a long tunnel with very little light. Today my dad told me about a new thing Obama has implemented that casts a little light on this situation: the Income-Based Repayment plan. Basically this plan states that you only have to repay your income, minus the poverty level income in the city you live in, and then 15% of that, a year.
Bonus: less money in payments a month, but
Bummer: takes longer to pay off, and interest still accrues.
To be honest I was kind of hoping Obama would forgive student loans over a certain level, but well, I guess he is only the President, not a magician. This website gives more information about how to calculate if you qualify and how much you are expected to pay back.
My parents didn't pay for any of my undergraduate education at a private college; lots of scholarships made it possible for me to attend, but I still graduated with a sizable loan. Then, I also decided I wanted to be a doctor, so for 3 years after I graduated I attended more school, while working full time. After that, I decided to go to grad school, and let's just say, education is not cheap.
Even so, I wouldn't change any of my decisions, even if I have dug a pretty deep hole for myself money-wise. It's comforting to know that even though I have a huge hole to fill, when all is said and done, I would do it all again in a heartbeat.
And yet it is a shame I forget so much of what I learn. hrmmm....
1 month ago
