jross Posted January 3 Share Posted January 3 2 hours ago, Wrestleknownothing said: This just cam across my email: The U.S. Department of Education reported that nearly 9 million (roughly 40%) of the 22 million borrowers with a student loan payment due in October 2023 missed their payment, according to CNN. October marked the first month that student loan payments were required following a pandemic-era pause. For comparison, fewer than 26% of borrowers missed their payment in October 2019, before the pause went into effect. Missed payments will not be reported as delinquent or in default to the three national credit bureaus through September 2024, but interest will continue to accrue on the debt. Data from the Federal Reserve Bank of New York revealed that student loan balances totaled $1.6 trillion at the end of Q3’23. I am not sure how to interpret this. It could be an adjustment to having to pay again, and the delinquency rate will shrink back to its baseline as people re-establish habits. Or it could be a form of protest (not a good one, mind you). Or it could be a sign of generational economic stress. Astute. Are debtors aware they are late (ignorance)? holding out for accountability before acting? holding faith that they will not have to repay? The inflation crisis plays heavily into generational economic stress. My purchase power is 20% less today than a few years ago due to inflation, and company restrictions on promotions/raises have prevented me from holding steady. Meanwhile, my daughter averaged $25 plus an hour in the Midwest as a part-time server at her first job. Confusing... Are the missed loan repayments contributing to SoFi stock being down 14% today? Ouch! Some dude in the top 4% of Wall Street analysts in TipRanks is calling for a 30% drop of SoFi in 2024 and questions forthcoming profit. 1 Link to comment Share on other sites More sharing options...
ionel Posted January 3 Share Posted January 3 16 minutes ago, jross said: Astute. Are debtors aware they are late (ignorance)? holding out for accountability before acting? holding faith that they will not have to repay? The inflation crisis plays heavily into generational economic stress. My purchase power is 20% less today than a few years ago due to inflation, and company restrictions on promotions/raises have prevented me from holding steady. Meanwhile, my daughter averaged $25 plus an hour in the Midwest as a part-time server at her first job. Confusing... Are the missed loan repayments contributing to SoFi stock being down 14% today? Ouch! Some dude in the top 4% of Wall Street analysts in TipRanks is calling for a 30% drop of SoFi in 2024 and questions forthcoming profit. Wkn will soon own SoFi and X. Link to comment Share on other sites More sharing options...
JimmyBT Posted January 5 Share Posted January 5 Suburbs to Rural inner city to suburbs migrants to inner cities 1 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now