rppearso
Contributing Member
Cash: $ 9.05
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Joined: 22 Feb 2006
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| Student loan bail out |
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Does anyone think there will be a whole sale student loan bail out by the government (both federal and private loans). I have a ton of money ready to make a major balloon payment on my student loans but I would feel sick to my stomach if I paid them and then the gov did a massive bail out.
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Sat Feb 20, 2010 11:21 pm |
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oldguy
Senior Member
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Location: arizona
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Interesting - I suppose it is possibe. But the govt bill should correct for that, ie, a 'look-back' period with 100% coverage, phase-outs for different 'look-backs' etc. Our Laws are known for such complexities, so you probably don't have to worry.
But normally student loans are extremely inexpensive - you would want to keep them for the full term. Do you have some toxic interest rates?
Eg, you would not prepay a 3% loan and then borrow that same money back at 6% to buy a house a couple years later - instead you would retain the use of as much 3% capital as you could.
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Sun Feb 21, 2010 6:23 am |
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littleroc02us
Senior Member
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Who knows with this current Gov't. They already are spending trillions.. Remember this when you make your decisions, "The borrower is slave to the lender". Personally, it feels great every lender I pay off. Now I am in a position to pay for things in cash and I don't ever have to check to see which bill collector is living in my house. I'm booting them all to the curb. So, it depends on your views of money.
“If you want to stay in debt forever, keep borrowing money.”
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Mon Feb 22, 2010 6:32 pm |
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Raptor
Full Member
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Location: Missouri
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I guess the cultural is changing between generations. I would feel sick for taking a government hand out when I didn't need one. Additionally I think any type of bailout will still show up in your credit report that you didn't pay the full amount. If so, then you'll pay later with higher interest rates. I say just pay the money, it is you word. That is the only thing in life that cannot be taken from you, but you can easily give it away.
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Thu Feb 25, 2010 3:00 pm |
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rppearso
Contributing Member
Cash: $ 9.05
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Joined: 22 Feb 2006
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Yea I just went ahead and made a major balloon payment a few days ago. I have 2 different student loans one is federal which I will never pay off because its like 1 or 2% interest but the other is toxic interest at 6.5% and I already own a home and my truck is paid for so the loans are the last thing to go, I can still write off my mortgage interest but this was the first year I was not able to write off all of my student loan interest and the interest is just as bad as my mortgage interest and I cant forclose on a student loan so I am just paying them off, I should have the high interest ones paid off by this summer. The next thing I want to do is pay off my condo then saving for 6 months of income will be easy as all I will have to pay is utilities and food and gas.
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Tue Mar 02, 2010 5:25 pm |
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justin
New Member
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quote:
Originally posted by Raptor
I guess the cultural is changing between generations. I would feel sick for taking a government hand out when I didn't need one. Additionally I think any type of bailout will still show up in your credit report that you didn't pay the full amount. If so, then you'll pay later with higher interest rates. I say just pay the money, it is you word. That is the only thing in life that cannot be taken from you, but you can easily give it away.
Hi,
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Thanks
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Sat Mar 06, 2010 10:35 am |
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kimsmith07
Member
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Joined: 15 Apr 2010
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Pay off student loan is very good informative site from where you can get a lot of information. i think if you have any question regarding to pay off your student loan then this is best place.
Paying Off Defaulted Student Loans
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Sun Apr 18, 2010 12:47 pm |
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