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I made a few loan payments during the pause and now I'm wondering if I should ask for a refund and just park the money in a high-yield savings account until the forgiveness is sorted one way or the other. I'd still have a balance even if I received the maximum relief, so it's technically a wash. But between 6% inflation and 3% savings interest, seems like it could yield an advantage.
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Jan 28, 2023 04:00
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| # ¿ May 21, 2024 01:42 |
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Is there any downside or risk though?
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Jan 28, 2023 04:23
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The Republican student loan counterproposal does have a provision that would selfishly benefit me more than the Biden plan: https://www.nbcnews.com/politics/congress/house-republicans-introduce-student-loan-debt-plan-rcna89554quote:The Federal Assistance to Initiate Repayment Act, led by Republicans on the House Education and Workforce Committee, would provide “targeted” student loan relief for borrowers who “already paid back more than they originally owed taxpayers in principal and interest," streamline several existing income-driven repayment plans into one system and give borrowers in default another chance to rehabilitate their loans. I don't think this will pass either (and I don't think it's in good faith), but the idea of converting interest to principal payments seems like it might be a basis for a compromise.
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Jul 1, 2023 02:36
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This new swing at student loans: https://www.cbsnews.com/newyork/news/biden-administration-proposes-new-student-debt-relief-plan-who-can-qualify/quote:
I know the details are still iffy, but the first point is intriguing. Does that mean people whose current outstanding bill is greater than what they borrowed, or people who already paid back more than the value of their principal?
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Nov 7, 2023 14:17
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