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College and University Discussion
Reply to "Pay for college with loans or cash..."
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If its niece's trust, why wouldn't niece use that? Loans suck! They have very high interest rates (ours were all 6.5%)[/quote] Interest does not accrue on a student loan during the time they are in school. So you should max out loans as much as possible during that time. If you kid lands a govt or non profit job, sign up for the loan forgiveness program, which has income based repayment and a 10 year forgiveness option. They might pay $300 a mos for 10 years and then have the balance written off completely if they stay in govt work. If they don't take that government job, you can always pay off the loan as soon as they are out of college. [/quote] OP, this is what we needed to hear. I was unsure about the how interest accrued while in school. This is essentially what I told her to do, get the loans and then pay back as soon as she graduates or find a job that would have a loan forgiveness program. [/quote]
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