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.