Praise God, the Biden administration has extended the pause on interest and payments for student loans again.
I logged into my account and read, Federal student loan flexibilities for the COVID-19 emergency have been extended through August 31, 2022. This is awesome! I'm slated to pay off student loan number 3 in June and can begin to tackle student loan number 4.
Though there isn't an official announcement yet, I know that this is true, because it's on the site.
Many people post that this is the wrong thing to do, people should pay their loss, yada yada ya. Everyone is entitled to their opinion. One I'm thankful for this, it has allowed me to pay off two loans and be on my way to paying off another, in a span of two years. Had the pause not occurred I'd owe over six figures on the 30k loan. In my opinion, student loans are like loan sharks. It's ridiculous that unlike a mortgage I am unable to pay down the principal until the interest that compounds daily is paid. Do I believe in paying what I owe, yes? However, if parts of it were forgiven, I'd be thankful and if not I'll just keep chipping away.
Either way, this extension is a huge help for me and I'm taking advantage of it.
April 7th, 2022 at 02:58 pm 1649343519
April 7th, 2022 at 07:20 pm 1649359235
The way the loans are managed, and how few people understand that if you ‘pay based on earnings’ you are digging a deep whole is, in my opinion, a crime.
I am proud of, and happy for, people like you who used the interest pause to get out from under.
I don’t have sympathy for the ‘forgive all student loans’ people because that says we need to end future lending so this isn’t a problem again in a few years. The whole cost and funding of education needs review and reform.
April 7th, 2022 at 08:59 pm 1649365196
I'm so happy for you and proud of you for all you've accomplished. You've done an amazing job. Once this one is paid off, the next one will be your last debt outside of the mortgage, right?
April 8th, 2022 at 03:02 am 1649386928