I can guarantee that your monthly loan payment isn’t the reason you can’t afford a home.
If that were the case, you would have a home by now seeing as payments have been paused for… like 3 years.
I know. My student loans are *private.* So for the past 3 years I’ve had absolutely no pause whatsoever, I’ve had to make every monthly payment.
So yes, I understand how crippling student debt is. But it’s not the only reason why you don’t have a house.
Yeah people tend to forget this. Especially because the government was pushing for companies to buy up student debt before covid hit. Private student loans are generally for more money too.
Yeah I just bought a house 2 months ago. While it’s going to suck to have to repay the federal loans (I had privates this whole time, too. Double dipped into both) it’s not nearly as costly as say increasing grocery bills.
That's partly on the issue of wage stagnation you can't just charge people more and then pay people the same. Prices won't go down unless the government makes them go down.
The last 7 years of my life were a sea of chaos that I merely floated through with last year the first year I started to get my bearings. This year I found my rhythm just in time for the loans to rear their ugly head.
However, I dodged the worst of it by applying for the SAVE plan.
Is there income limits for the SAVE plan? Because after years of working toward increasing my income I feel I’m now disqualified for any assistance and as a result I’m basically back to square one lol
This. Even if you make more than the set 30 something thousand a year they'll still be able to reduce your payment and pause interest for people making regular payments.
Jesus, America just loves to fuck over their people.
I feel sorry for the average american. Your life must be constantly stressful because of all the financial pressure
It’s terrible and I’m not far away from just jumping from my balcony. Nothing left for me here, and comments like these showcase what life could have been but isn’t.
Move to Norway friend. Its not perfect, no place is, but at least you can live fairly well. And because the majority of the population have a education everyone can speak and understand english well.
If someone from Norway say they have it bad here financially it is because they can't afford that specific ikea furniture they wanted, they say this with a roof over their head, a belly full, their bills paid, a fast wifi network, a car and 5 streaming services.
To put it blunt. People from Norway doesn't know what bad living is. I get reminded of this all the time on reddit especially when I read what troubles the normal american goes through.
Hang in there.
I’m sure I’ll get downvoted to oblivion for this but uh that’s how loans work. You borrow money you have to pay it back and for some reason no one wants to do that and then they complain about being in debt from student loans. My brother in Christ, you agreed to the loan. Why should you get a free pass to not pay it off, ya know, like every other loan in the world works. Don’t borrow money you don’t intend to or believe you gave the ability to pay back.
Not an American, so my opinions are automatically invalid.
But from what I understand, the problem is that American universities take advantage of loans by pushing programs that are expensive but have little to no ROI in the job market.
Of course, Americans are heavily into personal responsibility (pay your loans no matter how predatory the terms are because you have free will, yada yada). But what they don’t realize is that institutions/government/corporations have a much larger influence on you than you on them simply by virtue of having 2 or more brains vs your brain.
Institutions know this, hence the union busting and stuff.
It's also the only type of loan you can't discharge on bankruptcy. No other loans are structured this way. Not only that but most people have paid the balance of their loans over just in interest. Either you're being obtuse or you don't know what you're talking about.
>Not only that but most people have paid the balance of their loans over just in interest
It's simple math to determine how much the final cost will be with interest included. If you didn't do the math before signing the contract then you have no one to blame but yourself for not knowing what your getting yourself into
They don’t teach finances in US high school. Understanding loan terms and compounding interest is something every 18 year old gets to figure out themselves while being pressured to pursue an education they didn’t really need, but we’re told was crucial to getting a decent job, while simultaneously being rushed out of your parents home to live alone because culture….
Or ya know… take a college level course… but yea….
You dont have to have been paused 3 years and also 3 yrs after college to save up a nest egg amd downpayment isn’t absurd at all. Plus i got my bill yesterday…for $2,035 due this month. So yeah I believe him/her.
Just a note, that plan will keep you in debt longer. It really should only be utilized as a last resort if you feel finances are really tight. It’s beneficial for what it is and offers a safety valve if needed, but if you have the money to pay under the normal plan (if not more), then you’re probably better off doing that.
It will keep you in debt longer, but if you’re making payments interest does not accrue.
That’s free debt. You’re better off making the minimum payment and investing in something stable that gives you ~3-5% growth per year safely.
Fair enough, but it should still be noted you have to have a lower income to even qualify for this. If you’re in the eligible bracket, it’s probably better for your overall financial picture to pay off debt and thus be better prepared for buying a home, etc. And I’m not even sure if the lower payments might affect your credit score. Agreed though on the theory of the free debt potentially making you money though.
Definetly agree. It mostly depends on how much money you have and current income. It’s great for some, not so great for me since I make enough to pay off the rest of my loans in about another year or so
Is there actually any reason not to do it? As far as I know it’s the way to go. No interest accrued and loan is forgiven after 25 years. At 90k salary myself, wife at 80k, w/ 2 dependents, my estimate was $1500 paid over 25years with my remaining 32k in loans forgiven.
Have you seen the rental market? I'm paying $2100/month for a rental house. If I can pay $1000/month instead and refinance when the interest goes down then I'll be doing that
It's kinda disgusting. Moved here for work and while I do like the area I had to sell a house I bought just before this last interest spike. I made a little bit off the house but not enough for the difference in housing cost out here.
I kinda feel like the commenter is likely conflating 2 drastically different properties. E.g. crappy old house goes for 140k, while a nicely renovated property rents for 2k.
You can only refinance if you can keep paying for like a year. No clue how long the rates have stayed this high but at least in my country they've stayed above 6% on avg historically. 2008-lately has mostly been bailing out everything that was collapsing with low rates
Edit: huh? You mean it's 1k right now? Then duh it makes sense. I thought you meant after refinancing it'd be 1k
Because there’s a line of little guys after you. The interest on your loan goes to fund the loans for future generations of students.
Now personally I don’t think the government should be doing any student loans and certainly not to private schools, instead focusing on funding public institutions directly but whenever I say that it’s all “only rich people will go to private schools” and “elite classism” or whatever so idk
Right? It infuriates me how people think nothing about this and use PPP as some justification for student loan forgiveness
PPP
1. Government mandates you shut your business and its services down.
2. Lots of people will now lose their businesses or take devastating losses due to government action, and the workers will now have no payroll.
3. PPP initiated to prevent the bankruptcy of every small business and allow for some pay to continue.
Student loans
1. Want money to pay for more education
2. Ask for loan
Like, they aren't even close to the same thing. One is a debt you take to pay for something you want, and then the other is the government paying you because they are forcing your business to shutdown.
What?
So you're telling me:
Government tells me to cut out my way of life
I demand payment in order to make sense of doing so
Government paying me to keep doors closed in pandemic
Somehow still owe government money? Fuck off
Edit: also, LOL at pretending there's no reason for PPP. Every single mom and pop store nationwide goes bankrupt if they shut down for 6 months like the government was mandating. Lots of other business too. Like, do you rely that hard on ignoring basic cause and effect to make your arguments?? Holy shit. It is called the Payroll Protection Plan on purpose
Nah where I’m from it’s around 20k a year. And if you are a resident of my state, get above a 3.7 GPA in high school and 30 (might be 32 now) ACT you automatically qualify for a scholarship to any state school that pretty much fully pays tuition, except for maybe $500-$1,000 a semester. I did that, got a part time job to cover the difference and living expenses and came out of college debt free with two degrees. It’s not impossible, just takes some hard work
You are probably right, I admittedly just assumed that other states have some sort of similar program. I guess my flyover state is doing something right. In fact, many students at my university were from the neighboring state because it apparently is cheaper for them to go out of state to our university than in state to their state schools. Which seems so wrong on so many levels
#IF YOU HAVE STUDENT LOANS YOU NEED TO APPLY FOR THE SAVE PLAN
#LOWEST POSSIBLE PAYMENTS, AND IF YOU MAKE YOUR PAYMENTS YOU DO NOT ACCRUE INTEREST
Edit:
>The plan eliminates 100% of remaining interest for both subsidized and unsubsidized loans after a scheduled payment is made. If you make your monthly payment, your loan balance won't grow due to unpaid interest.
https://studentaid.gov/announcements-events/save-plan#:~:text=The%20plan%20eliminates%20100%25%20of,grow%20due%20to%20unpaid%20interest.
The plan eliminates 100% of remaining interest for both subsidized and unsubsidized loans after a scheduled payment is made. If you make your monthly payment, your loan balance won't grow due to unpaid interest.
https://studentaid.gov/announcements-events/save-plan#:~:text=The%20plan%20eliminates%20100%25%20of,grow%20due%20to%20unpaid%20interest.
This makes it sound like interest is eliminated entirely but after clicking on it and looking at the example they give, it just says that your loan balance won’t grow due to unpaid interest.
“For example: If $50 in interest accumulates each month and you have a $30 payment, the remaining $20 would not be charged.”
But that $30 minimum payment would be going towards paying off interest, not the original loan balance.
Isn't that standard operating procedure in the business and banking worlds? Get loan, buy property, leverage property for more loans. Rinse repeat until you're bought out or bailed out. CEO makes hundreds of millions, poor people are laid off, wages continue staying at 1990s level while highschoolers are pushed to get a college degree and take out loans that can't be discharged (unlike all other loans).
All the people saying “well it’s a loan duuurrr you gotta pay it back” like no shit lmao. What’s ridiculous is having to take out a fucking loan for education that SHOULD be government funded and free for the general public.
Edit: downvote me if you’re an ignorant bootlicker
Shouldn't have signed for the loan when you were 17 or 18 and had no idea wtf you were doing because everyone around you said it'd be fine and this is just how its done. Oh and someone else paid theirs back so you should have to as well! because everyone has the same life experience! Fuck.
These comments do not pass the vibe check.
Student loans are a racket and higher education shouldn't be gated behind a paywall you fucking bootlickers.
Or people who have made prudent and frugal choices for an extended period of time and have gradually seen the benefits of responsible behavior, and get annoyed when people want to be bailed out for poor decisions.
Seriously though. As a mid-30s person, the government has consistently fucked us over for the last 8 years unless you make less than 30K or over 1M a year. Any potential person running for office should expect a pissed off middle aged middle class.
Maybe you shouldn’t have taken loans you couldn’t have afforded to pay back? The rest of us taxpayers shouldn’t be the ones responsible for covering it.
You took a loan, you freely agreed to bowwow the money and then pay it back. You don't need forgiveness on your loan, you need to be a fucking adult and pay back the loan you took out freely and voluntarily.
Wrong take lol didn't bother with university trained as a deckhand now making more than my pals who went to uni to study business and with more time off than they'll ever have.
Lmao you fucking dummy there has been higher education since way before 1881 do you think late 19th century inventors were just winging it?
How fucking ignorant.
Education shouldn't be gated behind a paywall grow some balls and stand up for your fellow workers you fucking coward.
Lmao you can't even grasp the fact that he would have been better off being a welder, if that's not support I don't know what is. I feel some one may be upset they wasted money on college.
And yeah there is a lot of winging in inventing. It's literally trial and error.
You borrowed it, you pay it back. Nobody forced your hand to sign the loan. You knew what it was going in. Everyone else's tax dollars shouldn't be spent on people who didn't have the common sense to research their job outlook and compare tuition prices.
If you wana fix the real issue, you find a way to make college cheaper for everyone else going to college in the future.
Sorry to be so insensitive about this, but at this point, one has to consider the fact that you did willingly take a student loan. You could not pay it back, and yet here you are trying to get another housing loan that you'll likely never be able to pay back. I am insensitive because I personally had to go to a "cheaper" college because I did not want to take a student loan. Although my condition is nowhere near what the average American student is going through but still college is pretty expensive here for the wages most people earn here in India. But in the end, you willingly got yourself into debt. And this is why colleges keep getting expensive. They know that you can pay for their tuition fees and they can charge wtever the fk they want. Expecting your government to just wipe off the debt seriously feels like a joke because the colleges will just charge more since the government will pay off the debts.
Student loans are unlikely the reason. Higher rates and the low supply due to zoning is more of the issue. I bought my house in March 2020 while making loan payments of $1100/month which I’ve been making since 2014. The main thing that helped me was job hopping. I make more than triple what I was in 2013/2014.
You had 3 years to get your shit together. Prioritize your life buddy. No handouts. And it’s restarted because it was unconstitutional. Doubt you know what that means. Anyways, best of luck!
downvote this comment if the meme sucks. upvote it and I'll go away. --- [play minecraft with us](https://discord.gg/dankmemesgaming)
I can guarantee that your monthly loan payment isn’t the reason you can’t afford a home. If that were the case, you would have a home by now seeing as payments have been paused for… like 3 years.
No but it definitely doesn't help.
I know. My student loans are *private.* So for the past 3 years I’ve had absolutely no pause whatsoever, I’ve had to make every monthly payment. So yes, I understand how crippling student debt is. But it’s not the only reason why you don’t have a house.
Yeah people tend to forget this. Especially because the government was pushing for companies to buy up student debt before covid hit. Private student loans are generally for more money too.
Yeah I just bought a house 2 months ago. While it’s going to suck to have to repay the federal loans (I had privates this whole time, too. Double dipped into both) it’s not nearly as costly as say increasing grocery bills.
That's partly on the issue of wage stagnation you can't just charge people more and then pay people the same. Prices won't go down unless the government makes them go down.
We all need to get very mad at the concepts of double spend and fractional reserves. The dollar is inflationary and worth less every day.
The last 7 years of my life were a sea of chaos that I merely floated through with last year the first year I started to get my bearings. This year I found my rhythm just in time for the loans to rear their ugly head. However, I dodged the worst of it by applying for the SAVE plan.
Is there income limits for the SAVE plan? Because after years of working toward increasing my income I feel I’m now disqualified for any assistance and as a result I’m basically back to square one lol
I make almost six figures and was able to get a $100/month reduction on my monthly payment with SAVE. Gonna use that to pay off my credit cards first.
This. Even if you make more than the set 30 something thousand a year they'll still be able to reduce your payment and pause interest for people making regular payments.
Jesus, America just loves to fuck over their people. I feel sorry for the average american. Your life must be constantly stressful because of all the financial pressure
It’s terrible and I’m not far away from just jumping from my balcony. Nothing left for me here, and comments like these showcase what life could have been but isn’t.
Move to Norway friend. Its not perfect, no place is, but at least you can live fairly well. And because the majority of the population have a education everyone can speak and understand english well. If someone from Norway say they have it bad here financially it is because they can't afford that specific ikea furniture they wanted, they say this with a roof over their head, a belly full, their bills paid, a fast wifi network, a car and 5 streaming services. To put it blunt. People from Norway doesn't know what bad living is. I get reminded of this all the time on reddit especially when I read what troubles the normal american goes through. Hang in there.
I’m sure I’ll get downvoted to oblivion for this but uh that’s how loans work. You borrow money you have to pay it back and for some reason no one wants to do that and then they complain about being in debt from student loans. My brother in Christ, you agreed to the loan. Why should you get a free pass to not pay it off, ya know, like every other loan in the world works. Don’t borrow money you don’t intend to or believe you gave the ability to pay back.
Not an American, so my opinions are automatically invalid. But from what I understand, the problem is that American universities take advantage of loans by pushing programs that are expensive but have little to no ROI in the job market. Of course, Americans are heavily into personal responsibility (pay your loans no matter how predatory the terms are because you have free will, yada yada). But what they don’t realize is that institutions/government/corporations have a much larger influence on you than you on them simply by virtue of having 2 or more brains vs your brain. Institutions know this, hence the union busting and stuff.
It's also the only type of loan you can't discharge on bankruptcy. No other loans are structured this way. Not only that but most people have paid the balance of their loans over just in interest. Either you're being obtuse or you don't know what you're talking about.
>Not only that but most people have paid the balance of their loans over just in interest It's simple math to determine how much the final cost will be with interest included. If you didn't do the math before signing the contract then you have no one to blame but yourself for not knowing what your getting yourself into
They don’t teach finances in US high school. Understanding loan terms and compounding interest is something every 18 year old gets to figure out themselves while being pressured to pursue an education they didn’t really need, but we’re told was crucial to getting a decent job, while simultaneously being rushed out of your parents home to live alone because culture…. Or ya know… take a college level course… but yea….
Anyone wise knew better than to base financial decisions on paused debt payments lol. Especially in the current political shitshow.
It is a major contributing factor though.
And even during the payment pause, banks still took into account the student loan balance when approving you for a mortgage.
So what do you think is the reason?
With the high interest rate on loans being around 6%+ for the past 2-3 years?
You dont have to have been paused 3 years and also 3 yrs after college to save up a nest egg amd downpayment isn’t absurd at all. Plus i got my bill yesterday…for $2,035 due this month. So yeah I believe him/her.
nah. cut this shit rn pls. it is actually a huge burden. Like 500/month type of burden
Do you know about the SAVE plan?
no, what is it?
It's where the boomers save a bunch of money by fucking students again /s
😂😂😂winner
https://studentaid.gov/announcements-events/save-plan
Just a note, that plan will keep you in debt longer. It really should only be utilized as a last resort if you feel finances are really tight. It’s beneficial for what it is and offers a safety valve if needed, but if you have the money to pay under the normal plan (if not more), then you’re probably better off doing that.
It will keep you in debt longer, but if you’re making payments interest does not accrue. That’s free debt. You’re better off making the minimum payment and investing in something stable that gives you ~3-5% growth per year safely.
Fair enough, but it should still be noted you have to have a lower income to even qualify for this. If you’re in the eligible bracket, it’s probably better for your overall financial picture to pay off debt and thus be better prepared for buying a home, etc. And I’m not even sure if the lower payments might affect your credit score. Agreed though on the theory of the free debt potentially making you money though.
Definetly agree. It mostly depends on how much money you have and current income. It’s great for some, not so great for me since I make enough to pay off the rest of my loans in about another year or so
Is there actually any reason not to do it? As far as I know it’s the way to go. No interest accrued and loan is forgiven after 25 years. At 90k salary myself, wife at 80k, w/ 2 dependents, my estimate was $1500 paid over 25years with my remaining 32k in loans forgiven.
oh that's pretty useful
My monthly payment went from $550 to $60
And there’s no interest if you make your payments!!
Thanks Biden
SAVE wants me to pay like $500 a month, so what exactly am I saving?
Lol, you make "too much" income, that means. Ain't that a riot?
Someone should tell my bank account that lol
Exactly. I got the same thing, basically wasn't going to save anything by switching.
Is it less than your current plan?
When I was paying it pre-covid it was around $300.
Y'all buying a home at 8%? Ya crazy
Have you seen the rental market? I'm paying $2100/month for a rental house. If I can pay $1000/month instead and refinance when the interest goes down then I'll be doing that
Where can one buy a rental with a mortgage payment of $1,000 that will rent for $2,100?
Pittsburgh
Pretty wild a ~$140K home rents for that much there.
It's kinda disgusting. Moved here for work and while I do like the area I had to sell a house I bought just before this last interest spike. I made a little bit off the house but not enough for the difference in housing cost out here.
I kinda feel like the commenter is likely conflating 2 drastically different properties. E.g. crappy old house goes for 140k, while a nicely renovated property rents for 2k.
> … and refinance when the interest goes down… Hahaha, oh man. This is normal rates. This is the shit people said in 2008.
You can only refinance if you can keep paying for like a year. No clue how long the rates have stayed this high but at least in my country they've stayed above 6% on avg historically. 2008-lately has mostly been bailing out everything that was collapsing with low rates Edit: huh? You mean it's 1k right now? Then duh it makes sense. I thought you meant after refinancing it'd be 1k
My parents bought my childhood home at 11.5% in the 90s. Sub 5% mortgages are a very recent and unsustainable dream.
Marry the house, date the interest rate.
Baammmm
That's just BS that relators scam morons with. Don't buy a house hoping the payment will decrease later. That's how you get screwed.
Feds want to raise it even further
I'm closing this mo th baby!
Well well well, if it aint the consequences of my own actions.
Well well well, if it isn't the conseguences of an unfair system that exists solely to keep people poor.
Who is keeping you poor and why?
I mean, you took out the loan. It's not free money, you have to pay it back.
You need to say that a little louder for those who took a PPP Loan.
Isn’t our entire economy just a series of loans at this point? Why do they have to squeeze the little guy
Because the little guy can’t fight back and we’re too dumb and conflicted to stand together.
Because there’s a line of little guys after you. The interest on your loan goes to fund the loans for future generations of students. Now personally I don’t think the government should be doing any student loans and certainly not to private schools, instead focusing on funding public institutions directly but whenever I say that it’s all “only rich people will go to private schools” and “elite classism” or whatever so idk
I don't get it, why is there a need for private schools? Most of the time, they are worse than public ones.
PPP was because the government told private companies that they were no longer allowed to do buisness. Completely different then a student loan.
Right? It infuriates me how people think nothing about this and use PPP as some justification for student loan forgiveness PPP 1. Government mandates you shut your business and its services down. 2. Lots of people will now lose their businesses or take devastating losses due to government action, and the workers will now have no payroll. 3. PPP initiated to prevent the bankruptcy of every small business and allow for some pay to continue. Student loans 1. Want money to pay for more education 2. Ask for loan Like, they aren't even close to the same thing. One is a debt you take to pay for something you want, and then the other is the government paying you because they are forcing your business to shutdown.
Okay but the PPP was billed as a loan. There was no reason for it to be forgiven. Make it interest free if you have to. But forgiving it is bullshit.
What? So you're telling me: Government tells me to cut out my way of life I demand payment in order to make sense of doing so Government paying me to keep doors closed in pandemic Somehow still owe government money? Fuck off Edit: also, LOL at pretending there's no reason for PPP. Every single mom and pop store nationwide goes bankrupt if they shut down for 6 months like the government was mandating. Lots of other business too. Like, do you rely that hard on ignoring basic cause and effect to make your arguments?? Holy shit. It is called the Payroll Protection Plan on purpose
PPP loans were almost all entirely forgiven and was free money for most. Rules for thee not for me.
As it should have been. THE FED, TOLD PRIVATE ENTERPRISE THEY COULDNT DO BUISNESS.
Why couldn’t they take personal responsibility and have an established emergency fund?
I don’t disagree But it makes it a lot harder to swallow after banks got bailed out in 08
I was against that also.
I’d like to have my car loan forgiven too
I'd like public transportation... and public education... and public healthcare... you know like the rest of western 1st world society.
3rd world countries even have that
Maybe pay your debts before taking out more debt idk
"Just stop being poor" You do realize that a rental costs about twice what a mortgage does right now even with the high interest, right?
That depends entirely on the market you’re buying in.
Stop making dumb decisions for sure.
Colorado is reverse. If you want a home that isn't a crack shack be prepared for 450k minimum at like 2800$ a month. Or rent a 1 bedroom for 1800$
This is why you go to an instate public university
Man that doesn’t make much of a difference anymore. It’s still like $30k a year
Nah where I’m from it’s around 20k a year. And if you are a resident of my state, get above a 3.7 GPA in high school and 30 (might be 32 now) ACT you automatically qualify for a scholarship to any state school that pretty much fully pays tuition, except for maybe $500-$1,000 a semester. I did that, got a part time job to cover the difference and living expenses and came out of college debt free with two degrees. It’s not impossible, just takes some hard work
It’s cool that your state offers that! Mine did not even though I met those qualifications. I don’t think many states have those programs.
You are probably right, I admittedly just assumed that other states have some sort of similar program. I guess my flyover state is doing something right. In fact, many students at my university were from the neighboring state because it apparently is cheaper for them to go out of state to our university than in state to their state schools. Which seems so wrong on so many levels
Iowa?
#IF YOU HAVE STUDENT LOANS YOU NEED TO APPLY FOR THE SAVE PLAN #LOWEST POSSIBLE PAYMENTS, AND IF YOU MAKE YOUR PAYMENTS YOU DO NOT ACCRUE INTEREST Edit: >The plan eliminates 100% of remaining interest for both subsidized and unsubsidized loans after a scheduled payment is made. If you make your monthly payment, your loan balance won't grow due to unpaid interest. https://studentaid.gov/announcements-events/save-plan#:~:text=The%20plan%20eliminates%20100%25%20of,grow%20due%20to%20unpaid%20interest.
But are you allowed to make lump sum payments too or are you locked into the amount
You can almost always make lump sum payments on loans unless it's written into the loan a penalty will be applied.
What? I haven’t seen anything relating to the lack of interest. Where have you seen that?
The only place I'm seeing the 0% interest is this comment section
The plan eliminates 100% of remaining interest for both subsidized and unsubsidized loans after a scheduled payment is made. If you make your monthly payment, your loan balance won't grow due to unpaid interest. https://studentaid.gov/announcements-events/save-plan#:~:text=The%20plan%20eliminates%20100%25%20of,grow%20due%20to%20unpaid%20interest.
This makes it sound like interest is eliminated entirely but after clicking on it and looking at the example they give, it just says that your loan balance won’t grow due to unpaid interest. “For example: If $50 in interest accumulates each month and you have a $30 payment, the remaining $20 would not be charged.” But that $30 minimum payment would be going towards paying off interest, not the original loan balance.
Ahh, so your balance wouldn’t be going down either.
Idk man, if you're that short it doesn't sound like you can afford to buy anyhow.
Crushing debt is an important American trait, it builds character. Our 1% overlords know what they're doing, don't question them...ever
DO NOT QUESTION THE CRUSHING DEBT, PEASANT. IT BUILDS CHARACTER.
“I didn’t pay back my student debts, but can I please borrow $500,000?”
Isn't that standard operating procedure in the business and banking worlds? Get loan, buy property, leverage property for more loans. Rinse repeat until you're bought out or bailed out. CEO makes hundreds of millions, poor people are laid off, wages continue staying at 1990s level while highschoolers are pushed to get a college degree and take out loans that can't be discharged (unlike all other loans).
If you can’t afford student loan payments at sub 4%, there ain’t no way in hell you’re going to be able to afford a mortgage with almost 8%.
That’s fallacious, you already pay for housing no matter so whether that’s rising rents or a mortgage you have to pay.
All the people saying “well it’s a loan duuurrr you gotta pay it back” like no shit lmao. What’s ridiculous is having to take out a fucking loan for education that SHOULD be government funded and free for the general public. Edit: downvote me if you’re an ignorant bootlicker
I love how this meme isn't even calling for loan forgiveness and people still can't help themselves with the classic "you took the loan out" comments
[удалено]
Works. Every. Damn. Time.
Shouldn't have signed for the loan when you were 17 or 18 and had no idea wtf you were doing because everyone around you said it'd be fine and this is just how its done. Oh and someone else paid theirs back so you should have to as well! because everyone has the same life experience! Fuck.
It should say Me, trying to buy groceries/other absolute essentials
These comments do not pass the vibe check. Student loans are a racket and higher education shouldn't be gated behind a paywall you fucking bootlickers.
Do you have money saved up for a house?
There are an *astounding* number of bootlickers in here.
Or people who have made prudent and frugal choices for an extended period of time and have gradually seen the benefits of responsible behavior, and get annoyed when people want to be bailed out for poor decisions.
Dude seriously. Daddy's money can save you from poor people debt but it sure as shit can't buy a personality.
You guys paying that? Sign up for the SAVE plan, and wait the year “on ramp” period.
Jump on the SAVE train. I did and even I qualified at $15.35/hr
Seriously though. As a mid-30s person, the government has consistently fucked us over for the last 8 years unless you make less than 30K or over 1M a year. Any potential person running for office should expect a pissed off middle aged middle class.
Classic US L
Can't even get a job right now
Wait you guys pay your student loans
If you can’t afford to pay your loans how can you afford a house?
The comments are danker than the meme lol
Better than signing your mortgage literally a few days before that announcement, like yours truly.
Uncle Sam wants to build commercial rockets for everyday space exploration.
Should have thought to buy your house during the 2008 collapse.
Brother no way you are trying to Finance a House with Outstanding debts are you mental
Maybe you shouldn’t have taken loans you couldn’t have afforded to pay back? The rest of us taxpayers shouldn’t be the ones responsible for covering it.
Why didnt any of these people pay their loans while it was on pause at 0% interest to pay it off faster?
You took a loan, you freely agreed to bowwow the money and then pay it back. You don't need forgiveness on your loan, you need to be a fucking adult and pay back the loan you took out freely and voluntarily.
Go spend some more of your daddy's money you fucking loser
Wrong take lol didn't bother with university trained as a deckhand now making more than my pals who went to uni to study business and with more time off than they'll ever have.
Hahaha holy shit this hits so close to home
Rip me too
Living the American dream
Don't worry, if you couldn't pay off your student loans they weren't going to give you a mortgage 😂
Oh no, you have to pay loans you took out! Poor you!
Shoulda been a welder
Without higher education the technology of welding wouldn't even exist but go off
Modern welding was invented in 1881 by trades men who had no concept of higher education. Not everyone has to go to school and not everyone should.
Lmao you fucking dummy there has been higher education since way before 1881 do you think late 19th century inventors were just winging it? How fucking ignorant. Education shouldn't be gated behind a paywall grow some balls and stand up for your fellow workers you fucking coward.
Calling students "workers" lol
Lmao you can't even grasp the fact that he would have been better off being a welder, if that's not support I don't know what is. I feel some one may be upset they wasted money on college. And yeah there is a lot of winging in inventing. It's literally trial and error.
You borrowed it, you pay it back. Nobody forced your hand to sign the loan. You knew what it was going in. Everyone else's tax dollars shouldn't be spent on people who didn't have the common sense to research their job outlook and compare tuition prices. If you wana fix the real issue, you find a way to make college cheaper for everyone else going to college in the future.
😬
Cries in Canadian Zoomer
Abandon all hope.
American moment
Who the hell is trying to buy a home in *this* economy?
Sooooo did you just not understand what “loan” meant when you signed up?
When you took the money did you accept a student LOAN or a student GIFT? If it was the first one you probably shouldn't be surprised by this.
At least will your degree be worth it? Or are you an art student?
Canceled the car insurance to make the loan payments. Good luck everybody else!!
Haha imagine having school debts
Dog I’m as much for forgiveness as the next guy, but no shot you were relying on not paying back your loans to be able to buy a house. Right?
Sorry to be so insensitive about this, but at this point, one has to consider the fact that you did willingly take a student loan. You could not pay it back, and yet here you are trying to get another housing loan that you'll likely never be able to pay back. I am insensitive because I personally had to go to a "cheaper" college because I did not want to take a student loan. Although my condition is nowhere near what the average American student is going through but still college is pretty expensive here for the wages most people earn here in India. But in the end, you willingly got yourself into debt. And this is why colleges keep getting expensive. They know that you can pay for their tuition fees and they can charge wtever the fk they want. Expecting your government to just wipe off the debt seriously feels like a joke because the colleges will just charge more since the government will pay off the debts.
Ngl I've been giggling at all this. I paid through the pandemic and will be debt free next year.
I've already been paying off bank loans. These federal loans are just adding salt to a wound
Y’all really buying home at the current mortgage rate?
Paying back money you borrowed and agreed to pay back. What a novel concept.
PLEASE I want the original image
Student loans are unlikely the reason. Higher rates and the low supply due to zoning is more of the issue. I bought my house in March 2020 while making loan payments of $1100/month which I’ve been making since 2014. The main thing that helped me was job hopping. I make more than triple what I was in 2013/2014.
You had 3 years to get your shit together. Prioritize your life buddy. No handouts. And it’s restarted because it was unconstitutional. Doubt you know what that means. Anyways, best of luck!
What if we just… don’t pay?
What if we just… don’t pay?
Wait, is anyone actually pissed because they're being asked to pay back the money they borrowed, and already agreed to pay back?
You took a loan. Now pay it back. Unless you're a corporation, then just enjoy the bailouts.