I just read in GuideStar today that there's a new federal student loan forgiveness program. You have to work in public service somehow (for the government or a 501(c)3) while making loan payments for 120 months. here's the article:
http://www.guidestar.org/DisplayArticle.do?articleId=1161#1
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I read about this, too, in a local newspaper. 10 years *is* a long time - how long does it usually take to pay back fed student loans? Quite a while, I guess, based on the comments on this page.
10 years is the standard repayment period for student loans, but there are a variety of situations where you would be allowed to extend that period - consolidation, forbearance, etc. I just completed my "exit interview" for my Stafford Loans :)
Is it terrible that in reading those accounts it just makes me want to encourage many individuals not to go on to higher education. The goal of college should not be to get a higher paying job, it should be to learn, to challenge yourself, to stimulate your brain, to gain expert knowledge, etc. There are plenty of professional schools that will help people get better paying jobs.
hmmm, i'm surprised andrew hasn't talked about this on his blog. i'm also curious if my consolidation loan qualifies. it appears i need to have a federal direct consolidated loan. not sure if ACS qualifies for that. as for how long to pay back, i have 70K+ in student loans from many years of undergrad and two graduate programs. my loan term is for 30 years! cutting 2/3 of that would be nice.
and i agree with you bridget, sometimes college isn't the best option to get an education. when i was a theatre professor, students would often come up and ask me about xyz college's theatre program (i taught at a 2yr community college). i always told them to either double major in theatre and something that actually pays, or forget it and just go to new york and take some good private lessons.
as you can see, i'm just hijacking your class of 07 blog. when i was a grad student, we didn't even have electricity, we had to write our thesis by candlelight and in mud with a stick. if it rained, you lost your whole thesis.
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