Monday, September 21, 2009

Bait and switch on student loans


Student loans are a crushing debt. I could literally be leasing a Lexus with my monthly payment.
So when someone passes legislation or there's a good deal roaming around I check into it.
I flipped my metaphorical wig when I heard that the Federal government had a special plan to "forgive student loan debt in exchange for public service." It's called the
2007 College Cost Reduction Act, and it sounds like the gold at the end of the rainbow.
Except for one thing:

"
Students who enter government or nonprofit jobs can have their student loans forgiven if they have not paid off the debt after 10 years."

And guess what the loan repayment schedule for just about ALL loans is?
120 monthly payments, or Ten Years.

Feh on that.

3 comments:

shesthesheriff said...

Maybe you should lease a Lexus. I hear when you drive them around town people just walk up to the window and hand you $20 bills. If you lease a convertible and drive on the highway with the top down, money falls from the skies into your glove box. The down side is that after a few months of Lexin, Michael Buble's music starts to become more appealing to you.

Jonathan Rubin said...

I hear that Priuses give out 100% more Smug, tho'.

shesthesheriff said...

Erica's republican parents drive a Prius! I'm trying to find them a Beck/Limbaugh '12 bumper sticker.