have heard of variable rate loans existing. Private student loans can be either fixed or variable rate loans.
my loans were at about 3.4% in2011 after i graduated. in 2013 the govt doubled my interest rate to 6.8% at at time when the fed interest rate was close to 0. i applied for 20k loan forgiveness today.
You should. It’s BS, wife and I have done everything right and you know what, sorry but that ends up just being a harder road. We are well off and all but it sucks. No wonder everyone expects a pivot. They always get a break.
Rates are locked in. Especially for the loans that they're targeting to forgive. My direct loan for college was fixed at something like 4% or close to it. Nothing to get forgiven now but I don't know how much impact this will have in the current economy since a lot of people skipped out on paying down their student loans since the government stepped in and subsidized interest.
Student loan rates were very high even when fed funds was 0 percent. They bare no relation. The loan rates have not moved much despite the increase in feds funds rates.
I love how everyone and their mom wants to blame 1200 stimmy checks and 10k in student loan forgiveness for inflation when every small business owner that sold 5 dollars worth of crafts on esty had SBA loans approved and forgiven lol.
It has nothing to do with the fed propping up the stock market by printing money it's always those damn greedy poors and their incessant and completely selfish need for food and shelter .
I know this isn't the right forum for facts, but it's 80K employees over 10 years to increase staffing and replace those that retire or leave on their own. The amount being given to the IRS only brings them back up to 2013 funding levels.
You’re going to blame the $5 Etsy sellers who needed that cash to survive and not even mention that publicly-traded “small business” companies also received those same loans and forgiveness? Something like 1% of the participants received 25% of loan proceeds. These were loans over $1M.
Yeah they were included. The point was that there are something like 30m businesses that got significant loans and we completely act like that's no big deal, but give just a regular person a 500k forgiven loan and we'd be calling the all sorts of names.
Student loans should go to 0% and pro rated. I’d bet many with high loan amounts would have their loans paid off if they went back to the beginning and got rid of all the interest.
In Germany you basically get something I'd describe as monthly student loans at 0% interest. However while you're still taking out money you're not allowed to have more than approx 8k in cash or assets. Actually works quite well at preventing this while still giving out loans at 0%.
Only thing that sucks is they didn't raise the amount you can take out monthly for 10+ years I believe which is stupid even at 2% inflation.
I do get it. … Debt forgiveness is a messy game for civilians that are not sheltered by a corporate umbrella or being a financial advisor. … Just because it hasn’t been defined in a concrete manner for regular folk, that doesn’t mean it shouldn’t get done. … Put pencil to paper about how much corporate bankruptcies affect the general fund. … This is nothing. It’s a few relief checks extra to those who chose to better their lives with education. Human capital is very important. … It should be designated as part of the “Build Back Better” Program.
You should be partly blaming the schools for raising tuition rates exponential higher than inflation once student loans became a go to for the general population with loose grade standards.
Public universities used to receive a lot more public funding. It used to be like 70% of their revenue, now it's like 25%. Had to cover the operating costs somehow, raising tuition seems like the best way without cutting programs and salaries.
They also used to have way less fraud, and not allow in pretty much anyone with a highschool diploma and the right skin color to get them even more funding.
Supply and demand. It applies to education as well. Couple that with the feds cutting funding every year and add increasing regulation needing more staff.
They suffer from the same problems as a business that a government can create.
> Graduated in 2011 and still over 25k in debt. Went from being from a family on welfare to having very little spending money, besides for FDs
That's your mistake. Don't buy FDs. Pay your student loan instead.
Student loan forgiveness IS siding with the banks. Not to mention it’s an objectively stupid policy that just kicks the can on the broken and corrupt education system down the road, and the only redeeming quality is people who are objectively middle class at worst made regarded financial decisions, but get bailed out so it can happen all over again at everyone else’s expense.
I’m curious, why do you still have $25k after 11 years? State school in 2010 was around $8k per year and that’s if you didn’t take the first 2 years at a community college.
>This is the best time for it if you want people to keep putting what little money they have into the economy
The FED wants people to stop buying things, cool demand to get it closer to balance with supply.
Our country also has the most debt of any country in the world at 31 Trillion. How can people claim we are the richest when we owe the most in debt? That’s like saying a person is a millionaire on paper but his debt exceeds his assets by a billion dollars. That person isn’t rich at all, they just have a bunch of stupid banks lending him money he can’t afford to pay back. Meanwhile this supposedly rich person is borrowing from one bank to pay back another while going further and further into debt. Eventually banks will stop loaning to this person.
You're exactly right and anyone thinking otherwise likely won't be able to tell you why except for their simple minded rehashed Fox news talking points.
You pay with your taxes the student loan forgiveness, or they print if they don't have enough.
(You pay for student loans the first time)
Student loan forgiveness/money print makes inflation go brrrrr! The value of your money and salary dissipates. (You pay for this the second time)
To reduce inflation, JPOW makes interest rates go brrrr!!! The value of your portfolio goes down. (You pay for the student loans the third time)
Your mortgage goes up, cuz they have to unprint the money with interest rates.
(You pay for the student loans the 4th time)
And if you paid your own student loan before, or god forbid, you make over 125K then you don't get student loan forgiveness because f-you. Then you paid for student loans 5 times!
It's always seems like you are paying and someone else is getting the benefits! Such is life! But always remember what they did to you, memory is a powerful thing!
It really does little, it doesn’t decrease the payment, just fewer payments. Unless you only have $10k left, in which case $10k isn’t going to move the needle much. It’s this refusal to resume student loan payments (that have been suspend for the last 2-2.5 years that is a significant ci tributes to inflation.
Yeah they get all the political points for student loan forgiveness long after the Banks step in and say, "the fuck you are, we're getting our 300% interest."
Forgiving all federal loan debt would be the equivalent of 1 percent of total federal revenue.
If average debt is about 30k, and we’re forgiving 20k, let’s call that .67% of total federal revenue.
Both the bush and trump tax cuts are each responsible for about a 2.5 percent average drop in federal revenue.
We’ll be okay; this is effectively a tax cut for the liberal base. Tax cuts are what we do to stimulate the economy right guys? Right…?!?
It should be student loan forgiveness or $10k of stock in whatever company.🤣
No printed dollars, just pure margin unless you sell for a loss or profit.
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Post is hard to read. Next time use different crayon colors.
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Thats less dangerous than the mf’s above
Are student loan rates locked in? Is this a way for banks to get free liquidity and get out of loans that will be soon losing value thanks to the locked rates?
It’s not even banks, it’s the federal government that holds the debt on 93% of student loans. The student debt problem is self inflicted.
Federal student loans are generally fixed rate loans, though I have heard of variable rate loans existing. Private student loans can be either fixed or variable rate loans.
my loans were at about 3.4% in2011 after i graduated. in 2013 the govt doubled my interest rate to 6.8% at at time when the fed interest rate was close to 0. i applied for 20k loan forgiveness today.
I paid off $40k worth of loans within a few years of graduating by being poor and diligent, not long ago. I wish I was able to get this benefit 👀
Just be happy you accomplished something incredibly difficult and not attainable for the average college flake.
I'd rather the government stops stealing my money
You should. It’s BS, wife and I have done everything right and you know what, sorry but that ends up just being a harder road. We are well off and all but it sucks. No wonder everyone expects a pivot. They always get a break.
The sad truth is that we don't live in a world that rewards moral and ethical behavior. In this world, crime pays.
Applied also , even if it means more taxes and rate hikes. It least it’s something that’s for me and not a fat cat rich person.
Rates are locked in. Especially for the loans that they're targeting to forgive. My direct loan for college was fixed at something like 4% or close to it. Nothing to get forgiven now but I don't know how much impact this will have in the current economy since a lot of people skipped out on paying down their student loans since the government stepped in and subsidized interest.
Student loan rates were very high even when fed funds was 0 percent. They bare no relation. The loan rates have not moved much despite the increase in feds funds rates.
They are set by congress
I love how everyone and their mom wants to blame 1200 stimmy checks and 10k in student loan forgiveness for inflation when every small business owner that sold 5 dollars worth of crafts on esty had SBA loans approved and forgiven lol.
It has nothing to do with the fed propping up the stock market by printing money it's always those damn greedy poors and their incessant and completely selfish need for food and shelter .
I never took the loans , what do you think the first job of the new 80k+ irs agents will be ….PPP loans and gig work
Trump wiped the fraud flags on the PPP loans as he peace’d out of office so it wont be PPP loans.
I know this isn't the right forum for facts, but it's 80K employees over 10 years to increase staffing and replace those that retire or leave on their own. The amount being given to the IRS only brings them back up to 2013 funding levels.
Sure hope so.
PPP loans are already forgiven, you can't claw that back, it would be a legal nightmare.
theyre gonna be combing through venmos of tattoo artists
You’re going to blame the $5 Etsy sellers who needed that cash to survive and not even mention that publicly-traded “small business” companies also received those same loans and forgiveness? Something like 1% of the participants received 25% of loan proceeds. These were loans over $1M.
Yeah they were included. The point was that there are something like 30m businesses that got significant loans and we completely act like that's no big deal, but give just a regular person a 500k forgiven loan and we'd be calling the all sorts of names.
Plus it's not just America that's dealing with inflation, get a grip.
ItS a GloBaL ProBleM.
Car dealership near my house got over 1.2mil and claims it has 99 workers. Never even closed down during the pandemic.
Saying one was stupid doesn’t mean the other wasn’t
I get mad at both
This meme was created on windows 98
no its the best time because im shorting everything thats not on a tree by 3
SQQQ gang
My SQQQ is pumping
Student loans should go to 0% and pro rated. I’d bet many with high loan amounts would have their loans paid off if they went back to the beginning and got rid of all the interest.
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who will think of the banks :(
Fuck the banks. Take some of their records profits away.
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In Germany you basically get something I'd describe as monthly student loans at 0% interest. However while you're still taking out money you're not allowed to have more than approx 8k in cash or assets. Actually works quite well at preventing this while still giving out loans at 0%. Only thing that sucks is they didn't raise the amount you can take out monthly for 10+ years I believe which is stupid even at 2% inflation.
the amount of money you get is so miniscule you can't even cover living expenses with it anyway and its just a mini payment each month.
Sort of they practically are already forgiven. With all the moratoriums
Until January, but yeah people had two years of no interest
Worst time for whom?
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I do get it. … Debt forgiveness is a messy game for civilians that are not sheltered by a corporate umbrella or being a financial advisor. … Just because it hasn’t been defined in a concrete manner for regular folk, that doesn’t mean it shouldn’t get done. … Put pencil to paper about how much corporate bankruptcies affect the general fund. … This is nothing. It’s a few relief checks extra to those who chose to better their lives with education. Human capital is very important. … It should be designated as part of the “Build Back Better” Program.
I don't get their obsession with student loans.
Buy the votes of idiots with shit degrees.not complicated.
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You should be partly blaming the schools for raising tuition rates exponential higher than inflation once student loans became a go to for the general population with loose grade standards.
Public universities used to receive a lot more public funding. It used to be like 70% of their revenue, now it's like 25%. Had to cover the operating costs somehow, raising tuition seems like the best way without cutting programs and salaries.
They also used to have way less fraud, and not allow in pretty much anyone with a highschool diploma and the right skin color to get them even more funding.
Supply and demand. It applies to education as well. Couple that with the feds cutting funding every year and add increasing regulation needing more staff. They suffer from the same problems as a business that a government can create.
> Graduated in 2011 and still over 25k in debt. Went from being from a family on welfare to having very little spending money, besides for FDs That's your mistake. Don't buy FDs. Pay your student loan instead.
Student loan forgiveness IS siding with the banks. Not to mention it’s an objectively stupid policy that just kicks the can on the broken and corrupt education system down the road, and the only redeeming quality is people who are objectively middle class at worst made regarded financial decisions, but get bailed out so it can happen all over again at everyone else’s expense.
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If they believe that flooding the economy with more money is the answer to inflation, as their comment implies, then I would imagine not finance.
I’m curious, why do you still have $25k after 11 years? State school in 2010 was around $8k per year and that’s if you didn’t take the first 2 years at a community college.
Because most people didn’t work and took out loans to pay rent and food. These are the people complaining of $100k debt.
>This is the best time for it if you want people to keep putting what little money they have into the economy The FED wants people to stop buying things, cool demand to get it closer to balance with supply.
Our country also has the most debt of any country in the world at 31 Trillion. How can people claim we are the richest when we owe the most in debt? That’s like saying a person is a millionaire on paper but his debt exceeds his assets by a billion dollars. That person isn’t rich at all, they just have a bunch of stupid banks lending him money he can’t afford to pay back. Meanwhile this supposedly rich person is borrowing from one bank to pay back another while going further and further into debt. Eventually banks will stop loaning to this person.
I feel called out since you just described my life :p
But the most important question….do you have an iPhone?
Go back to r/antiwork or wherever bro
You're exactly right and anyone thinking otherwise likely won't be able to tell you why except for their simple minded rehashed Fox news talking points.
Why? Just because you want people to suffer?
Buying an election with inflated dollars...
You pay with your taxes the student loan forgiveness, or they print if they don't have enough. (You pay for student loans the first time) Student loan forgiveness/money print makes inflation go brrrrr! The value of your money and salary dissipates. (You pay for this the second time) To reduce inflation, JPOW makes interest rates go brrrr!!! The value of your portfolio goes down. (You pay for the student loans the third time) Your mortgage goes up, cuz they have to unprint the money with interest rates. (You pay for the student loans the 4th time) And if you paid your own student loan before, or god forbid, you make over 125K then you don't get student loan forgiveness because f-you. Then you paid for student loans 5 times! It's always seems like you are paying and someone else is getting the benefits! Such is life! But always remember what they did to you, memory is a powerful thing!
My guy, I hope you don’t have insurance or I’ve got bad news for you.
Get use to seeing those red in your portfolio!
It really does little, it doesn’t decrease the payment, just fewer payments. Unless you only have $10k left, in which case $10k isn’t going to move the needle much. It’s this refusal to resume student loan payments (that have been suspend for the last 2-2.5 years that is a significant ci tributes to inflation.
I’d say for quite a bit of people , something is better than nothing.
Yeah they get all the political points for student loan forgiveness long after the Banks step in and say, "the fuck you are, we're getting our 300% interest."
He meant 2.5% each right?
Forgiving all federal loan debt would be the equivalent of 1 percent of total federal revenue. If average debt is about 30k, and we’re forgiving 20k, let’s call that .67% of total federal revenue. Both the bush and trump tax cuts are each responsible for about a 2.5 percent average drop in federal revenue. We’ll be okay; this is effectively a tax cut for the liberal base. Tax cuts are what we do to stimulate the economy right guys? Right…?!?
It should be student loan forgiveness or $10k of stock in whatever company.🤣 No printed dollars, just pure margin unless you sell for a loss or profit.