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- Thread starter SoapyCy
- Start date
Or just pay for college like a lot of us did? Get a job, live in a crappy house with 4 other guys, eat ramin noodles and tostinos pizza.
Also some that pay off law school loans for working in non-profits, but I think those are usually run by the school themselves.
...and nearly half quit within the first five years. It's a double-edged sword.
your definition of most might be different than mine, but I would disagree with this.
similar programs for people who come out of vet school and work in food animal - usually rural areas.
Sounds like a solid plan with literally no downside. MAX OUT THE LOANS!!! :yes:
Just don't change jobs, move, have a baby, have a health scare requiring loss of work, need to care for an ailing family member, or have "life" get in the way otherwise
Just don't change jobs, move, have a baby, have a health scare requiring loss of work, need to care for an ailing family member, or have "life" get in the way otherwise
maybe scam isn't the right word, but encouraging people to take on as much student loan debt as possible, knowing that the taxpayer will cover a portion of it is stupid.
I doubt any intelligent person would pursue that path. As many have pointed out, there are hoops to jump through and since many of these programs require 5-10 years in the career and usually even a specific location, it's a huge risk to take. Until that debt is gone, it's still going to be counted against you when apply for a mortgage and such. Plus if life gets in the way and you can't hold up your end of the deal, you're ****ed.
I think it also has some credit rating ramifications. High debt bad, making regular payments on time good.
EDIT: Looks like CG beat me to the same concern.
Yeah I agree, it's not a good idea at all, but it was the idea that was presented by the OP.
I think it would be easy to look back now and say darn, if we had taken that risk, we'd have been ok. Hindsight is 20/20 and all that.
I can tell you from personal experience I was convinced I was going to stay a public sector employee, put my payments on minimums, signed up for the loan forgiveness program, and about two years later decided to go into the private sector. While the pay makes up for the lack of loan forgiveness, I do wish I'd been paying a little more on those loans during that two year period.
If I was even considering this I would, take out loans as though I was paying back (font get used to extra cash just in case), find out what my normal payments would be and take that amount minus the minimum and set it aside in something kinda conservative. If I go the distance I have a nice cash fund. If I want to change things, I can use the cash to help pay down the loan.
And science... I would make 10 to 20% more in industry or consulting as I do being a college prof at a state university.
Most of them require the school to be receiving Title I funding, not necessarily SINA list. Those two tend to overlap a lot though.