I hope that bubble Burst hard and I hope that all of them get fucking wiped as a result you know if the banks fucking go under then I guess there are no student loans if nobody holds the note

America is all about exploitation, since the very beginning.

American properness just allows the exploiters and abusers to keep on exploiting and abusing.

Yes you can make small payments, consistent with your income that keep you in good standing with the lender, but your balance keeps on growing because you're not paying off enough principal. The growing interest balance swallows your payments and adds some more. And on it goes.

IDR Repayment Period
Under IDR, any remaining loan balance may be forgiven if your federal student loans aren’t fully repaid at the end of the repayment period (either 20 or 25 years). But the length of your repayment period depends on which plan you’re on.

These other periods of student loan repayment also count toward your IDR plan:

Economic hardship deferment

Repayment under certain other repayment plans

Periods when your required payment is zero

You can now access your count of IDR payments on StudentAid.gov.

https://studentaid.gov/manage-loans/repayment/plans/income-driven

It's a good deal. If you don't have any disposable income -- you didn't benefit from your education -- you owe nothing.

Unfortunately, not every loan is eligible, but a lot are.

She said she had something like $45k in loans when she finished school; her screen said over $70k in principle, $9k in interest.

At some point was accrued interest suddenly converted into a new loan?

The first 10 years you are not paying anything onto the principal, the second 10 years you only pay a little into it, and only in the last 10 years you are paying mostly principal. But at that point you don't get the nice income tax deduction and you'll have to be lucky that you don't get any career disruptions that would force you to sell. And in the end once you pay off the mortgage, you only get the privilege of only having to pay for property taxes and maintenance costs for housing (basically a reduced rent payment given how you can be "evicted" from your property if you don't pay your property taxes.)

Mortgages may have advantages over rentals, but they are surely not "home ownership" given that you don't actually ever own your property to the point that no-one can ever kick you out, and are more for raising a family or a vehicle of commerce (like renting out rooms to others) than anything else.

Passed the House 302-126 & the Senate 74-25

Thanks

One problem developed with the Covid loan deferment. Many people stopped payment on the loans but the interest did not stop. Those people are in worse shape than before Covid.

Banks have not been issuing student loans since the Feds took over the program in 2010.