Board 8 > Student Loans

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I've got student loans. I've paid off a couple of groups, and I have about a year's worth of payments done with the rest of them.

Through a mix of coronavirus relief and political action, I haven't technically had to pay on them for the better part of this year. What's-her-name extended the forbearance by another month, so now I don't have to pay until February.

And that brings us to the real point of this post: Joe Biden has made some comments about maybe forgiving a bunch of that debt. I didn't vote for the man, but I'm certainly interested in freeing up a ton of money.

Are any of the rest of you facing student loans? Which plan, if any, do you think Biden will enact?

I'm not expecting Biden to do anything, but I'm certainly not going to discount the possibility. Once the coronavirus-related loan relief ends, I might request a six-month forbearance just to see if the loan relief gets off the ground politically.

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I want it to happen. I think it should happen. I don't think it will happen.

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I've been paying the minimum for years because I've felt like it was inevitably going to be forgiven

Unfortunately I probably made too much money this year for that to be seriously on the table, so I might slowly start paying off my graduate school debt. Seems like graduate debt might be not forgiven

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I think Joe will consistently face a lot of pressure to relieve student loans, at least partially. The fact that it's already happening while he's a president-elect speaks volumes; this isn't an issue that's going to go away. I can see some kind of partial forgiveness happening once he's fried bigger fish like COVID relief.

I have student loans myself. Obviously, I'd love it if some sort of loan forgiveness happened, but I knew the risks of borrowing and will do my time as needed.

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Don't carry any expectations of Biden, can't you pay your loans directly to principle now, interest free? do that.

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idk i just went to a state school and didn't take any loans
eventually they just started paying for grad school
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I'd expect another extension of the forbearance announced around inauguration. Not holding my breath for any loan forgiveness, but it's not impossible I guess. The issue with a one-time forgiveness is that it doesn't actually solve the long-term problem and loans will start piling-up again as soon as the next wave of students enter colleges.

My strategy: Over this year I've amassed into my savings account the amount needed to pay off my remaining balance. Even if forbearance doesn't get extended and loan payments resume Feb 1, I'll probably hold-back and pay the minimum for a few months to see if the new administration does anything regarding forgiveness. Few extra months of interest won't kill me.

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