A Quote by Camille Perri
As our nation's student debt crisis has reached a breaking point, we've been hearing lots of talk about student loan forgiveness. It's taken me 20 years to forgive myself for my loan - and just as long to pay it off.
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The most important loan to pay is your student loan. It's more important than your mortgage, car and credit card payments. You cannot discharge student loan debt in the majority of cases.
Remember that in most cases, student loan debt is not dischargeable in bankruptcy. So you continue to pay it off anyway. Those who have very low interest rates (2-2.5 percent) on student loans and know everything is secure, great.
First, pay off your high-interest-rate debt. If you have student loan debt - that's low interest rate; that has a tax benefit - you can leave that out. A mortgage can be an OK one. Credit card debt is poison. That needs to be paid off right away.
The fact that you have government-guaranteed student loans has created a whole new sector in the American economy that didn't really exist before - private for-profit universities that sell junk degrees that don't help the students. They promise the students, "We'll help you get a better job. We'll arrange a loan so that you don't have to pay a penny for this education." Their pet bank gets them the government-guaranteed loan, and the student may get the junk degree, but doesn't get a job, so they don't pay the loan.
A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.
The student-loan crisis has an underappreciated emotional valence too: The debt makes people miserable. In one survey, more than half of borrowers said that they have experienced depression because of their debt. Nine in 10 reported experiencing anxiety.
Many of my 20- and 30-something peers struggle with student loan debt and high rent, and more than once, I've erupted in laughter at the idea that I will collect any Social Security in my Betty White years.
Learn how to prioritize all your debt. And did you know student loan debt is the most dangerous debt any of us can have?
As a first-generation college student who worked my way through community college on to Cornell Law, having health insurance was not a top priority when I was starting out. I was buried in student loan debt and worried about simply making ends meet.
Student loan debt is a real problem. People want to have serious conversations about that.
Let's say you're all worried about student-loan debt and you need to have steady income. That doesn't have to be your everything.
Rising student-loan debt is an economic emergency.
As president I will push for national student loan forgiveness.
What I want to do first with education is my student loan idea. Basically, if you go into teaching and teach for five years, your student loans should be forgiven. It doesn't cost that much.
High school seniors should receive help in how to think about a student loan and how to make sure that the education bought with the loan offers good prospects for repayment.
If your appraisal comes back too low - you don't have at least 10% equity for a conforming loan or 20% for a jumbo loan - you might not be able to refinance at all, at least with a loan that's packaged and sold to Fannie Mae and Freddie Mac. That means you may have to pay a much higher rate.
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