Obama's an idiot

[ceyko]

The thread title is like posting, "water is wet"

[mustangguy289]

School loan summary: Lower income base repayment to 10% and at 20 years under this program all will be forgiven.


I did the math when comparing student loan options before... the income plan with possible forgiveness would cost me much more money in the long wrong ( even with some of it being forgiven) than the current plan I have set up for myself which will have it entirely paid off in 8 years. People who think this will help them are stupid.

[Snatch Napkin]

School loan summary: Lower income base repayment to 10% and at 20 years under this program all will be forgiven.


I did the math when comparing student loan options before... the income plan with possible forgiveness would cost me much more money in the long wrong ( even with some of it being forgiven) than the current plan I have set up for myself which will have it entirely paid off in 8 years. People who think this will help them are stupid.

The news is broadcasting the payments to be capped at a maximum of 10% of the student's discretionary income.

Stupid doesn't even begin to describe anyone who would want this.

I'm going to hate to see how expensive college will become for our kids when the time comes.

[mustangguy289]

The news is broadcasting the payments to be capped at a maximum of 10% of the student's discretionary income.

Stupid doesn't even begin to describe anyone who would want this.

I'm going to hate to see how expensive college will become for our kids when the time comes.

I really want to get home and play with the numbers on this. Basically the students will just be making interest payments for 20 years. The total of all those payments will probably be much higher than the original principal which helps the banks (and most likely higher than if they chose a 10 yr plan of paying principle + int). Like I said, when I did the math a year ago ( 15 %, forgiven at 25) the numbers showed I would pay much more than the plan I set up for myself which pays them off early.


What really happens is as you get older and farther in your career the 10% becomes a larger value. Most will probably be paid off before the 20 year mark. But instead of having it paid off in 10 yrs... it now took you 18 and the banks got a lot more out of you.

This also only applies to federal loans correct and not private student loans?

[Snatch Napkin]

I really want to get home and play with the numbers on this. Basically the students will just be making interest payments for 20 years. The total of all those payments will probably be much higher than the original principal which helps the banks (and most likely higher than if they chose a 10 yr plan of paying principle + int). Like I said, when I did the math a year ago ( 15 %, forgiven at 25) the numbers showed I would pay much more than the plan I set up for myself which pays them off early.


What really happens is as you get older and farther in your career the 10% becomes a larger value. Most will probably be paid off before the 20 year mark. But instead of having it paid off in 10 yrs... it now took you 18 and the banks got a lot more out of you.

This also only applies to federal loans correct and not private student loans?

That's the math I get as well. Yes, it only applies to federal loans.

[Forever_frost]

And those who have private loans get fucked. Damn I hate this president