I think it’s worth reading again.
Yesterday, I was asked by a mom what to do about current student loan payments. With Federal School Loan interest rates at zero, no payments required until after September (now until up to 60 days after the Supreme Court ruling), and the possibility of forgiveness, should she make payments on her daughter’s loan? Now there’s an interesting question.
If the first two conditions were all there were, the answer would be easy. Make the payments and get ahead. But with forgiveness hanging out there, making payments could put you at a disadvantage. Recognize that this “compassionate” forgiveness program will be unfair to those of us who have made our payments or avoided loans by working or spreading out their costs by spreading out their classes. This forgiveness program will penalize those who used one of the keys to this country’s success – hard work, thrift, and paying your own way.
Considering all three of the above conditions, I suggested to the mom that she takes the payments that she normally would have made and set them aside in a separate account during this time of uncertainty. When things hash out in Congress (now the Supreme Court), hopefully fairly soon, she can take the money that she set aside and make the best decision – then with better information.
Thanks for reading. And please pass this on to anyone you know who could use it. And may God bless your efforts to achieve financial freedom as it leads to spiritual freedom.
#CollegeDebt, #CollegeLoans, #saynotocollegedebt, #LoanForgiveness,