What needs to happen is for high schools to bring back Home Economics. This was supposed to prepare girls for becoming housewives, but there needs to be a modified, updated version--with an emphasis on Economics--required for ALL students: you can't graduate, let alone get a student loan for college, without it. Evidently nobody is teaching the kids how to open a checking account, pay bills, order utilities, make a budget, how compound interest works (which seems to be the biggest shock for student loan borrowers, and which they'll also need to understand when buying a house on mortgage), and most of all how important it is to read a contract in full before signing it and understand the terms you're agreeing to by signing. And the other Home Ec things--recipes, simple house repairs, even throw in how to change a tire--wouldn't hurt, either.
This is a murky road for any graduate dealing with student loans. Students went to school to have a better life. I wish more students went through counseling before taking out the loans so they could realize the impacts on the other side for student loans after graduation. At some point the Fed is gonna slow down on student loans and this will make people depend upon private loans where things are worse for the borrower. Student loans are serious and can have some significant impacts on the financial future of the student.
Compound interest can work for you or against you. What about these forced forebearance under save or IDR! I’m willing to pay each month even little more to pay off faster. I may need standard pslf was not working I paid off one loan 100% during COVID! We paid off house and bought few cars cash and lived off a year salary when I quit my job. Living on one income now as I launch my own life coaching biz. I owe 43k on 55k income. We value travel and want pay it off to be able to remodel expand the home. We also saved for retirement so in process of retirement rollover.
I have a standard payment plan, but I only pay the minimum. I have 3 loans, and I know out of my payments, it's ÷ into the 3. Can pay more towards the one with the higher interest,?
Payment is based on income. Parent plus loans are in husband name only. If we file taxes as married filing seperately would that keep my income out of the equation. We are in our 60s and loans were $170 but now are $330. Trying to keep payment down. Consolidated 3 months before pandemic so SAVE not an option…
I borrowed $175K for grad school, spread across 5 loans. I have paid off one $15K loan and have sent a total of $92K. I have never missed a payment, and have even sent small amounts during periods where I was in deferment. I now owe $176K. I am 66 years old and will soon be on fixed income. How the eff am I going to pay the tax for a 1099 issued when I am in my late 70s? But at least the donor class is doing well.
This is an incredible page. Thanks SO so much
What needs to happen is for high schools to bring back Home Economics. This was supposed to prepare girls for becoming housewives, but there needs to be a modified, updated version--with an emphasis on Economics--required for ALL students: you can't graduate, let alone get a student loan for college, without it. Evidently nobody is teaching the kids how to open a checking account, pay bills, order utilities, make a budget, how compound interest works (which seems to be the biggest shock for student loan borrowers, and which they'll also need to understand when buying a house on mortgage), and most of all how important it is to read a contract in full before signing it and understand the terms you're agreeing to by signing. And the other Home Ec things--recipes, simple house repairs, even throw in how to change a tire--wouldn't hurt, either.
This is a murky road for any graduate dealing with student loans.
Students went to school to have a better life. I wish more students went through counseling before taking out the loans so they could realize the impacts on the other side for student loans after graduation.
At some point the Fed is gonna slow down on student loans and this will make people depend upon private loans where things are worse for the borrower.
Student loans are serious and can have some significant impacts on the financial future of the student.
Compound interest can work for you or against you. What about these forced forebearance under save or IDR! I’m willing to pay each month even little more to pay off faster. I may need standard pslf was not working I paid off one loan 100% during COVID! We paid off house and bought few cars cash and lived off a year salary when I quit my job. Living on one income now as I launch my own life coaching biz. I owe 43k on 55k income. We value travel and want pay it off to be able to remodel expand the home. We also saved for retirement so in process of retirement rollover.
I'm doing the same...using the enforced forbearance to throw the kitchen sink at my student loans. That is how I got rid of one of them!
I have a standard payment plan, but I only pay the minimum. I have 3 loans, and I know out of my payments, it's ÷ into the 3. Can pay more towards the one with the higher interest,?
Payment is based on income. Parent plus loans are in husband name only. If we file taxes as married filing seperately would that keep my income out of the equation. We are in our 60s and loans were $170 but now are $330. Trying to keep payment down. Consolidated 3 months before pandemic so SAVE not an option…
what about parents plus loan
I borrowed $175K for grad school, spread across 5 loans. I have paid off one $15K loan and have sent a total of $92K. I have never missed a payment, and have even sent small amounts during periods where I was in deferment. I now owe $176K. I am 66 years old and will soon be on fixed income. How the eff am I going to pay the tax for a 1099 issued when I am in my late 70s?
But at least the donor class is doing well.
lol way to lose the game
@@electrodynamicorb6548 No joke - even Putin doesn't do this to his citizens.