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Thursday, July 2, 2009

Money Good News If You Have Student Loan Debt (Or Like Cartoon Monsters)

Posted by Megan Seling on Thu, Jul 2, 2009 at 3:06 PM

I'm posting this because a) I know a lot of people with student loans (especially now that many people are going back to school after being laid off) and b) because the cartoon monster is cute. Income-Based Repayment took effect yesterday, July 1st.

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This is the most exciting news I've heard since I learned my masters thesis was accepted!

Posted by Alicia

on July 2, 2009 at 3:13 PM

It's not a bailout.
It's just that the fucking slacker portion of Generation X is too big to fail.

Posted by Ackham on July 2, 2009 at 3:14 PM

First off, great news.
Secondly, the cartoon monster was cute.

Posted by Idaho Spud on July 2, 2009 at 3:18 PM

how I wish this were in place before I paid off my student loan - I've been working in non-profits since 1991!

Posted by genevieve on July 2, 2009 at 3:20 PM

Would have been nice if they had this 15 years ago when the only job I could find paid $6.50 an hour and they wanted payments of $350 a month. I didn't qualify for income-based forbearance, I was taking care of a sick parent, and I was trying to survive on about $1000 a month. Yeah, I defaulted, and I'm still paying as a result.

Oh, and because I consolidated way back then, I'm locked into a 9% interest rate.

Posted by Sheryl on July 2, 2009 at 3:22 PM

I make $48,000 a year, which is too much for this to benefit me if I filed separately from my wife. We figured it out the other night and I'd save something like $800 over the course of the loan. Oh well, I'm sure it will help out a lot of others, though.

Posted by Nic in Greenlake on July 2, 2009 at 3:24 PM

My monthly payments on my loan are $50 and yet it seems to be shrinking at twice that rate.

Posted by Baconcat on July 2, 2009 at 3:31 PM

I'm paying college tuition and textbooks out of pocket right now.

But it's about FRICKIN TIME!

Posted by Will in Seattle

on July 2, 2009 at 3:49 PM

The scary thing? This happened under Dubya. Yup, he signed this one into law. I suddenly have conflicted emotions...oh wait, no I don't. Still dislike him.

Posted by Ride That Bullet Train To Vegas

on July 2, 2009 at 4:10 PM

Great idea, but wouldn't it make just as much - if not MORE sense - to reduce tuition rates, so students didn't have to BORROW so much in the first place?

Posted by COMTE

on July 2, 2009 at 6:10 PM

This is wonderful news for many! But, anyone who graduated law school (or any other grad type) before 2006 has a TON of private loans that don't qualify at all. =(
So the incentives for public interest or government careers work for newbies... but I'll be paying it off until I'm 60+ because I choose to work for the state... and my minimum monthly payment is over a grand for the next decade....

Posted by lori in bklyn on July 3, 2009 at 12:29 AM