LogFAQs > #949914852

Some student loan borrowers riding the Reddit-fueled GameStop (GME) wave are betting that theyll be able to use the profits to pay off their debt.
I cannot think of anything that Ive seen that is nearly as insane as what is going on with GameStop right now, Loop Capital Markets Analyst Anthony Chukumba said on Yahoo Finance Live (video above).
The video game retailers shares soared more than 130% in recent days before falling dramatically during midday trading on Monday. The rise in shares began after short-sellers and Reddit users on r/wallstreetbets (WSB) clashed over the direction of the stock.

I love you guys , one WSB user posted, along with a screenshot of his consolidated student loan payment of $23,504.45 scheduled on Monday, Jan. 25. In the comments, the user elaborated that the payoff is the final payment on my student loans and added that they never thought I would have this paid off so soon.
The user, a 28-year-old from the American South who has a BFA in graphic design and asked not be identified for privacy reasons, told Yahoo Finance that they started paying attention to GameStop back in November and began buying weekly calls before making about $80,000 last week.

When asked why they didnt hold out for expected student debt forgiveness during the Biden administration, they responded: I dont believe the current administration is going to do anything about student debt getting rid of that debt was more important for me.
On Twitter, Dylan Steele, a student at Valdosta State University and a manager at a fitness chain in Georgia, also said he was planning to use his GME profits to pay off his student loans.
In an email to Yahoo Finance, he said he first purchased shares on Jan. 20 and sold on Jan. 25 for a profit of around $9,000.

I currently hold around $12k in student debt I plan to pay it off before August with the majority coming from this unexpected windfall, he explained, adding that he plans to attend law school after the summer.

Another user, who had not cashed out to pay their student loans yet, also expressed joy at his profits and at the fact that they could soon be debt-free thanks to the stock.