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Student loan repayment pause about to un-pause

JR4X

JR4X

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If it’s an R I searched. The new debt ceiling raise bill brings to an end the 3 year student loan pause. Economists are already crying wolf about what this means for the economy.

www.cnbc.com

'This bill does end the payment pause': What the debt ceiling deal means for student loan borrowers

President Joe Biden and House Speaker Kevin McCarthy came to an agreement over the weekend to avoid a catastrophic default.
www.cnbc.com www.cnbc.com

"This bill does end the payment pause," Shalanda Young, director of the Office of Management and Budget, said in a press briefing. "But very close to the timeframe we were going to end it, as an administration, when it comes to repayment."

Around 45 million Americans are now trying to figure out when they'll need to make what could be their first payment on their student loans in three years. Here's what you can expect in the near term.
Click to expand...
 
A little on the panic about the “student loan cliff” economists are freaking out about.

The U.S. economy is facing an $18 billion monthly ‘student loan cliff’ | Fortune

When student loan payments resume, cash-strapped households will pull back on consumer spending.
fortune.com

The U.S. economy is teetering on the edge of an $18 billion monthly ‘student loan cliff,’ analysts say​

When student loan payments resume, cash-strapped households will pull back on consumer spending.​

Click to expand...

​

 
I don’t know why, but people being worried about the money missing from the economy and going to the government pisses me off. I didn’t even know student loans got a pause, but that coupled with people not having to pay rent really rubs me the wrong way. Fucking drains on society got a 3 year pass and instead of being grateful for the opportunity are whining about having to resume their responsibilities. I say it all the time, I fucking hate humans.
 
JR4X said:
I don’t know why, but people being worried about the money missing from the economy and going to the government pisses me off. I didn’t even know student loans got a pause, but that coupled with people not having to pay rent really rubs me the wrong way. Fucking drains on society got a 3 year pass and instead of being grateful for the opportunity are whining about having to resume their responsibilities. I say it all the time, I fucking hate humans.
Click to expand...

This is why even if they don't cheat elections we're still fucked because Democrats will grow the "life's not fair, I'm entitled to other people's money and resources" vote until it surpasses all the conservative taxpayers.
 
the conservative atheist said:
Why were they spending unnecessarily when they could have been paying their student loan?
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Because there’s no longer a single consequence to being a fuck up. This will be blamed on the patriarchy and white privilege. People who had 3 years and every opportunity to get their shit together are gonna crash and burn. They will be bailed out somehow at the expense of those who were responsible the whole time
 
The one I am paying says first payment due is September. Checked yesterday.

I agree, it will really hurt a lot of people to finally start that back up.

But they never should have offered forgiveness to begin with.
 
mobil1syn said:
this isnt about forgiveness but not having to pay because of miss rona. just like mortgages, rent, etc.
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The two are intertwined. I only have $4,700 left. If I wasn't promised forgiveness I would have paid it off while it was interest free.

Certainly hope I am not the only one who thought about that.
 
ThePanzerFuhrer said:
hey isn’t that how you tame inflation?
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Bingo. This is good on all ends. Freeloaders have to start paying their debts back again like they should and now frivolous spending will slow. These people were artificially inflating the economy with the money for their debt. This will be good for the average consumer in the long run.
 
Kyle said:
Do I get a refund for being responsible and paying for college by budgeting and working?
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JR4X said:
Because there’s no longer a single consequence to being a fuck up. This will be blamed on the patriarchy and white privilege. People who had 3 years and every opportunity to get their shit together are gonna crash and burn. They will be bailed out somehow at the expense of those who were responsible the whole time
Click to expand...
I think this is the biggest problem facing our country today. No consequences. 30 years ago people had pride and wouldn't take assistance from the government unless they really needed it. Today everyone wants a handout.

Instead of punishing kids for stealing cars we blame Kia for making them to easy to steal.

Instead of finding a real solution to the gun violence in this country we blame it on the guns.
 
I imagine a majority of people with loans planned for this, 40% are going to be screwed. I think a lot of liberal arts majors are going to be looking for 2nd jobs waiting tables.
 
My wife is about to start grad school after being out for 15 years. I'm sure we're gonna get screwed.

She applied to LSU but they are charging out of state tuition for a totally online program. Screw those guys.
 
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