[quote=gzz]I am somewhat familiar with the various student loan forgiveness programs, I don’t think any of them apply to private loans taken by parents.
6% loan by student that might be forgiven seems better than 1.5% by parent that can’t.
I used the direct loan/stafford program, entirely my loans not parents. They were 2 to 4% when taken out, and the “subsidized” ones just meant no interest while I was in school. When I graduated, I consolidated them into a direct loan at 2.8% 30 year direct loan. (One year I got a 5k 5% loan direct from my university which I paid off immediately upon working because of the high rate).
My entire debt of about 100k at graduation could have been forgiven by working for either the government at any level, OR a non-profit, OR simply by being poor. None of those ultimately applied, but the chance of one of them applying to your child is decent, not to mention additional programs.
During the start-up phase of my business, I deferred and capitalized all my payments for about 2.5 years. It took about 3 minutes to make the request online, and it amounted to about a 10k startup loan at 2.8%.[/quote]
interesting.
but it’s absolutely terrible that one has to make all these unknowable calculations on the odds of your kids various trajectories to figure whether it’s better to pay upfront or have him borrow and backstop him.
i mean, jeez. it’s kind of a start up loan; but not really. it’s a giant hole society dug for you that you were stuck in and they agreed not to throw dirt on your face for a while, as long as you agreed to deepen the hole, but fortunately not that much, just 2.8% deeper a year
boogaloo. blm. maybe there’s just a general sense of rage at a society that feels predatory. I m not saying theres an equivalence between student loans and police killigns…but maybe theres a connection
