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Originally Posted by smooth
Pan, until this last ratge increase, the student loan interest rate was at a 20 year low. Some of the requirements and limits for loans have changed, but they are obtainable and still tenable. In fact, I borrowed $20,000 at 3.5% and purchased some fairly liquid 12 month CDs at 4% to give my wife and myself a (free) security blanket in case of an emergency. I also shopped around and found a loan consolidation program that reduces our rates by 1% after 36 months of consecutive payments.
Anyway, government programs are being stripped, but they aren't dead...yet. Tuition is skyrocketing, so we have to take out more loans or earn larger grants, but for the most part I think education is still available for a particular class of people and will continue to be.
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That is true the loan payments and interest aren't that bad. My ex was paying like $150/month and even then you can usually work with them when you have money trouble. But hers were all Stafford and Perkins. If you go private or PLUS (Parent loans), and most students have to because Perkins and Staffords limits rarely cover the full 4 years, that's when the rates and payments become much higher and a true burden.
The problem is tuition is increasing and more and more loans have to be taken out, thus increasing the payments.
I believe if you work in a federally recognized "rebuild zone" (or whatever they are called) in inner cities and only make so much (like LISW's ) you can file for some loan forgivement. I think..... they may not have this program anymore.
You are right College education is becoming more and more for a certain economical class.