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Public service announcment for Student Loans
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Public service announcment for Student Loans


Nov 27, 2020, 7:43 AM

Loans are complicated. You borrow money for a certain amount of time at a certain interest rate and you pay back the loan based on a schedule. Thank God they calculate this for you because percentages are hard.

Unless you are the Federal Government.

See with the federal government involved you get options (kind of like medicare part a,b,d and supplement plans e,h,i,j,m,n,f and c)

Here are your options:

Standard Repayment Plan (not quite standard in that repayment periods vary)
Graduated Repayment Plan
Extended Repayment Plans
Revised Pay As You Earn Repayment Plan
Income-Based Repayment Plan
Income-Contingent Repayment Plan
Income-Sensitive Repayment Plan

And plenty of bureaucrats to help you decide and change as necessary!

All of the plans are at least 10 years long, but you can pay off your loans sooner.

If you don't like paying back your loans, just wait because many politicians want to pay them off for you to boost the economy!

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Re: Public service announcment for Student Loans


Nov 27, 2020, 11:13 AM

we have a new hire here, 23, right out of school. We pay her a pretty good rate, more than enough to have her own place, a car payment, and some left over, but her loan payments are killing her. 10 k will take out a chunk, say that money could be used as an interest free deferment, then it would be helpful. Otherwise it just knocks off about 15% principal and would not be putting that much cash in her pocket.

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Re: Public service announcment for Student Loans


Nov 27, 2020, 11:47 AM



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Re: Public service announcment for Student Loans


Nov 27, 2020, 12:33 PM

it is great for us, why should we have to be responsible for educating and training when her primary responsibility is to generate revenue for the company? Heck, we are getting a great deal here.

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