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re: At least half of students defaulted or failed to pay down debt within 7 years
Posted on 2/22/17 at 2:19 pm to GreatLakesTiger24
Posted on 2/22/17 at 2:19 pm to GreatLakesTiger24
It was probably one of the worst times to graduate college, with the economy tanking and Obamacare implementation. I am not in favor of loan forgiveness, but I might get on board with paying the interest on unsubsidized loans and extending the payment timeline. If they can't pay down anything at that point, they really have zero fricks to give and deserve no help.
Posted on 2/22/17 at 2:45 pm to AUbagman
My solution is to allow the student to pay back the principal of their loans with pre-tax dollars.
You can already use pre-tax dollars to pay for tuition beforehand, my solution would allow you to do so after the fact from either a 401k, IRA, FSA, etc. It's your money, the only person losing out on the tax dollars is uncle Sam who is already making money off your loan interest anyway.
As it currently stands you can only pay off student loans with post tax dollars and after paying off student loan interest first. That makes paying them off an expensive proposition.
You can already use pre-tax dollars to pay for tuition beforehand, my solution would allow you to do so after the fact from either a 401k, IRA, FSA, etc. It's your money, the only person losing out on the tax dollars is uncle Sam who is already making money off your loan interest anyway.
As it currently stands you can only pay off student loans with post tax dollars and after paying off student loan interest first. That makes paying them off an expensive proposition.
This post was edited on 2/22/17 at 7:51 pm
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