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Student Loans and the 2020 Election

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  • #61
    Originally posted by DrPayItBack View Post
    There is a zero percent chance that loans will be forgiven outside of PSLF.
    curious. because you think there’s zero percent chance bernie wins? or just that even if he wins, he won’t follow through?

    i don’t think it will happen, but I think to say zero is just unnecessary hyperbole

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    • DrPayItBack
      DrPayItBack commented
      Editing a comment
      I do think there’s zero chance Bernie wins, but there is also no political will for this to happen, or a reasonable mechanism to pay for it (that would actually pass), regardless of who wins.

  • #62
    I personally think that anyone elected won't be able to follow through because even if the government had an extra trillion dollars it had nothing else to do with, there would be a large outcry from people who borrowed less, didn't go to school because they didn't want to borrow, or people who budgeted/cut their own spending and paid off their loans. I know there are a lot of people with student loans, but I think that there are more people who have paid off part or all of their loans, made decisions/sacrifices to borrow less who would think that it was unfair that the money was being spent on people who borrowed more/spent more/ had paid back less. I don't see how you could make it fair if 2 students borrowed 100K to go to the same school and had the same income and the same job, but one had already paid off 50K and the other had deferred payment and allowed interest and let it grow to 150K. I think that the person that had already paid off the 50 K would get upset. Even if everybody was fine with whatever program they came up with to forgive everybody's loans, I also just think that it would be ridiculous to continue to issue student loans if all the previous ones were forgiven. If everybody around me just got their student loans forgiven, why wouldn't I just borrow my maximum limit to spend if I knew there was a chance that it would be forgiven in the future. That's Dave Ramsey's point, if we are talking about forgiving the loans because they were a mistake, why would we still be issuing new ones? None of the candidates are talking about that.

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    • #63
      so apparently federal student loans are now at zero interest. all with the stroke of a pen...
      https://finance.yahoo.com/news/trump...ZG_faDuAkPNi7t

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      • #64
        How is that private refi lookin?

        No deep math here but if federal interest rate on x loan was 7% and you get this forgiveness of ~5 months it'd be the same as 3% refi privately. Any more and you are ahead. It may be even better since if you continue payments your principal reduces ...

        World a different place in 10 days. Somewhere there is Hollywood script written on these times

        Fact: Trump trying hard for that re-elect. Not getting political but he has the force and likely to get it.

        Comment


        • #65
          Originally posted by formerly_cn View Post
          How is that private refi lookin?

          No deep math here but if federal interest rate on x loan was 7% and you get this forgiveness of ~5 months it'd be the same as 3% refi privately. Any more and you are ahead. It may be even better since if you continue payments your principal reduces ...

          World a different place in 10 days. Somewhere there is Hollywood script written on these times

          Fact: Trump trying hard for that re-elect. Not getting political but he has the force and likely to get it.
          Im jumping up and down and having held off on refinancing. If Trump takes it one step further and outright cancels all federal student debt, his win is sealed

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          • #66
            Originally posted by Cardsonthetable View Post

            Im jumping up and down and having held off on refinancing. If Trump takes it one step further and outright cancels all federal student debt, his win is sealed
            If wouldn't take Trumps word for it (if he promises to cancel student debt). But if he does it before election day, ************************, i'll vote for him in a heart-beat (and i'm a bernie bro). He can buy my vote in a jiffy.


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            • #67
              Originally posted by Cardsonthetable View Post

              Im jumping up and down and having held off on refinancing. If Trump takes it one step further and outright cancels all federal student debt, his win is sealed
              That's quite a jump from temporary interest relief to cancelling all student loan debt.

              Comment


              • #68
                Originally posted by drmka26 View Post

                If wouldn't take Trumps word for it (if he promises to cancel student debt). But if he does it before election day, ************************, i'll vote for him in a heart-beat (and i'm a bernie bro). He can buy my vote in a jiffy.

                This is sad on many levels.

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