this post was submitted on 31 Aug 2023
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should I pay off my student loans in full before intrest kicks in? (lemm.ee)
submitted 1 year ago by giantofthenorth@lemm.ee to c/personalfinance@lemmy.ml
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General financials:

I can afford to pay them off in full and have plenty left over for general life needs

The interest rates on them should be 4.53% according to their chart of when it was awarded.

If I do hold onto the money and pay off monthly I can put everything into a CD but I'll still be losing .03% if I lock in the student loan money maybe I'll beat but .07-.43% so not a ton of upside unless there's sudden political will to actually follow through on student loan forgiveness.

Is there anything else I'm missing when considering this? I am leaning towards just pay off as I've been planning for this, but I want to make sure there isn't something else to do.

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[–] Glaive0 4 points 1 year ago (1 children)

Under powers that were explicitly granted to the White House by the legislature. You can doubt their validity all you want, but they’re there—including the right of the secretary to “waive or modify”—WAIVE or modify—“the existing provisions.” It’s quoted in the majority opinion then ignored by the ruling.

That is the apple being legislated into a banana.

[–] bytor9@lemmy.ml 1 points 1 year ago

I guess you must know more about law than Biden did 2 years ago when he publically talked about probably not having the authority: https://www.politico.com/news/2021/02/17/student-loan-forgiveness-biden-469677

It's nowhere near that straightforward. And for a third time, if it was the intent of Congress, now would be the time for them to clarify that with direct legislation. But they are not.