Just tell the banks and government to write it off, which can also be described as payback for bailing out banks in the past on more than one occasion and the beginning of free higher education. Then we can all high five for having done something nice for the country.
For the most part it should have been free anyway just like our grandparents who perpetuate this nonsense had it.
My payment was late because my servicer changed over COVID and when the auto-pay kicked in my bank rejected the withdrawal. Said they were an unrecognized entity or something.
Had to get my servicer and bank on a 3-way call just to pay my loan. 🤦♂️
Is anybody surprised? They emailed me when I was a day late, and have hounded me asking me to sign up for the save program since then. They’re lucky I made a payment at all after the bullshit that was pulled for political points in the last few years.
If you haven’t applied to SAVE yet definitely do! No interest accrued as long as you make payments.
Edit: This is untrue, If you make your full monthly payment, but it is not enough to cover the accrued monthly interest, the government covers the rest of the interest that accrued that month.
How so? I am on SAVE and have been hit hard by interest since September.
I could care less about forgiveness. I knew what I was getting myself into. But 0% interest after paying a certain amount really needs to be a thing.
Answering my own doubt. This is pulled from another post.
“This is only true if your monthly payment is lower than the monthly interest. In this case the government subsidizes and you do not accrue interest, but you also do not make progress towards your loan. In the other scenario, which happens to be my case, where the monthly payment is higher than the monthly interest, there is no subsidy, and interest accrues, but I make progress towards my loan.”
Damnit your comment made me look into it again and realized I misunderstood….boo
I make plenty of money, I don’t think I would qualify for it.
Yes you qualify for it, so do I
It just prevents interest being accrued on your student loans as long as you make payments.
I’ve looked through the program thoroughly, take a look at the documents you might find a nice surprise.
In fact, you may already be signed up for it. The Biden administration is trying to get all borrowers on the SAVE plan.
Okay, I’ll take a look at it. That’s good news.
I’m fortunate to make such little money that my income driven repayment is $0 a month. But that doesn’t stop interest and so many people don’t even have that option
I’m in that boat too, just riding out the hope that the government will collapse before I have to do anything about it.
I’ve given up hope in this country and have serious consideration just abandoning this identity and starting over in another part of the world.
Too bad it wasn’t lower. The whole system is crooked and greedy and needs to lose about 10-12 inches off the top.
oof ouch my credit score
