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When is the cutoff date? Is there still time for my kids to take out $10k loans and have them forgiven?
Your kids would be better off going with the new plan....payments of only 5% of your salary, no interest and balance forgiveness after 10 years.
One example cited in the link below showed someone making near $40K a year (new college grad possibly) would only pay $31 a month. After 10 years the balance of the loan is forgiven.
So that would be a college education that would only cost you $3700 with the government subsidizing the rest of the balance of a 4 year education.
An important side note. If you received a Pell Grant (low-income), you can write off an additional $10,000.
https://messaging-custom-newsletters...8e02492bad66bf
QUOTE: For anybody under this income threshold, the plan will forgive up to $10,000 in debt. For somebody who received Pell Grants in college — a federal program focused on lower-income families — the plan may forgive an additional $10,000.
Not exactly. The government is passing the debt from individual borrowers over to the taxpayers.
Keep in mind that for many people, the $10K is exclusively interest- so no debt is really being passed onto anyone. The fed government is just losing out on some interest. It’s arguably had more to invest since a lot of people were denied PSLF for years while at the same time making payments on time.
Keep in mind that for many people, the $10K is exclusively interest- so no debt is really being passed onto anyone. The fed government is just losing out on some interest. It’s arguably had more to invest since a lot of people were denied PSLF for years while at the same time making payments on time.
Never heard of the time value of money, have you?
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