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10/7/14 Bloomberg Student Borrowing Increases Among Affluent in US
Started by Lesley
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Not meaning to humble brag, but I am fortunate enough to come from a very affluent family--and even I am considering just taking out full CoA and utilizing a debt forgiveness program. I mean a dollar today is worth more than a dollar 20 years from now. Based off some of the analyses I'm seeing here--it seems perfectly doable (Ethics aside??).
I believe this article is learning more toward higher income families needing to take loans--but I just wanted to throw it in that there could be a component also wishing to game the system.
I believe this article is learning more toward higher income families needing to take loans--but I just wanted to throw it in that there could be a component also wishing to game the system.
This is nothing new. When you could get government subsidized loans, everyone took them out. It was a zero interest loan. I did not pay mine off until uncle Sam stopped paying my interest. Many in my school used them for fancy vacations or to buy a nice car.
If I really thought loan forgiveness might come through for me, I might consider it. However the difference now is that there will be interest collecting from day one and if they establish income cut offs, etc. for loan forgiveness you might be left holding your willie. Hoping a 1%er will get a government bail out seems questionable and risky to me. That is very, very low hanging fruit when looking to make increasing government spending cuts. When this forgiveness hits the spending radar in ~10 years, crusaders will want to curb its impact. Of course if you truly have the funds to cut a check for ~$400k without breaking a sweat, it won't really affect you either way.
If I really thought loan forgiveness might come through for me, I might consider it. However the difference now is that there will be interest collecting from day one and if they establish income cut offs, etc. for loan forgiveness you might be left holding your willie. Hoping a 1%er will get a government bail out seems questionable and risky to me. That is very, very low hanging fruit when looking to make increasing government spending cuts. When this forgiveness hits the spending radar in ~10 years, crusaders will want to curb its impact. Of course if you truly have the funds to cut a check for ~$400k without breaking a sweat, it won't really affect you either way.
