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This is the most exciting news I’ve heard since I learned my masters thesis was accepted!
It’s not a bailout.
It’s just that the fucking slacker portion of Generation X is too big to fail.
First off, great news.
Secondly, the cartoon monster was cute.
how I wish this were in place before I paid off my student loan – I’ve been working in non-profits since 1991!
Would have been nice if they had this 15 years ago when the only job I could find paid $6.50 an hour and they wanted payments of $350 a month. I didn’t qualify for income-based forbearance, I was taking care of a sick parent, and I was trying to survive on about $1000 a month. Yeah, I defaulted, and I’m still paying as a result.
Oh, and because I consolidated way back then, I’m locked into a 9% interest rate.
I make $48,000 a year, which is too much for this to benefit me if I filed separately from my wife. We figured it out the other night and I’d save something like $800 over the course of the loan. Oh well, I’m sure it will help out a lot of others, though.
My monthly payments on my loan are $50 and yet it seems to be shrinking at twice that rate.
I’m paying college tuition and textbooks out of pocket right now.
But it’s about FRICKIN TIME!
The scary thing? This happened under Dubya. Yup, he signed this one into law. I suddenly have conflicted emotions…oh wait, no I don’t. Still dislike him.
Great idea, but wouldn’t it make just as much – if not MORE sense – to reduce tuition rates, so students didn’t have to BORROW so much in the first place?
This is wonderful news for many! But, anyone who graduated law school (or any other grad type) before 2006 has a TON of private loans that don’t qualify at all. =(
So the incentives for public interest or government careers work for newbies… but I’ll be paying it off until I’m 60+ because I choose to work for the state… and my minimum monthly payment is over a grand for the next decade….