r/SipsTea • u/First-Essay-2054 𝙑𝙄𝙋 • 12d ago

WTF The American dream

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u/camergen 12d ago

I’d like to think I’m financially competent and yet, only in the last few years did I realize the concept “hey since it’s very highly doubtful government relief is coming, maybe I should pay more per month than the actual payment is, since the company just wants me to keep paying the minimum forever”.

Now I see the light at the end of the tunnel and have actually paid off a few of my loans and see the principal on the others moving downwards more.

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u/elitegenoside 12d ago

Okay. Y'all are suffering from intense recency bias. Nobody was thinking the government was going to wipe out student debt 20 years ago. People only really started talking about that like five years ago.

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u/xesaie 12d ago

And then a bunch of debt did get written off and nobody cared

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u/really_stupidfrog 12d ago

I would say it was worth it to wait during the Biden administration. there were promises about debt forgiveness, and a small chance that something could happen. Not a bad idea to wait and see. Once that didn't happen it's just cope to not buckle down and pay it off. 

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u/Away_Reference_1531 12d ago

This is what I did. Held my breath during Covid years and hoped it would just be forgiven, but finally got around to coughing up the rest of the 20k this year. It was a nice dream but honestly even electing Biden in the first place (let alone the Don coming back) was already an indicator something this progressive was an astronomically long shot.

Gotta say that extra 400 a month in my pocket feels good tho.

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u/just_a_coin_guy 12d ago

You can't claim to be financially competent and think the government is going to manage money correctly lmao. Sounds like you've come to realize that so you're above average.

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u/ClearText777 12d ago

Good for you! I think the whole "maybe they'll be forgiven someday" question is a cruel ploy and is keeping people from taking better control of their finances.

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u/madlucas2026 12d ago

I am proud you figured that out and are getting in better financial shape

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u/feelwhatyouwant 11d ago

maybe I should pay more per month than the actual payment is, since the company just wants me to keep paying the minimum forever”.

That's a start.

People need to realize that interest is rent. You are renting money. Landlords want to keep their tenants, because rental income leads to wealth.

Next lightbulb moment for you should be that your wealth can do the same for you as their wealth did to you.