I’d be surprised if the carrot does not stay on display until at least the midterms. Vote for us or else it may go away…
Before it was the pandemic, now it’s the inflation. Wonder what will be the next crisis that’ll justify keeping the pause on forever. Maybe the invasion of Ukraine and energy crisis? Maybe a market correction? A small slow down in economy? The Browns winning the Superbowl? Ok, fine, scrap that last one. LOL
Thanks Biden!
It looks like a UHEAA account on your TransUnion credit report was recently listed as closed.*
This update could’ve happened for a number of reasons. Just in case, make sure to check your report to see if everything looks accurate.
If your account shouldn’t be closed, then you can always reach out to the creditor.
j/k UHEAA is getting out of the fed loan business. Wonder when my new servicer ACS/AES will bail too.and if it might affect my 1% UHEAA discount.
Darn. Way to raise false hopes. I guess you’d probably get a more formal notification before the account is actually closed if/when the debt got forgiven.
Rhethorical question, who’s gonna service these loans that need no servicing under the forever pause? Is there a chance of running out of providers eventually when it becomes clear there is no longer a business for servicing de facto forgiven loans?
On a personal basis, since one of my kid will take summer credits, I’m thinking of taking out federal loans ($5500) to pay her tuition instead of taking money out of our 529 plan. Worst case, the pause eventually ends and I’ll just wipe it off right before the end of the pause without any interest owed. Best case, free money. Any financial reason not to do this (beyond the hit to credit record)?
the servicers are getting paid for sure. Part of the govt lobbying groups I’m sure. The students are just pawns. I do think eventually these loans will be serviced by DirectLoans / feds directly.
I’d do the loans in your case. Like you said interest free $$
It’s hate speech to oppose loan forgiveness
Yikes! In protest, I’m going to cancel one of my Linkedin/Supressedin accounts!
I oppose this sort of censorship as much as the next guy, but I think there was either something missing from her story (her claim that this isn’t the first time makes me lean this way) or this truly was just a mistake. I don’t see this really being something most platforms would restrict someone over.
https://twitter.com/codeofvets/status/1513252548509118472/photo/1
It’s interest-free money until the pause ends. Unless the debt gets cancelled altogether at which point, it’s just free money.
Only caveat I could see was to limit this unneeded borrowing to $10k since that’s the limit that you can use 529 plan money to repay student loans. Since that’s also the level of debt cancelling that was promised by Biden, that seems like a good stopping point.
“We confirmed your content does not violate our policies,” a LinkedIn representative told Smith in a message. “We apologize for the mistake, your content is now back on LinkedIn.”
Or it just got a lot more blowback than they were expecting and/or willing to tolerate. While I would like to believe the “it was a mistake” excuse, I don’t trust big tech any more than I trust big government, big tobacco, big oil, or big alphabet.
Also interest is tax deductible depending on AGI+ standard deduction (one reason I kept my loans for so long) No I no longer qualify for that though…
I have no doubt the “mistake” part is truthful. Why they consider it a mistake, and when they concluded it was a mistake, are the parts I doubt.
I also don’t trust that lady was telling the whole truth either. Not only did she say this happened before (who gets booted off on LinkedIn?), but she turned off replies on her twitter post.
Good thing to remember although for us, we’d pay it off before any interest is accrued since we have the money in 529 plan to pay for tuition anyway.
One of my characters on Linkedin got kicked off. They apparently didn’t like my very simple substitution cypher that I used to test the layout of a user’s potential profile.
Also, I wouldn’t necessarily take the turning off replies on Twitter as an indication of anything, other than sanity. <:-)
I wonder if John Roberts will let The Supremes rule on this if it goes through? It’s clearly unconstitutional for the president to spend over $1 trillion on an executive order.
I think you could change IF it gets to the SCOTUS by WHEN. It’s hard to imagine that such an executive order that bypasses Congress for this amount of spending would not get challenged/appealed and go all the way to the SCOTUS.
And he should probably let them rule on its constitutionality, not only the for the sake of this specific instance of the executive potentially encroaching on the legislative’s power of the purse but for future similar instances as well.
I’m not sure there’s a case for that. Although exec orders have been used by presidents for decades, I think the anointed one took it to a new level. Anyone know if there is a tally on the costs of his exec orders?
Maybe President Joseph Biden has a soft spot in his heart for students. I mean, he had a n̶o̶-̶s̶h̶o̶w̶ once in a blue moon show job at an Ivy league school where he picked up almost 7 figures over 3 years. Maybe that’s why education is i̶n̶s̶a̶n̶e̶l̶y̶ expensive.
“Student debt cancellation is racial justice, Student debt cancellation is gender justice, Student debt cancellation is economic justice,” the Washington state Democrat tweeted
Now if they could only figure out how to cancel debt while still forcing the financially secure white males to keep paying their loans…
Am I too jaded to suspect that this is in fact the sticking point?
