Student loan forbearance is over but I have questions

[dlbleak]

We have made our normal payments the whole time. I got online to make our monthly payment and the amount due has gone down by over $200. I’m just wondering why? I’m going to keep paying the previous amount because I don’t want to drag it out any further.
Did anyone else’s monthly payment go down?

 

[Okie4570]

They probably got your account mixed up with someone else's during the down time lol.

 

[dlbleak]

I hope not but I don’t have much faith in the system. I’m just wondering if they lowered the payments to drag the pay off out to collect the interest longer.

 

[Glocktogo]

I briefly saw a headline yesterday where Biden's next scheme is to try and eliminate the interest owed on student loans. Don't know if that has anything to do with your lowered minimum payment or not, but that's where their heads are.

 

[Pstmstr]

Anyone just making the minimum payments isn’t too worried about interest or paying them off. A lot of people seem to be paying their money on other stuff and thinking their student loans are going to go away. Of course the fastest way to get rid of them is to pay all you can each month. That method doesn’t seem too popular though.

 

[Getintouch98]

By sure why your payment went down. Not how loans work. Unless you are income contingent?

 

[raeken45]

I briefly saw a headline yesterday where Biden's next scheme is to try and eliminate the interest owed on student loans. Don't know if that has anything to do with your lowered minimum payment or not, but that's where their heads are.

I'm actually on board with this. The .gov shouldn't be making money off of their predatory loans. They shouldn't be involved in them to begin with.

 

[dlbleak]

Anyone just making the minimum payments isn’t too worried about interest or paying them off. A lot of people seem to be paying their money on other stuff and thinking their student loans are going to go away. Of course the fastest way to get rid of them is to pay all you can each month. That method doesn’t seem too popular though.

We were making a little extra but doubled up a few times during the no interest period. We don’t have much left. 3 years or so

 

[TinkerTanker]

They had a "student loan forgiveness" program where you're forgiven after 10 years (iirc) but since they couldn't just forgive 10k, they re-assessed everyone's minimum payment to half the percentage. Something like 10% to 5%, meaning you got a lower payment and thus "student loan forgiveness" that he can crow about in November. "I saved students X,XXX dollars with my student loan forgiveness program! VOTE FOR ME, I"M THE ONLY ONE THAT LOVES YOU, STUDENTS!!!!!

Useful Idiots are easily manipulated.

 

[Seadog]

They had a "student loan forgiveness" program where you're forgiven after 10 years (iirc) but since they couldn't just forgive 10k, they re-assessed everyone's minimum payment to half the percentage. Something like 10% to 5%, meaning you got a lower payment and thus "student loan forgiveness" that he can crow about in November. "I saved students X,XXX dollars with my student loan forgiveness program! VOTE FOR ME, I"M THE ONLY ONE THAT LOVES YOU, STUDENTS!!!!!

Useful Idiots are easily manipulated.

Idiots as in democrats, liberals and socialists are definitely easy to dupe.