Student Loan Forgiveness is Set to Expire: This is Going to be Painful for Many!

[Fenixgoon]

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There is an unfortunate tendency to downplay women's qualifications and competency or to otherwise suggest that they achieved their position through other means.

So @MrSquished is totally in the right to show that she's a skilled social media communications director, though he shouldn't have to.

 

[ElFenix]

counterpoint: everyone running the twitter account is a "social media intern," regardless of getting paid beaucoup for it.

 

[GoPackGo]

So is capitalized interest now done away with? If so that is a great start... If the capitalized interest would be removed / forgiven that would be the biggest of relief.

 

[ElFenix]

So is capitalized interest now done away with? If so that is a great start... If the capitalized interest would be removed / forgiven that would be the biggest of relief.

i don't know why they can't use the term "compound interest"

(i distinctly remember telling them i wanted to make payments to avoid compound interest and yet they never sent me a statement until the loan was in repayment)

 

[GoPackGo]

i don't know why they can't use the term "compound interest"

(i distinctly remember telling them i wanted to make payments to avoid compound interest and yet they never sent me a statement until the loan was in repayment)

I know they are the same thing... either way for student loans it's predatory bullshit.

 

[sactoking]

Capitalized interest and compound interest in this context are slightly different mechanisms and not technically interchangeable.

For a $10,000 unsubsidized Stafford loan with 6% APR compounded monthly in deferral: in month 1 no payment is due (that's the deferral) and $50 of interest compounds onto the loan balance. In month 2 no payment is due and $50.25 of interest compounds onto the loan balance. And on it goes. At the end of the year the total loan balance is $10,616.80.

Student loan interest capitalization is more like simple interest. For the same loan as above in month 1 with no payment made $50 of interest is charged and set into a separate account. In month 2 interest is only calculated against the original loan amount and not the interest account so it's another $50 of interest charged to the interest account. At the end of the year any unpaid amount in the interest account is "capitalized" onto the loan balance for the year 2 calculation. If no payments were made the capitalized account is $10,600.00.

In student loan capitalization any payments made during the year are applied to the interest account before the loan balance account.

 

[UNCjigga]

Biden’s approval rating up 10% in the 18-35 demographic. Sometimes good policy is also good politically, imagine that!!

 

[FelixDeCat]

Biden’s approval rating up 10% in the 18-35 demographic. Sometimes good policy is also good politically, imagine that!!

You mean buying votes works? Who knew?! Almost makes you forget about the high crime, rampant inflation and millions of illegals randomly entering the country every month.

 

[sactoking]

Who knew that every year under Biden newly arrived illegal immigrants comprised no less than 7.283% of the total US population!

 

[FelixDeCat]

Capitalized interest and compound interest in this context are slightly different mechanisms and not technically interchangeable.

For a $10,000 unsubsidized Stafford loan with 6% APR compounded monthly in deferral: in month 1 no payment is due (that's the deferral) and $50 of interest compounds onto the loan balance. In month 2 no payment is due and $50.25 of interest compounds onto the loan balance. And on it goes. At the end of the year the total loan balance is $10,616.80.

Student loan interest capitalization is more like simple interest. For the same loan as above in month 1 with no payment made $50 of interest is charged and set into a separate account. In month 2 interest is only calculated against the original loan amount and not the interest account so it's another $50 of interest charged to the interest account. At the end of the year any unpaid amount in the interest account is "capitalized" onto the loan balance for the year 2 calculation. If no payments were made the capitalized account is $10,600.00.

In student loan capitalization any payments made during the year are applied to the interest account before the loan balance account.

Having worked in finance since 1991, I can say for certain that unpaid interest that is added back into a loan balance due to nonpayment is pretty terrible. In effect, you are paying interest on interest.

So while your Accrual Rate might be 5%....your Effective Rate might be 7.5%, 10%, or more...depending on the amount capitalized to date.

 

[Fanatical Meat]

You mean buying votes works? Who knew?! Almost makes you forget about the high crime, rampant inflation and millions of illegals randomly entering the country every month.

Hello DECADES of farm bailout bills.
Please point to one of the tax cuts or farm bailouts where you said the same damn thing.
Stuff like this has been going on for centuries, it is normal politics.

 

[UNCjigga]

Hello DECADES of farm bailout bills.
Please point to one of the tax cuts or farm bailouts where you said the same damn thing.
Stuff like this has been going on for centuries, it is normal politics.

I was actually pointing out how you can also *earn* votes without shitting on women, immigrants, blacks, urbanites—you know, over half the country—just to make some billionaires happy. Maybe GOP can try it sometime.

 

[brycejones]

I was actually pointing out how you can also *earn* votes without shitting on women, immigrants, blacks, urbanites—you know, over half the country—just to make some billionaires happy. Maybe GOP can try it sometime.

That's a communism.

 

[IronWing]

You mean buying votes works? Who knew?! Almost makes you forget about the high crime, rampant inflation and millions of illegals randomly entering the country every month.

Fuck off, traitor.

 

[IronWing]

Having worked in finance since 1991, I can say for certain that unpaid interest that is added back into a loan balance due to nonpayment is pretty terrible. In effect, you are paying interest on interest.

So while your Accrual Rate might be 5%....your Effective Rate might be 7.5%, 10%, or more...depending on the amount capitalized to date.

"Having worked in finance since 1991, I can tell I made damn good money off of poor people looking to improve their lives."

 

[SMOGZINN]

You mean buying votes works? Who knew?! Almost makes you forget about the high crime, rampant inflation and millions of illegals randomly entering the country every month.

Or, you know actually doing something to help people makes them vote for you. You call it 'buying votes' I call it doing their damn job.
When was the GOP for anything positive? All they do is complain.

 

[ch33zw1z]

Or, you know actually doing something to help people makes them vote for you. You call it 'buying votes' I call it doing their damn job.
When was the GOP for anything positive? All they do is complain.

well they give money in piles to the .01%, give ‘em credit where it’s due

 

[fskimospy]

Or, you know actually doing something to help people makes them vote for you. You call it 'buying votes' I call it doing their damn job.
When was the GOP for anything positive? All they do is complain.

It is frankly bizarre how republicans think doing things to help your constituents to get them to vote for you is somehow bad.

Then again they largely appear to have given up on winning the most votes so in a way it makes sense.

 

[K1052]

It is frankly bizarre how republicans think doing things to help your constituents to get them to vote for you is somehow bad.

Then again they largely appear to have given up on winning the most votes so in a way it makes sense.

Way easier to rile the base than appeal to any of the swing voters you'll actually need in a close election and just hope for the best.

"Democrats will do things you'll like" and here are a bunch of basically Nazis or otherwise highly loathsome candidates seems to be the R midterm message.

 

[FelixDeCat]

It is frankly bizarre how republicans think doing things to help your constituents to get them to vote for you is somehow bad.

Then again they largely appear to have given up on winning the most votes so in a way it makes sense.

We want to give them a leg up 🦵

....not a hand out.✋️

That feeling of accomplishment by repaying all your debts is more rewarding.

 

[IronWing]

We want to give them a leg up 🦵

....not a hand out.✋️

That feeling of accomplishment by repaying all your debts is more rewarding.

Get a productive job, you parasite.

 

[uclaLabrat]

We want to give them a leg up 🦵

....not a hand out.✋️

That feeling of accomplishment by repaying all your debts is more rewarding.

What an utter pile of right wing bullshit. Ask ANY CEO if theyd like to have their debt wiped clean from the balance sheet and see if they wax poetic about doing it through organic growth of their business 🤣🤣🤣.

Try again.

 

[Leeea]

You mean buying votes works? Who knew?!

Republicans just buy votes from rich people, farmers, fishermen*, and red states ( looking at the Alabama, Georgia, Florida and the completely useless Senate Launch System ).

I for one appreciate some one allocating some money to people who actually need it for once.



*65 million / year for pacific coast salmon fishermen? That is a total of 17 companies, or about $3.8 million per company. No wonder they loved Trump.



I think what really upsets you here is not the vote buying, but rather that so many people are being assisted by such little money.



Republican: welfare for rich people, paid for by running up the credit card
Democrats: helping poor people, paid for by taxes


VOTE FISCAL CONSERVATIVE. VOTE DEMOCRAT! They make sure the bills are paid.

 

[Meghan54]

We want to give them a leg up 🦵

....not a hand out.✋️

That feeling of accomplishment by repaying all your debts is more rewarding.

Who is this “them” ?

 

[FelixDeCat]

Who is this “them” ?

The future Republican voters who were thankful we upheld their moral integrity.

Ain't nothing in life free.