MnSpring
Serious Thumper
   
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Younger than most people my age.
Posts: 9964
Minn
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“… people paid their loans for 25 years, but only 7 of those years counted because of an accounting error. …”So, someone paid back the amount required over 25 years. And NEVER checked the balance ?This person went to COLLAGE, and is (supposedly) Intelligent ? This person has NO record of making payments ? Sure, someone in the government, f’ed up, ( NOT a new thing)The fix is simple, ‘Here is the Proof I paid’, And again from a Favorite FDS, WOKE Site, NPR https://www.npr.org/2023/07/14/1187545921/student-loan-forgiveness-save-repay...“… The Supreme Court may have struck down President Biden's plan for sweeping student loan forgiveness, but another plan that could gradually achieve similar results is in the works. In fact, millions of borrowers can begin to benefit from it as early as this fall, when they're expected to begin making monthly loan payments after a three-year pause. Now, this forgiveness isn't simple. It won't happen suddenly, in one lump sum. It will instead come slowly through a complex new repayment plan — called the SAVE plan, for Saving on a Valuable Education — that will save borrowers thousands of dollars by keeping their monthly payments small (as small as $0) while also preventing interest from exploding what they owe. "[It] has the potential to massively change student loan repayment in our country as we know it," says Dominique Baker, an associate professor of education policy at Southern Methodist University. SAVE is a new form of income-driven repayment plan that the Department of Education says will phase out the current Revised Pay As You Earn plan (REPAYE). If this doesn't sound like loan forgiveness, get this: The department says that under the old plan, borrowers repaid $10,956 for every $10,000 they borrowed. Under the new plan, they would pay back just $6,121 …”
Just to note. You buy a House for 300,000.00, 10,000.00 down, then ‘BORROW’, 290,000.00 at 5% for 30 years. You will pay 270,000.00 in INTEREST. Total 560,000.00 But the NEW plan, you BORROW, 10,000.00 you pay BACK, $6,121.00I WANT SOME OF THAT !!!!!!!!! BORROW, 10,000.00, and ONLY PAY BACK 2/3’s of it !!!!!!!!
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Ben Franklin once said: "If you give up a freedom, for the sake of security, you will have neither". Which is More TRUE, today, than yesterday.('06, S-40, Stock) well, mostly .
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