College parents - would you consider taking out student loans?

[nicolita3]

Not going to lie, this is the main reason I’m against student loan forgiveness.

Do you have the same thoughts about people who have no food? Since you can afford food, why help those who can't?

 

[Pea-n-Me]

I have heard some of these conversations, too. To me, it’s not worth the aggravation.

Both kids each took out one small loan. DD has knocked off quite a bit of hers already. DS will do the same.

 

[olwyngdh]

I could be off base here but my understanding of what is being looked at for student loan forgiveness is only for state colleges and universities at the undergraduate level. Sadly my kid is at a private college since that is where she could get her majors so if it is only for state schools she will be out of luck.

 

[NotUrsula]

There is a HUGE difference between the student taking out loans and the parents taking out loans. The latter, IMO, should NEVER happen.

Loans are available for education, but NOT for retirement. If you cannot afford to give your kids college tuition, you should NOT go into debt on their behalf. Help them out any other way you can, but any loans taken out need to be taken out only by the student.
Getting that degree make take longer, or the choice of school may have to change, but stay well away from parent loans.

 

[Mackenzie Click-Mickelson]

I wouldn't advocate taking out loans on the off chance you may qualify for it to be forgiven. I think that lesson has been learned from past student loan forgiveness programs and programs from for-profit schools with respects to guarantees on job prospects after graduation.

Take out the loan if you need to but don't do it because you assume or hope the debt or part of it will be removed.

 

[Colleen27]

Instead of loan forgiveness, how about free community college for people with at least a C average?

I hope they're able to find a more inclusive fix than that. The Pell grant already covers all/most of CC for lower-income students but that often isn't the best financial move for those hoping to earn a four-year degree because there's so much less merit aid offered to transfers compared to freshmen. If "free" CC comes with paying rack rate for years 3 & 4, it isn't helping anyone other than those who plan to stop at two years... and that's how it often works out, at least in my state.

 

[Colleen27]

Do you have the same thoughts about people who have no food? Since you can afford food, why help those who can't?

That's not how I took her comment. I took it to mean her opposition is based on the assumption that if there is loan forgiveness, some families who can fully afford college will instead take loans and get them forgiven while holding on to their college savings to spend elsewhere. And that is a concern, though I personally don't think it is likely - as others have said, there will likely be a means test on forgiveness that shuts out the vast majority of families who could pay cash for college.

 

[r1lissa]

All federal student loans are automatically in forbearance with no interest accumulations. Borrowers had to Opt-OUT of that. I think that started in April 2020 and goes through at least September 2021. She shouldn't have had to do anything.

Not correct. My lender sent an email asking if I needed forbearance. My federal loans were never put into any kind of forbearance, and I just paid them off this month.

 

[VandVsmama]

No way.

 

[mom2rtk]

I think taking out loans because of a campaign promise is not just a bad idea, but a terrible idea.

 

[amylevan]

Do you have the same thoughts about people who have no food? Since you can afford food, why help those who can't?

No. I meant I’m against loan forgiveness because people are discussing taking out loans who don’t need to on the chance they would be forgiven.

But I wouldn’t compare food to college education anyhow. You need food to survive. There are plenty of people who don’t have college educations and survive just fine.

 

[Cheburashka]

Do you have the same thoughts about people who have no food? Since you can afford food, why help those who can't?

I don't think you understood the PP's post. The OP can afford to pay for their son's college, but is considering loans in the hopes that the government will pay for it anyway. So the issue isn't helping the needy- it's people with plenty gaming the system at the taxpayer's expense.

 

[nicolita3]

No. I meant I’m against loan forgiveness because people are discussing taking out loans who don’t need to on the chance they would be forgiven.

But I wouldn’t compare food to college education anyhow. You need food to survive. There are plenty of people who don’t have college educations and survive just fine.

I'm sorry I did misunderstand.

 

[tvguy]

I have to wonder if such a law were passed if it would specify that only loans that were issued before a certain date would be included. A date going back several years. My kids are out of college and I did take out loans for the oldest, but we had paid off our mortgage and that money went to pay off those loans which took 3 years. My initial thought involved the ethics of having a loan forgiven that I promised to pay back and can afford to pay back. The flip side of that, I take every legal tax deduction I can.

 

[kdonnel]

Thought about it but the odds of 60 people voting for it is zero.

 

[Cheburashka]

I have to wonder if such a law were passed if it would specify that only loans that were issued before a certain date would be included. A date going back several years. My kids are out of college and I did take out loans for the oldest, but we had paid off our mortgage and that money went to pay off those loans which took 3 years. My initial thought involved the ethics of having a loan forgiven that I promised to pay back and can afford to pay back. The flip side of that, I take every legal tax deduction I can.

Can I get paid back for my student loans that I worked my underpaid teacher's rear off to repay? I paid them off over a decade ago (and it took me at least that long to pay them back), but since we're distributing freebies, why not? I certainly deserve it. I worked for several years in a Title I school but didn't get the Title I forgiveness because of a paperwork error on behalf of the school's administration (it was a new charter school, so the admin was not very knowledgeable about that stuff- sigh, but it more than met the Title I criteria). So yeah, I know what it's like to lose out on loan forgiveness due to a technicality. It stinks, and I was struggling financially to boot as I live in an expensive city and my son needed lots of treatment for his autism, and this was before Obamacare.

So no, I'm not a fan of well-off people trying to game the system like this so that my very hard-earned tax dollars can pay for their perfectly well-off kids. Yuck.

 

[penn19]

I plan to have my kids take out some loans just to have some skin in the game. I want them to be responsible for a portion of their education. I would also like for them to get summer jobs while in high school and internships in college.

This is exactly what we’ve done. And if they get forgiven then that’s great.

 

[a1tinkfans]

Our son has federal student loans for a doctorate program. One set is at 6.08% another is at 4.something percent.

If the federal student loan forgiveness comes through, that would be great, but we are not counting on it.

It’s not For grad students. It’s for low income, primarily minority based universities as far as what’s been stated thus far, and most likely will change.
Fed loans have been on hold as far as interest when former president did it and current one followed which has helped.

I would just like to see those loans Capped.. because the 8percent I’m quite familiar with Plus the distribution fee by the university is DisGraceful. So, avoid them if you can. Most will choose fed loans simply because in situations like right now, if you Didn’t have Fed loans, your private loans Interest was Not stayed ..by the gov mandate. Fed loans also have option to have repayment based on Income whereas others not.
research away and despite my motto of.. ur investing in Yourself, if you need that loan take it... these times has shined a Very Bright Light on the Variables of life’s ups and Downs. my new motto.. avoid them at all cost and RE- consider and consider it again...that Full academic scholarship even if it’s not ur top choice. It’s All a gamble.
Best of luck to all the graduates out there..

 

[nicolita3]

I don't understand why people are upset about this because they paid for their education? Should we not give out antibiotics because people years ago used to die because they didn't have it? If you are able to pay for it, you should consider yourself lucky.

 

[mom2rtk]

I don't understand why people are upset about this because they paid for their education? Should we not give out antibiotics because people years ago used to die because they didn't have it? If you are able to pay for it, you should consider yourself lucky.

The fact that people are pre-gaming this potential policy is precisely why it would be a terrible idea.