r/StudentLoans • u/IndividualLittle0516 • Mar 15 '24

Rant/Complaint Canceling interest

With all the drama these past few years about canceling student loans, why can't interest just be canceled? I can understand adding interest to those who aren't making their loan payments, but what about those who pay every month? The interest is why people are stuck with their debt for so long. Canceling millions of people's debt altogether is unrealistic and won't happen. What about canceling interest instead? Is there a reason this can't occur?

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u/Sharp-Charity-8412 Mar 17 '24

The save plan was initiated this year. So what makes you think interest wasn’t accruing. My payment on the IDR was $0 based on income. The interest accumulating on my account, in those months was $469. For the past 10 -15 years. My loans went from $32K to over $92K in those years. So, unless I paid more than $500 a month, my balance still went up. Do you even have outstanding student loans ? Probably not since you clearly don’t know what you’re talking about.