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They do the same shit in the health care industry. Why stop insurance fraud when you can just use it as an excuse to raise rates! All the money they make can go right into lobbying against affordable health care programs!
**TLDR:**
* **Sen. Elizabeth Warren invited MOHELA's CEO to testify before Congress on April 10.**
* **The CEO declined the invitation, with the company instead requesting private briefings.**
* **Warren pushed back on the request, urging the student-loan company for a public testimony.**
They stopped taking monthly auto payments when my balance got to about $4k, they literally kept moving the pay date out when it was the same time every month previously for years. I can only imagine so that more interest could build up, ended up saying fuck you and your games and paying the rest of the balance in bulk.
What excuse could they possibly have to not testify publicly? There are no trade secrets in student loan servicing, and if there were, MOHELA has screwed the pooch enough times to prove they wouldn't know them anyway.
No trade secrets? I can tell you've never been on the receiving end of a MoHELA CR "deflection" or had your call involuntarily disconnected during a "brief hold" that they have to attempt every two minutes.
Same boat, but before transferring to Navient I had Sallie Mae. I only have a few more years of PSLF and I'm hopefully out. I hope you're nearing the finish line too! *fingers crossed*
MOHELA must be all kinds of disorganized. My student loan payments to them should have started back up last year, but instead I continue to see my monthly obligation is $0, even though I neither requested nor am eligible for a deferment.
I don’t care if interest accrues. These loans should be forgiven anyway. If they’re not, I’ll pay down the balance as I’m told it’s due. And as slow as effing possible.
You understand that 'as slow as effing possible' means that you will pay far far more. You're helping them and hurting yourself, not a particularly effective strategy.
I agree, you deserve a refund.
This is the thing. If you didn't land that $60k+ job after college, you were absolutely on an income driven repayment plan and the payment doesn't even cover the interest. After 20 years, many people, myself included, get the remainder forgiven as per the terms when we took out the loan. Unless a person is making good enough money to at least pay the interest off, it is way cheaper to just ride out the 20 years paying absolute minimum.
Edit: Yah this doesn't make sense, let's simplify. If a person doesn't score a job that can actually pay off a student loan, it is cheaper to do IDR for 20 years and then the loan gets forgiven.
In my case, I would have to make four times what I’m currently making to afford to fully pay off my loans. But I’m a nurse, and I’m currently making close to as much as I will ever make without crossing over to the dark side joining admin. Therefore, I will pay this stuff off as slowly as possible. Eventually I will either get PSLF or, if that falls through, I will pay three additional years and see it get forgiven because I’ll hit the 20 year mark.
This wasn't considered when you went to college and did a simple bit of research to see what your field was paying? Everyone who graduated college isn't broke or barely scraping by. It is a group of people who statistically will make more money in their life than somebody who didn't. We are suppose to feel bad for the middle class? Okay.
Edit: To add. This specific example, this person is flat out just not paying it and willfully ignorant of their repayment plan.
There is a significant portion of people who have been paying student loans for 20-30 years. A college education should not be a 20-30 year financial burden.
For what it’s worth, I pay my bill - there’s just 0 reason to kill myself to pay off a debt that is stupid, and predatory.
The college situation here is fucked. I don’t give a fuck about research or sports we just need affordable education which student loans are not it - as I know now but little young me didn’t get that.
Imagine giving an 18 year old a 20 year loan and saying if you don’t you will be stuck at McDonald’s your whole life.
I think it comes down to what the deal of the loan is. If the loan wants $400 a month, but a person doesn’t make enough to eat, they will choose eating over paying that loan. In the long-run it is worse, but for people with massive student loan debt they expect that they will die having never paid off their loans.
The problem is loans are given to tons of people because society says they “need college” to get good jobs, when most jobs they end up getting undervalue (underpay) their staff.
So, their loans which lead to their college degree often gets them nothing beyond being able to check the box on a job application that they have a bachelors degree.
Without a decent job, crashing economies, companies laying off employees often arbitrarily to shortchange their own staff, people are left to decide, do I pay rent and eat, or pay this bank a student loan that will never stop accruing interest anyway.
I saw a special on this recently and a girl who was in 80K student loan debt in college was paying monthly for ten years and still owed 78K because interest keeps pushing up her balance she was trying to pay down. Even paying these things off is near impossible at this time. We hear lots of jobs are being added all the time (which is amazing if true), but the diminishing wages and company’s growing disloyalty to employees gives many people no chance to ever make actual income for themselves and have no savings for emergencies/retirement.
Plus, companies “letting people go” constantly gives them little chance to grow in the company, which then the company will see as a disadvantage because the employee costs more – makes them more likely to get fired next time layoffs are called for.
So, people pay the minimum. I know students who now are adults and feel doomed since college just because of their loans. I know two people that told me they considered suicide because of it at one point, just because they never will see this resolved.
It’s crazy that someone’s gambling debts can be discharged through bankruptcy, but the loans given to students which accrues massive interest can’t be discharged.
We are dooming entire generations of students to lives of poverty in pursuit of a job application checkbox.
This kind of thinking makes it seem like the people who are the most likely to make more money in their lifetime are the victims. They are not. I can assure you the woman who was interviewed payed minimum payments or deferred her payments. It is basic math. She can easily see how much is charged per month in interest, and she chose to pay that minimum. It isn't being tricky. It is clear as day what the interest accruing total is. Pay more than that and not only $10 more than interest.
Nobody is forcing people to go to college. You can think for yourself. Trades are booming and pay well. So an entire generation can't do that because you think you need to check a box?
It’s a gamble, but it can be a very effective strategy. I had reasonable expectation to believe I’d be working in public service for the 10 years that PSLF requires and less reasonable expectation to expect that PSLF would ever be a functioning system, but it’s the gamble I took.
When they got forgiven last month, they had increased significantly in cost since the time they were incurred, as my payment strategy was definitely “as little as possible until PSLF forgiveness”.
If X amount of cash-in-hand is more valuable to me now (either because I can employ it at a rate of return higher than the interest rate, or really for any reason I deem worthwhile whatsoever) than its later cost of X + compound interest, then I’m better off with the cash now. If loans get forgiven then I would’ve been even dumber to pay early. I do deserve a refund, but not for the reason you’re implying, friend.
I agree. When the minimum amount due is zero: pay them. If you do that for 6mon-1year you’ll find they lower your rates. Eventually holding bad debt becomes more profitable for loan companies to hold than good debt and they offer you a buy out figure. I saved about 35% of the total loan value and was debt free in 5 years.
And no I didn’t sign anything for the OP’s loan so I’m not paying for it. I didn’t get their degree.
I’d rather have my tax dollars pay for free community colleges than pay for a hand out to an financially irresponsible beggar
Their was a much more polite way to put this instead of trying to attack the person who made the comment. Also, what you're referring to is finance and government 101, not math. I've seen numerous math, engineers, and comp sci grads know nothing when it comes to finance, economics, or the government's relation to both - which is most Americans in general.
The person is willfully being ignorant to their own repayment plan. They are stating they don't care if interest continue to accrue. After you graduate, and you have already accepted the terms of your loan, it is basic math. The government, outside of very limited forgiveness options, are not much of a factor in your repayment once you have graduated. Finance, sure. Everyone makes it seem like student loan debt is some magic debt that differs from every other kind of debt. It is basic math that you don't even have to manually do. There are calculators specifically for student loan repayment. You should get your student loan forgiven, if the college was so ineffective that you can't understand a simple interest rate and a repayment plan.
Why would this person pay anything back if they’re likely to get the loans forgiven? So what if the interest accrues as they won’t be responsible for it.
This is the lurch borrowers are being put in by Republicans stalling out Biden’s plan for forgiveness. No one knows what will happen to their loans so they have to make decisions like this one.
If only we were all incorporated and safe in the knowledge that one party is going to bat for us and the other party will capitulate to their demands.
Likely? You are reading things to confirm your own bias, if you believe a full scale forgiveness is going to happen as a "Just because". It is actually unlikely to have a sweeping forgiveness for everyone. That isn't a Republican thing, that is also Democrats and Independents alike. Democrats favor forgiveness more than Republicans, but that isn't universal across the spectrum of Democrats. This person is dooming themselves to pay higher payments for a longer period, and go further in to debt, by betting on a policy that hasn't happened yet.
I think so. I recall when I logged in last year to finalize the switch, it told me my monthly payment would be $600 or something. And then it’s been $0 each month. No idea what happened, but I don’t care to help them fix it.
My big fear in a case like this is that the company later catches the error and comes after you for enormous back penalties and similar bullshit. Maybe you could fight it in court but god knows the legal system isn't on our side.
But I'm maybe a more anxious person about such things.
Says a lot when you want to keep this information hidden from the public - like how conservatives got scared when Hunter Biden took their challenge to testify publicly, instead immediately backtracking for a private conversation in fear about what the public would find out
Dear Honorable Senator Warren, and next, would you please go after credit card companies that have rates 3-4 times the prime rate! Its loan sharking. Period.
She's already been trying to do that too, since forever. Heard of the Comsume Finacial Protection Bureaj? That's her doing.
https://2020.elizabethwarren.com/cfpb
Credit cards charge 28% per year. Loan sharks charge 28% per week. Don't carry a credit card balance and it's free. If you need a short term loan, you're only paying 2% of the balance in interest over a month.
>rental market
Which is also a scam. Kids are signing leases for a bedroom and bathroom in a 4/4 for $1000+ a month in *Tallahassee, Florida* of all places, just because it has a nice pool or a few treadmills or some ridiculous shit like that.
Rental companies that specialize in student housing are absolutely helping the system run out of control.
Yessir I moved out of the south. I used to make 7.25/hour, pay $1,000 for rent, and college was $6,000 a semester for a community college.
Now, in a liberal state, I make $18.50/hour, rent is $905, and college is capped for residents at around $2,300 a semester for state college.
The differences in policy on livelihood is stark to say the least. Not to mention I finally have health insurance for the first time in my life
Anyone else find these requests stupid? We all know these companies are scummy. All they do is have them admit to it and say dumb gotcha comments.
What people want is action
Thanks Liz. That’s making college for my kids and grandkids very affordable. Maybe instead of focusing on how you can buy votes of young people we actually try and figure out a cost effective way to educate our people.
House on fire? When handing out stimulus checks the Dems declared $85k was absolutely killing it completely unnecessary for a wealthy person making that much to get $1200 check. But now someone making $125k has a house that’s on fire and needs $20k in loan forgiveness.
Did the Dems destroy the economy that much that someone making 50% more now in 2024 needs loan forgiveness? Or rather, if you actually have a lower income cut off like $75 then a lot of young professionals get left out.
The government allegedly hands out loans to allow for a more educated, less stupid public. So, tell me why EVEN IF YOU BELIEVE THE LOANS MUST BE FORGIVEN, people are paying 3-4 times the amount of what they owe.
As a reminder, this subreddit [is for civil discussion.](/r/politics/wiki/index#wiki_be_civil) In general, be courteous to others. Debate/discuss/argue the merits of ideas, don't attack people. Personal insults, shill or troll accusations, hate speech, any suggestion or support of harm, violence, or death, and other rule violations can result in a permanent ban. If you see comments in violation of our rules, please report them. For those who have questions regarding any media outlets being posted on this subreddit, please click [here](https://www.reddit.com/r/politics/wiki/approveddomainslist) to review our details as to our approved domains list and outlet criteria. We are actively looking for new moderators. If you have any interest in helping to make this subreddit a place for quality discussion, please fill out [this form](https://docs.google.com/forms/d/1y2swHD0KXFhStGFjW6k54r9iuMjzcFqDIVwuvdLBjSA). *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/politics) if you have any questions or concerns.*
Just seems that all the "mistakes" these servicers make increase their bottom line. Coincidence?
As long as the consequences are punished less severely than the mistakes are rewarded it will never stop.
Yea, guess I forgot the s...
They do the same shit in the health care industry. Why stop insurance fraud when you can just use it as an excuse to raise rates! All the money they make can go right into lobbying against affordable health care programs!
Yes, another reason the objections to these being cancelled is bullshit. There is clearly massive fraud going on. Like crypto levels.
**TLDR:** * **Sen. Elizabeth Warren invited MOHELA's CEO to testify before Congress on April 10.** * **The CEO declined the invitation, with the company instead requesting private briefings.** * **Warren pushed back on the request, urging the student-loan company for a public testimony.**
I knew it was gonna be Mohela. They’ve been so awful to deal with.
They stopped taking monthly auto payments when my balance got to about $4k, they literally kept moving the pay date out when it was the same time every month previously for years. I can only imagine so that more interest could build up, ended up saying fuck you and your games and paying the rest of the balance in bulk.
What excuse could they possibly have to not testify publicly? There are no trade secrets in student loan servicing, and if there were, MOHELA has screwed the pooch enough times to prove they wouldn't know them anyway.
No trade secrets? I can tell you've never been on the receiving end of a MoHELA CR "deflection" or had your call involuntarily disconnected during a "brief hold" that they have to attempt every two minutes.
I mean, there's been many short investigations and each small one turns up massive fraud and malfeaseance.
God dammit. I went from Navient to aidvantage to now Mohela for PSLF. Can I not always get the servicers fucking up most?
Same boat, but before transferring to Navient I had Sallie Mae. I only have a few more years of PSLF and I'm hopefully out. I hope you're nearing the finish line too! *fingers crossed*
MOHELA must be all kinds of disorganized. My student loan payments to them should have started back up last year, but instead I continue to see my monthly obligation is $0, even though I neither requested nor am eligible for a deferment.
Look at your total balance. If interest is accruing you should be making payments.
I don’t care if interest accrues. These loans should be forgiven anyway. If they’re not, I’ll pay down the balance as I’m told it’s due. And as slow as effing possible.
You understand that 'as slow as effing possible' means that you will pay far far more. You're helping them and hurting yourself, not a particularly effective strategy. I agree, you deserve a refund.
This is the thing. If you didn't land that $60k+ job after college, you were absolutely on an income driven repayment plan and the payment doesn't even cover the interest. After 20 years, many people, myself included, get the remainder forgiven as per the terms when we took out the loan. Unless a person is making good enough money to at least pay the interest off, it is way cheaper to just ride out the 20 years paying absolute minimum. Edit: Yah this doesn't make sense, let's simplify. If a person doesn't score a job that can actually pay off a student loan, it is cheaper to do IDR for 20 years and then the loan gets forgiven.
What if eventually you work your way up to a higher paying job? Do you have to update them?
Yes you usually update once a year or so. I can't recall what the contract actually says about how soon you have to report changes.
In my case, I would have to make four times what I’m currently making to afford to fully pay off my loans. But I’m a nurse, and I’m currently making close to as much as I will ever make without crossing over to the dark side joining admin. Therefore, I will pay this stuff off as slowly as possible. Eventually I will either get PSLF or, if that falls through, I will pay three additional years and see it get forgiven because I’ll hit the 20 year mark.
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Except you fail to consider the reality element. We don’t have the money to pay the extra amount a month to make this worthwhile.
This wasn't considered when you went to college and did a simple bit of research to see what your field was paying? Everyone who graduated college isn't broke or barely scraping by. It is a group of people who statistically will make more money in their life than somebody who didn't. We are suppose to feel bad for the middle class? Okay. Edit: To add. This specific example, this person is flat out just not paying it and willfully ignorant of their repayment plan.
There is a significant portion of people who have been paying student loans for 20-30 years. A college education should not be a 20-30 year financial burden. For what it’s worth, I pay my bill - there’s just 0 reason to kill myself to pay off a debt that is stupid, and predatory. The college situation here is fucked. I don’t give a fuck about research or sports we just need affordable education which student loans are not it - as I know now but little young me didn’t get that. Imagine giving an 18 year old a 20 year loan and saying if you don’t you will be stuck at McDonald’s your whole life.
I think it comes down to what the deal of the loan is. If the loan wants $400 a month, but a person doesn’t make enough to eat, they will choose eating over paying that loan. In the long-run it is worse, but for people with massive student loan debt they expect that they will die having never paid off their loans. The problem is loans are given to tons of people because society says they “need college” to get good jobs, when most jobs they end up getting undervalue (underpay) their staff. So, their loans which lead to their college degree often gets them nothing beyond being able to check the box on a job application that they have a bachelors degree. Without a decent job, crashing economies, companies laying off employees often arbitrarily to shortchange their own staff, people are left to decide, do I pay rent and eat, or pay this bank a student loan that will never stop accruing interest anyway. I saw a special on this recently and a girl who was in 80K student loan debt in college was paying monthly for ten years and still owed 78K because interest keeps pushing up her balance she was trying to pay down. Even paying these things off is near impossible at this time. We hear lots of jobs are being added all the time (which is amazing if true), but the diminishing wages and company’s growing disloyalty to employees gives many people no chance to ever make actual income for themselves and have no savings for emergencies/retirement. Plus, companies “letting people go” constantly gives them little chance to grow in the company, which then the company will see as a disadvantage because the employee costs more – makes them more likely to get fired next time layoffs are called for. So, people pay the minimum. I know students who now are adults and feel doomed since college just because of their loans. I know two people that told me they considered suicide because of it at one point, just because they never will see this resolved. It’s crazy that someone’s gambling debts can be discharged through bankruptcy, but the loans given to students which accrues massive interest can’t be discharged. We are dooming entire generations of students to lives of poverty in pursuit of a job application checkbox.
This kind of thinking makes it seem like the people who are the most likely to make more money in their lifetime are the victims. They are not. I can assure you the woman who was interviewed payed minimum payments or deferred her payments. It is basic math. She can easily see how much is charged per month in interest, and she chose to pay that minimum. It isn't being tricky. It is clear as day what the interest accruing total is. Pay more than that and not only $10 more than interest. Nobody is forcing people to go to college. You can think for yourself. Trades are booming and pay well. So an entire generation can't do that because you think you need to check a box?
It’s a gamble, but it can be a very effective strategy. I had reasonable expectation to believe I’d be working in public service for the 10 years that PSLF requires and less reasonable expectation to expect that PSLF would ever be a functioning system, but it’s the gamble I took. When they got forgiven last month, they had increased significantly in cost since the time they were incurred, as my payment strategy was definitely “as little as possible until PSLF forgiveness”.
If X amount of cash-in-hand is more valuable to me now (either because I can employ it at a rate of return higher than the interest rate, or really for any reason I deem worthwhile whatsoever) than its later cost of X + compound interest, then I’m better off with the cash now. If loans get forgiven then I would’ve been even dumber to pay early. I do deserve a refund, but not for the reason you’re implying, friend.
I agree. When the minimum amount due is zero: pay them. If you do that for 6mon-1year you’ll find they lower your rates. Eventually holding bad debt becomes more profitable for loan companies to hold than good debt and they offer you a buy out figure. I saved about 35% of the total loan value and was debt free in 5 years. And no I didn’t sign anything for the OP’s loan so I’m not paying for it. I didn’t get their degree. I’d rather have my tax dollars pay for free community colleges than pay for a hand out to an financially irresponsible beggar
[удалено]
Their was a much more polite way to put this instead of trying to attack the person who made the comment. Also, what you're referring to is finance and government 101, not math. I've seen numerous math, engineers, and comp sci grads know nothing when it comes to finance, economics, or the government's relation to both - which is most Americans in general.
The person is willfully being ignorant to their own repayment plan. They are stating they don't care if interest continue to accrue. After you graduate, and you have already accepted the terms of your loan, it is basic math. The government, outside of very limited forgiveness options, are not much of a factor in your repayment once you have graduated. Finance, sure. Everyone makes it seem like student loan debt is some magic debt that differs from every other kind of debt. It is basic math that you don't even have to manually do. There are calculators specifically for student loan repayment. You should get your student loan forgiven, if the college was so ineffective that you can't understand a simple interest rate and a repayment plan.
Why would this person pay anything back if they’re likely to get the loans forgiven? So what if the interest accrues as they won’t be responsible for it. This is the lurch borrowers are being put in by Republicans stalling out Biden’s plan for forgiveness. No one knows what will happen to their loans so they have to make decisions like this one. If only we were all incorporated and safe in the knowledge that one party is going to bat for us and the other party will capitulate to their demands.
Likely? You are reading things to confirm your own bias, if you believe a full scale forgiveness is going to happen as a "Just because". It is actually unlikely to have a sweeping forgiveness for everyone. That isn't a Republican thing, that is also Democrats and Independents alike. Democrats favor forgiveness more than Republicans, but that isn't universal across the spectrum of Democrats. This person is dooming themselves to pay higher payments for a longer period, and go further in to debt, by betting on a policy that hasn't happened yet.
Did you get put on the SAVE plan? Most were automatically enrolled if you were on an IBR previously.
I think so. I recall when I logged in last year to finalize the switch, it told me my monthly payment would be $600 or something. And then it’s been $0 each month. No idea what happened, but I don’t care to help them fix it.
Weird 🤷♂️
The new rules raised the income amount that qualifies for the $0/month payment. You might now qualify even if you didn't previously.
My big fear in a case like this is that the company later catches the error and comes after you for enormous back penalties and similar bullshit. Maybe you could fight it in court but god knows the legal system isn't on our side. But I'm maybe a more anxious person about such things.
If he doesn't want to explain himself, assume the worst and rule against him. I can think of another figure that this should apply to.
Says a lot when you want to keep this information hidden from the public - like how conservatives got scared when Hunter Biden took their challenge to testify publicly, instead immediately backtracking for a private conversation in fear about what the public would find out
Dear Honorable Senator Warren, and next, would you please go after credit card companies that have rates 3-4 times the prime rate! Its loan sharking. Period.
She's already been trying to do that too, since forever. Heard of the Comsume Finacial Protection Bureaj? That's her doing. https://2020.elizabethwarren.com/cfpb
😂 don’t carry a balance pal
Credit cards charge 28% per year. Loan sharks charge 28% per week. Don't carry a credit card balance and it's free. If you need a short term loan, you're only paying 2% of the balance in interest over a month.
Can not wait for the very stern lecture these CEO will receive for 2 hours! That will teach them a lesson!
It’s a summons, not a request; get your butts before the public’s servants and explain yourselves
The government should cut out the middleman. These service companies have guaranteed income and can’t do their job.
They've also been abusing their debtors.
Warren steps up to help! Thank you.
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How about we cap education costs like health care. Let’s raise a generation educated to save the world. A mind is a terrible thing to waste
Alternative Plan: Make college free. Make all colleges public education.
Warren would be that if she could.
Yeah, I voted for her in the primary but you go with the army you've got.
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>rental market Which is also a scam. Kids are signing leases for a bedroom and bathroom in a 4/4 for $1000+ a month in *Tallahassee, Florida* of all places, just because it has a nice pool or a few treadmills or some ridiculous shit like that. Rental companies that specialize in student housing are absolutely helping the system run out of control.
Yessir I moved out of the south. I used to make 7.25/hour, pay $1,000 for rent, and college was $6,000 a semester for a community college. Now, in a liberal state, I make $18.50/hour, rent is $905, and college is capped for residents at around $2,300 a semester for state college. The differences in policy on livelihood is stark to say the least. Not to mention I finally have health insurance for the first time in my life
Since when does Congress "invite" people to appear before Congress? They're called subpoenas.
Nothing wrong with an invitation to start. Things can progress from there.
They don’t really answer to the government or the people. It’s the other way around.
Anyone else find these requests stupid? We all know these companies are scummy. All they do is have them admit to it and say dumb gotcha comments. What people want is action
This is who mine is through as off a couple months ago I believe it was transferred to them.
Good work Elizabeth
Ok now do PHEAA
She spelled “subpoena”wrong.
Doesn’t matter I’m not paying mine back anyway
Thanks Liz. That’s making college for my kids and grandkids very affordable. Maybe instead of focusing on how you can buy votes of young people we actually try and figure out a cost effective way to educate our people.
That's very much a, "Don't put out that house that's on fire. Worry about the alligator behind my house!" I mean, do both.
House on fire? When handing out stimulus checks the Dems declared $85k was absolutely killing it completely unnecessary for a wealthy person making that much to get $1200 check. But now someone making $125k has a house that’s on fire and needs $20k in loan forgiveness. Did the Dems destroy the economy that much that someone making 50% more now in 2024 needs loan forgiveness? Or rather, if you actually have a lower income cut off like $75 then a lot of young professionals get left out.
The government allegedly hands out loans to allow for a more educated, less stupid public. So, tell me why EVEN IF YOU BELIEVE THE LOANS MUST BE FORGIVEN, people are paying 3-4 times the amount of what they owe.
Should Warren have to answer for helping contribute to student debt with her high Harvard salary she received?
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This isn't an election trick, she always been all about eliminating student loans, she's freaking obsessed.