Is it frugality... or extreme cheapskate?

[The Nature Boy]

And this is one of the many reasons why I dislike the state of Missouri.

I mean, it's hard to blame them.  The President initiated a program that would cause financial damage to several states without the approval of Congress.

I'm a Jayhawker. I'm going to rationally or irrationally dislike the state of Missouri if I want to.

And, for the record, I did some more research on this and it appears that MOHELA (the Missouri company that sued saying they'd lose money due to less accounts to service) would actually have gained money.

Cite: https://www.newsweek.com/canceling-student-loans-boost-servicer-revenues-analysis-1798001

MOHELA is the government's chosen vendor for the Public Service Loan Forgiveness program so this whole thing is a bit ironic.

My student loans are through MOHELA (after two company changes throughout the years). Should I boycott them and switch to something else, or is doing so impossible?

I think it's kind of like a mortgage - once it's sold to another company, you don't have a say in it.

I thought SOFI was based on refinancing student loans.

Once you refinance with SOFI, you lose any and all protections from the federal student loan program. If there is forgiveness, you won't get it. There is actually forgiveness baked into the student loan program now. You can either get it by working for a non-profit for 10 years or paying on an income based repayment plan for 20-25 years (depending on your plan). The federal loan program also has relatively generous deferral policies so if you fall on hard times, you can give them a heads up and put your loans on hold. If you do income based repayment, your loans would default to $0 if you have no income.

There are VERY few circumstances where someone should refinance their loans with a private vendor.

[JayhawkCO]

Very few circumstances where you should refinance STUDENT loans with a private vendor. Sofi works great for things like credit card consolidation and such.

[vdeane]

And this is one of the many reasons why I dislike the state of Missouri.

I mean, it's hard to blame them.  The President initiated a program that would cause financial damage to several states without the approval of Congress.

I'm a Jayhawker. I'm going to rationally or irrationally dislike the state of Missouri if I want to.

And, for the record, I did some more research on this and it appears that MOHELA (the Missouri company that sued saying they'd lose money due to less accounts to service) would actually have gained money.

Cite: https://www.newsweek.com/canceling-student-loans-boost-servicer-revenues-analysis-1798001

MOHELA is the government's chosen vendor for the Public Service Loan Forgiveness program so this whole thing is a bit ironic.

My student loans are through MOHELA (after two company changes throughout the years). Should I boycott them and switch to something else, or is doing so impossible?

I think it's kind of like a mortgage - once it's sold to another company, you don't have a say in it.

I thought SOFI was based on refinancing student loans.

Once you refinance with SOFI, you lose any and all protections from the federal student loan program. If there is forgiveness, you won't get it. There is actually forgiveness baked into the student loan program now. You can either get it by working for a non-profit for 10 years or paying on an income based repayment plan for 20-25 years (depending on your plan). The federal loan program also has relatively generous deferral policies so if you fall on hard times, you can give them a heads up and put your loans on hold. If you do income based repayment, your loans would default to $0 if you have no income.

There are VERY few circumstances where someone should refinance their loans with a private vendor.

I'm pretty sure one has to be on an income-based plan for any kind of forgiveness.  It's not directly spelled out, but the standard plan repays the loans in 10 years, rendering the 10 year forgiveness for government/non-profit work moot.  Forbearance is also something to not take lightly, as income will still accrue on unsubsidized loans, which will either make the payments bigger or extend how long you'll be paying them off.  I actually continued paying my student loans when I was unemployed for this reason; fortunately I didn't have too many.

[Rothman]

Short of it is: Don't put any stock in Biden's new plan and if you can pay your loans off, do it now, since there won't be forgiveness.

[J N Winkler]

And, for the record, I did some more research on this and it appears that MOHELA (the Missouri company that sued saying they'd lose money due to less accounts to service) would actually have gained money.

Cite: https://www.newsweek.com/canceling-student-loans-boost-servicer-revenues-analysis-1798001

AIUI, MOHELA actively opposed the suit, to the extent that it forced the Missouri state AG to use the Sunshine Law as a crowbar to obtain evidence for use in court.

I've also seen it argued that the Biden administration should simply have written down all outstanding loans to create a fait accompli, the theory being that the federal courts would be less likely to reverse it.  Apparently only 2 million out of the 43 million borrowers wouldn't have passed the means test.

[Scott5114]

I've also seen it argued that the Biden administration should simply have written down all outstanding loans to create a fait accompli, the theory being that the federal courts would be less likely to reverse it.  Apparently only 2 million out of the 43 million borrowers wouldn't have passed the means test.

[joe@whitehouse]$ mysql -u jbiden -h ed.gov -p
Enter password:
Welcome to the MariaDB monitor.  Commands end with ; or \g.
Your MariaDB connection id is 2173
Server version: 10.5.15-MariaDB MariaDB Server

Copyright (c) 2000, 2018, Oracle, MariaDB Corporation Ab and others.

Type 'help;' or '\h' for help. Type '\c' to clear the current input statement.

MariaDB [(none)]> use student_debt;
Reading table information for completion of table and column names
You can turn off this feature to get a quicker startup with -A

Database changed
MariaDB [student_debt]> drop table loans;
Query OK, 43,262,876 rows affected (0.189 sec)

[formulanone]

Based on the perceived valuation of my 25-year-old textbooks based on initial cost and inflation, I've clearly made my student loan interest back.

[SectorZ]

My student loans are through MOHELA (after two company changes throughout the years). Should I boycott them and switch to something else, or is doing so impossible?

Should I boycott my Chase mortgage because they paid millions to settle a lawsuit that they financed a pedophile ring on a USVI private island?

[abefroman329]

My student loans are through MOHELA (after two company changes throughout the years). Should I boycott them and switch to something else, or is doing so impossible?

Should I boycott my Chase mortgage because they paid millions to settle a lawsuit that they financed a pedophile ring on a USVI private island?

Yes.

[JayhawkCO]

My student loans are through MOHELA (after two company changes throughout the years). Should I boycott them and switch to something else, or is doing so impossible?

Should I boycott my Chase mortgage because they paid millions to settle a lawsuit that they financed a pedophile ring on a USVI private island?

Yes.

Yeah, no problem with that here either. Refi and go with another lender.

[ZLoth]

My student loans are through MOHELA (after two company changes throughout the years). Should I boycott them and switch to something else, or is doing so impossible?

Should I boycott my Chase mortgage because they paid millions to settle a lawsuit that they financed a pedophile ring on a USVI private island?

Yes.

Yeah, no problem with that here either. Refi and go with another lender.

Refi may not be a viable option because of the current mortgage rates... especially if the mortgage was taked out in the 2019-2022 time span.

[SectorZ]

My student loans are through MOHELA (after two company changes throughout the years). Should I boycott them and switch to something else, or is doing so impossible?

Should I boycott my Chase mortgage because they paid millions to settle a lawsuit that they financed a pedophile ring on a USVI private island?

Yes.

Yeah, no problem with that here either. Refi and go with another lender.

Refi may not be a viable option because of the current mortgage rates... especially if the mortgage was taked out in the 2019-2022 time span.

Exactly, and I was also being sarcastic as in "should I just stop paying it as a boycott" like 1 was partially seeming to imply.

It would be hilarious if every Chase mortgage customer stopped paying. To a point, what the hell could they do about it? I can't imagine being a victim of child sexual abuse and being forced to deal with a company that literally funded such a venture.

[zachary_amaryllis]

<nerd>

I've also seen it argued that the Biden administration should simply have written down all outstanding loans to create a fait accompli, the theory being that the federal courts would be less likely to reverse it.  Apparently only 2 million out of the 43 million borrowers wouldn't have passed the means test.

[joe@whitehouse]$ mysql -u jbiden -h ed.gov -p
Enter password:
Welcome to the MariaDB monitor.  Commands end with ; or \g.
Your MariaDB connection id is 2173
Server version: 10.5.15-MariaDB MariaDB Server

Copyright (c) 2000, 2018, Oracle, MariaDB Corporation Ab and others.

Type 'help;' or '\h' for help. Type '\c' to clear the current input statement.

MariaDB [(none)]> use student_debt;
Reading table information for completion of table and column names
You can turn off this feature to get a quicker startup with -A

Database changed
MariaDB [student_debt]> drop table loans;
Query OK, 43,262,876 rows affected (0.189 sec)

</nerd>