Thread by @fredvegasbass

🧵This thread is for those whom never had to deal w/ crippling student loan debt & may not understand why many need help. I'm glad there are folks whom had scholarships, grants, family help, wealth, etc & paid off or have zero school debt. 1/
#studentloanforgiveness

I worked 30 hrs/wk while full-time in the Architecture program (@virginia_tech) which frowned upon having a job due to our demanding work loads/hrs. I'm not bitter about working, I'm just stating I worked hard (like many others,) yet I still have crippling student loan debt. 2/

This is the opposition I'm hearing:
"Why can't you just pay?"
"You are a deadbeat."
"I paid my debts, so should you."
"Where's my hand out?"
"You should have refinanced."
"If you couldn't afford college you shouldn't have gone." 3/

Answers:
I'm paying & have been for decades.
Deadbeat? See above.
I'm happy for you, I'm still trying.
Hand out? I've paid way more than the principal (compounding interest.)
I didn't qualify for refi w/ my debt/income ratio.
I could afford it. The loan industry is the issue. 4/

The benefactors of this loan forgiveness are your friends, family & colleagues, some in retirement. I never shared my woes about my loans w/ anyone bc of how hard of a subject it was to me. I'm not alone. I can't imagine what it's like for others w/ families. 5/

Student loan forgiveness at this level will be life changing for millions. If I were to continue with my payment plan & finish out my loan obligation, I will have paid more than $70k for a $27k loan. As it stands today they've received $43k from me. 6/

People my age (40s) still paying their student loans are in the same boat. Don't think that these companies haven't received their original loan amount back plus interest. They have made more than enough profit on my education alone. 7/

My potential loan forgiveness ($15k) may appear to be applied to the principal, but it's only due to the exorbitant amount of interest they're collecting & interest that compounds on these loans. Do not let these lenders fool you. They've made their $$ back & more. 8/

These screenshots are of my 2 consolidated loans. One is subsidized, one unsubsidized.
The int rate currently shows 0% bc everyone is in forbearance right now w/ the pandemic pause. The int rate is actually 8.25% w/ a break of 0.75% w/ an auto bank withdrawal. 9/

I finished school Dec 1997 & received a 1 yr payment deferment (standard.) W/ the unsub loan, the interest compounded during those first 12 months of deferment. I made 1 yrs worth of payments on both loans in 1999 & consolidated from variable rate loans in 2000. 10/

During the housing crash, I qualified for the EIC & took an Economic Hardship deferment on the loans for the max allowed 2 yrs (poverty level income.) My interest compounded during this time at 8.25%.
I have been in forbearance (along with all borrowers) since 4/2020 at 0%. 11/

Summary:
Finished school ~25 yrs ago w/ a BArch (5 yr prof degree)
Began repayment 23 yrs ago
2 yrs of deferment 2010 & 2011
Forbearance for last 2 yrs 5 mon
25 yrs after graduation & 18 yrs 7 mon of payments, I've only paid off 54.7% of the principal. 12/
#studentloanforgiveness

This loan forgiveness is just the first step in fixing the system. We need to: lower the cost of higher education, make community colleges & trade schools cheap or free & revamp the student loan industry for starters. 13/

Thank you to my Senators @timkaine & @MarkWarner for their support of this move by the @WhiteHouse on targeted student loan relief. I also appreciate the groundwork laid by @BernieSanders & @ewarren & others for YEARS leading up to this moment. #studentloanforgiveness 14/

TL/DR: 25 years after graduation and 18 years and 7 months of payments, I have only paid off 54.7% of my principal balance. 15/
#studentloanforgiveness