- April 1, 2008 at 7:10 pm #261844
I am ready for the negative feedback, but I would see about first deferrment on the student loans to pay off your house because loans in deferrment gather no interest. Loans can be put in deferrment for years, but don’t get sloppy doing this! Concentrate on paying your house off ASAP then pay off the loans. An alternative, sometimes the government will forgive part or all of your student loans under certain circumstances. I would check this out because other people take advantage and if you qualitfy, why not go for it? The only way student loans can be bankrupticied (in very rare and extreme circumstances) is if you have nothing, no house, no job, no nothing or if you become disabled or die after you have your loan. Note that the government can and will take SS checks, income taxes, and impose wage garishments if you fail to pay these back. Asking for loan
forgiveness is not the same as skipping out! An example, the goverment is in severe need of teachers and nurses now and degrees leading to these field can be nearly totally forgiven in exchange for working in areas of great need. I posted a list of websites that have loan forgiveness and one link was from the FAFSA site. I am in a similar situation because when I graduated there were no jobs in my field, so I went back for Business management and now banks are closing and businesses are closing and laying off! So I will be going back to pursue a nursing or teaching degree and pray the market is not saturated when I graduate! Good luck!
— On Sat, 8/16/08, Nicole
Subject: Budget101.com : What would you do?
Date: Saturday, August 16, 2008, 10:17
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