Student Loans

[bc0167]

So what are most folks thoughts on student loans today?

If you Google and research it, most everyone in the past few years are saying use Gov't based loans first, then Private Loans as a last resort.... but, with good credit (and parents willing to help or co-sign) some Private Loans are in the 4%-5% range with 6-month grace period, are the advantages (Income Based Repayment, etc.) outweighed now by lower private rates?

Checking to see anyone has discussed in detail with financial experts or advisors....

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[MBPB]

PLSF is not guaranteed in the least. This was the first year of possible breaks for people who followed the process and, correct me if i am wrong, I think less than 10% of applicants got approved. The program can get repealed at any time as well. Coupled with that, if you do get your loan forgiven by a miracle, you have to pay taxes on that forgiveness as well since it counts as income. Example, if you get 100k forgiven, you will most likely still owe a nice 30-40k on that. On the contrary, you can easily refinance private loans down to 3-4% interest soon after graduating. If you keep your overall debt low, you can easily pay these off in 10 years while still living comfortably. Make smart decisions. Don't trust government programs with your retirement and future.