Student loan debt, no payments, going on 3 years now…

[D̷e̷v̷i̷l̷D̷o̷c̷A̷Z̷]

I’m curious how the economy will be effected after people resume paying back the student loans.

I hear it’s supposed to happen at the end of August?

I wonder if the secondary market will cough up some deals.

 

[psharon78]

I never stopped paying on mine. Of course since I signed up for the loans, I'll pay them back

 

[Short-bus]

I’m curious how the economy will be effected after people resume paying back the student loans.

I hear it’s supposed to happen at the end of August?

I wonder if the secondary market will cough up some deals.

I thought all them folks were bankin' on potatoe forgiving their loans?

Branden

 

[Jgore]

I’m curious how the economy will be effected after people resume paying back the student loans.

I hear it’s supposed to happen at the end of August?

I wonder if the secondary market will cough up some deals.

Getting what they want without. What happened to ‘they can’t cancel the debt’.

 

[W54/XM-388]

I'm guessing they keep stringing the stupid "students" along until after the 2024 elections.

Something like:
"Yes we know we promised you wouldn't have to pay things back but evil republicans won't let us. Just vote all solid democrat this time and we pinky swear that we promise your loans will be magically forgiven".

 

[jb0311]

Smoke and mirrors

 

[Jgunner]

I'm guessing they keep stringing the stupid "students" along until after the 2024 elections.

Something like:
"Yes we know we promised you wouldn't have to pay things back but evil republicans won't let us. Just vote all solid democrat this time and we pinky swear that we promise your loans will be magically forgiven".

Heh, truth. Talking to some youths not long ago, fuck are they oblivious. But as was i at 18~ but i didnt speak for or against anything that i wasnt edjucated on, just didnt care.

 

[dustingaunder]

I paid mine off with my first couple years of bonuses. Kinda feel stupid now. Could have spent it on myself instead.

 

[KYAggie]

My wife has student debt and she’s been paying the whole time. I told her the money she is paying that goes directly to principal with no interest payments over the last two years is all the student loan “forgiveness “ she will ever see.

 

[Carlos Danger]

Suggest to those not wanting to pay loans back that they won't get paid at work. If they wanna stiff someone on money that was loaned let's see how they like it? Seems fair.

 

[Aussieusa]

Typically when being bribed (and it was a strait up bribe for votes) you’d think people would be smart enough to demand payment upfront. Let’s see if these stupid fucking students fall for it again.

 

[W54/XM-388]

Typically when being bribed (and it was a strait up bribe for votes) you’d think people would be smart enough to demand payment upfront. Let’s see if these stupid fucking students fall for it again.

They are not smart.
They have proved it.
They will believe the same promises that were broken.

But think about it, how many times does the GOP promise to restore our gun rights or roll back ObamaCare?
And after they get elected they do...
And they keep getting elected.

 

[Redmanss]

I'll be surprised if payments resume again in August, but the ability for Biden to kick the can down the road again has been shrinking. Still claiming the HEROES Act after the state of emergency has ended is getting to be a stretch, even for libs inside the beltway. However, I'm sure they'll concoct another state of emergency in the nick of time.

Alternatively, Biden can let forbearance expire this August, blame it on conservatives, and use it as a talking point into the '24 general. I actually think this is the most likely COA for them, sell it as a reason to take back the House so they can pass it through Congress this time.

But will it be economically crippling when it does come back on line? I doubt it, at least not as crippling as $100/bbl oil was, and people will mostly adapt their budgets accordingly by putting more shit on credit cards, because that's what borrowers do, they borrow fucking more and rarely ever learn their lesson.

The borrower is the slave of the lender. Someone really wise said that thousands of years ago, funny how it's so relevant all this time later. Should be a Proverb or something. Oh, wait...

 

[AngryKoala]

I’m curious how the economy will be effected after people resume paying back the student loans.

I hear it’s supposed to happen at the end of August?

I wonder if the secondary market will cough up some deals.

I thought it was may? Is it August?

Works out well for the dems. They didn't have to deliver on the promise and they get to blame Republicans.

 

[earthquake]

I'm guessing they keep stringing the stupid "students" along until after the 2024 elections.

Something like:
"Yes we know we promised you wouldn't have to pay things back but evil republicans won't let us. Just vote all solid democrat this time and we pinky swear that we promise your loans will be magically forgiven".

This. 100%

 

[BCP]

LOL @ all the dumb fucks clapping their hands and going "teehee!!" over student loan debt.

The amount of money they've printed is in the trillions, houses that sold for 200k just a few years ago are 700k now, pickup trucks are 80k dollars, we're either going to crash and burn or turn into zimbabwe.

 

[psharon78]

LOL @ all the dumb fucks clapping their hands and going "teehee!!" over student loan debt.

The amount of money they've printed is in the trillions, houses that sold for 200k just a few years ago are 700k now, pickup trucks are 80k dollars, we're either going to crash and burn or turn into zimbabwe.

or turn into a federal digital currency that will make china green with envy. I think this is the direction we're going to go.

 

[Charger442]

I'll be surprised if payments resume again in August, but the ability for Biden to kick the can down the road again has been shrinking. Still claiming the HEROES Act after the state of emergency has ended is getting to be a stretch, even for libs inside the beltway. However, I'm sure they'll concoct another state of emergency in the nick of time.

Alternatively, Biden can let forbearance expire this August, blame it on conservatives, and use it as a talking point into the '24 general. I actually think this is the most likely COA for them, sell it as a reason to take back the House so they can pass it through Congress this time.

But will it be economically crippling when it does come back on line? I doubt it, at least not as crippling as $100/bbl oil was, and people will mostly adapt their budgets accordingly by putting more shit on credit cards, because that's what borrowers do, they borrow fucking more and rarely ever learn their lesson.

The borrower is the slave of the lender. Someone really wise said that thousands of years ago, funny how it's so relevant all this time later. Should be a Proverb or something. Oh, wait...

one way to cool off inflation was to make students pay back their loans starting atleast a year ago. then the fed wouldnt have to wreck the economy with the rate hikes and maybe inlfation wouldnt still be cooking along at 15% over the last 24 months.

but solving a problem was never the point. it was always vote buying.

 

[SnowMan]

Effect on the economy? (LOL). You could probably pay back all the outstanding student loan debt in the US at once and it doesn't even compare to all the other bullshit the government waste money on. So no, I think it will have absolutely no effect on our economy. There has been outstanding student loans for decades, so nothing in your life will change.

 

[Charger442]

Effect on the economy? (LOL). You could probably pay back all the outstanding student loan debt in the US at once and it doesn't even compare to all the other bullshit the government waste money on. So no, I think it will have absolutely no effect on our economy. There has been outstanding student loans for decades, so nothing in your life will change.

That's not how this is going to work.

Pausing payments suddenly gave millions of people disposable income they shouldn't have. That drove demand for discretionary spending, and with high demand and below normal supply, guess what? Prices skyrocketed and inflation kicked up high


Now what happens? People who took out other loans, cars etc will need to choose. Sell car, default on loan? Sell that motorcycle, Ranger, jet ski, etc.

Even if you have no loans this will affect you. It already has been for the last several years

 

[SnowMan]

Not talking about other loans and peoples stupidity in buying stuff they can't afford. Talking about the smaller portion(federal backed) of student loans. The other portion of the student loans were never effected or in question. So if you are trying to blame the nations current economical situation on federally backed student loans I think you are mistaken.

 

[Charger442]

Not talking about other loans and peoples stupidity in buying stuff they can't afford. Talking about the smaller portion(federal backed) of student loans. The other portion of the student loans were never effected or in question. So if you are trying to blame the nations current economical situation on federally backed student loans I think you are mistaken.

its all interconnected. quick google shows me that 9.9 million people in the USA have loans between $20k-$40k.

so what happens to the nations economy if roughly 10 million people suddenly get an economic windfall and injection of discretionary monies? we saw it when it started. What skyrocketted? Car prices did. along with about everything else. home improvements, trade labor, lumber, etc and so on.

none of us can exist economically in a vacuum. its all tied together.

i get your argument that forgiving those loans are a drop in the bucket in government spending. you are correct. but its not the government spending in that area that impacts us all. yes, it does have an impact, as in June 2022 Biden forgave $5.8 billion in loans of just people who went to Corinthian college? now, that money could have gone to Ukraine like the Dems want, but instead is went to the loan holders and then they sent an EXTRA $5 Billion to Ukraine.


its like raising minimum wage... you just gave people money who didnt have it before. so demand for goods goes up, businesses adjust their prices accordingly to pay those extra wages and now, we are all paying higher prices.

 

[SnowMan]

It seems as usual in these forums the original question(post) quickly gets lost or set aside. Even though it has absolutely nothing to do with the original question, thanks for your opinion based interpretation of our nations economy.

 

[Charger442]

It seems as usual in these forums the original question(post) quickly gets lost or set aside. Even though it has absolutely nothing to do with the original question, thanks for your opinion based interpretation of our nations economy.

Point out what's opinion based.

Nothing I said isnt fact based

 

[SnowMan]

Everything you said is opinion based. You got your info from a quick Google search(of course everything on the internet is true, right) and put your spin on it. Now, I have allowed myself to be drawn into this derailed thread (out of boredom) and become one of "those" people who take a big shit in the middle of someone else's thread. Now I must go drink some more....

 

[Charger442]

Everything you said is opinion based. You got your info from a quick Google search(of course everything on the internet is true, right) and put your spin on it. Now, I have allowed myself to be drawn into this derailed thread (out of boredom) and become one of "those" people who take a big shit in the middle of someone else's thread. Now I must go drink some more....

as a business owner, im not getting that data from google, other than how many people have student loans. i get my data from my financial advisors, the investment managers and fiduciaries i have to deal with, as well as seeing the job market first hand, buying and selling trucks/vehicles/assets and so on.

anyone who has half a brain about our economic workings can see what's going on.

i would love to hear why you think forgiving tens of thousands of dollars in loans for 10 million people wont have an affect on the economy. and why it hasnt had an effect on the economy for the last 3 years.

 

[mi650]

I feel like such a sucker for paying mine off, and then paying 100% for my kids so they wouldn't have any debt when they graduated.

 

[acudaowner]

just need to get back to the

 

[AngryKoala]

as a business owner, im not getting that data from google, other than how many people have student loans. i get my data from my financial advisors, the investment managers and fiduciaries i have to deal with, as well as seeing the job market first hand, buying and selling trucks/vehicles/assets and so on.

anyone who has half a brain about our economic workings can see what's going on.

i would love to hear why you think forgiving tens of thousands of dollars in loans for 10 million people wont have an affect on the economy. and why it hasnt had an effect on the economy for the last 3 years.

Wait until reparations become a federal thing and not just California thing.

 

[Charger442]

Wait until reparations become a federal thing and not just California thing.

At that point we become a Weimer republic. Hyperinflation, massive stock market crash. USA default on debts

 

[AngryKoala]

At that point we become a Weimer republic. Hyperinflation, massive stock market crash. USA default on debts

We are on our way already, don't worry though...a platinum coin will save us lol

 

[BCP]

Pausing payments suddenly gave millions of people disposable income they shouldn't have.

I doubt the people who were behind on loans spent that money on boats, new cars etc. A better solution would be to make it easier to discharge them in bankruptcy. The idea of a society built on debt that follows you forever is un-American.

 

[Charger442]

I doubt the people who were behind on loans spent that money on boats, new cars etc. A better solution would be to make it easier to discharge them in bankruptcy. The idea of a society built on debt that follows you forever is un-American.

It wasn't just people behind on loans, it was everyone with loans.

College educated people with real jobs that didn't go away during covid? They spent their non-payment money like a windfall. Spread across all segments of retail and business. I just used rec vehicles and cars as an example.

 

[chevy_man]

It's happening already.

I'm looking at a new/newer dirtbike. The 95 is getting hard to find any parts other than an air filter for.

The exact same bikes that were selling for $10-11k last year are down to $5-7k this year. New bikes were $11.5k last year, and you couldn't get one unless you pre-ordered. New bikes this year are $9.5k, $2k off MSRP sales.

Looking for a husky 300tx. So fairly specific, and last year I'd see 1 or 2 every few weeks pop up and vanish in 24 hours. This year they're staying up and not selling for a month. Can find 50 of them on any given day between craigslist, KSL, and fakebook (I know, but it's where the deals are).

I just can't decide if I need one this summer, or if I can wait for the bigger fire sale as things keep crashing down.

 

[mi650]

Wait until reparations become a federal thing and not just California thing.

They aren't already?

 

[D̷e̷v̷i̷l̷D̷o̷c̷A̷Z̷]

Effect on the economy? (LOL). You could probably pay back all the outstanding student loan debt in the US at once and it doesn't even compare to all the other bullshit the government waste money on. So no, I think it will have absolutely no effect on our economy. There has been outstanding student loans for decades, so nothing in your life will change.

I was thinking more along the lines of…can most of these folks fit another $400 in the budget? And how it would effect consumer spending.

 

[Charger442]

I doubt the people who were behind on loans spent that money on boats, new cars etc. A better solution would be to make it easier to discharge them in bankruptcy. The idea of a society built on debt that follows you forever is un-American.

I was thinking more along the lines of…can most of these folks fit another $400 in the budget? And how it would effect consumer spending.

They did a poll/survey and basically 70% of people couldn't handle a $400 surprise expense

 

[AngryKoala]

They aren't already?

Not yet, it's coming. Especially if potato gets put in office for another 4.

 

[BCP]

It's happening already.

I'm looking at a new/newer dirtbike. The 95 is getting hard to find any parts other than an air filter for.

The exact same bikes that were selling for $10-11k last year are down to $5-7k this year. New bikes were $11.5k last year, and you couldn't get one unless you pre-ordered. New bikes this year are $9.5k, $2k off MSRP sales.

Looking for a husky 300tx. So fairly specific, and last year I'd see 1 or 2 every few weeks pop up and vanish in 24 hours. This year they're staying up and not selling for a month. Can find 50 of them on any given day between craigslist, KSL, and fakebook (I know, but it's where the deals are).

I just can't decide if I need one this summer, or if I can wait for the bigger fire sale as things keep crashing down.

Here in AZ prices are still crazy. 4k for a 20 year old quadrunner. Car and Truck prices too. The market is starting to slow a little though.

Anyone who thinks this is driven by student loan deferment is wearing their pants on their head. This is all started by the Fed printing press and low interest rates which are now going the other way.

I’ll be surprised if things don’t go splat by october.

 

[Charger442]

Here in AZ prices are still crazy. 4k for a 20 year old quadrunner. Car and Truck prices too. The market is starting to slow a little though.

Anyone who thinks this is driven by student loan deferment is wearing their pants on their head. This is all started by the Fed printing press and low interest rates which are now going the other way.

I’ll be surprised if things don’t go splat by october.

It's not the only thing that's caused it but it is a contributing factor. Among many others.

. forgiving it all together will not help the economy at all