Jonathan Glater Knows Higher Education Shouldn’t Just Be For Rich Kids
Jonathan Glater believes that lawmakers should help keep higher education within the financial reach of those students who seek it by reducing the need for private student loans. Yes! In his super-fantastic recent article, The Other Big Test: Why Congress Should Allow College Students to Borrow More through Federal Aid Programs, Glater analyzes the effects of increasing reliance on private student loans and argues that federal loan programs should be expanded to reduce the need for private borrowing. Mr. Glater’s proposal recognizes…
Friends Don’t Let Friends Borrow Private Student Loans
Heather isn't a big fan of private loans, since most have variable interest rates and less flexible repayment terms. Also private student loans are never eligible for Public Service Loan Forgiveness. Yuck. In this Federal vs. Private Student Loans Podcast, Amanda Loveday, host and producer for Law School Interactive, interviews our own Heather Jarvis and Glen Herrick, Senior Vice-President with Wells Fargo. The experts agree that students should look first to grants and scholarships, then federal student loans,…
Parents Beware of PLUS Sized Student Loans
Parents can borrow Parent PLUS loans to pay for the education of their dependent children. My husband and I will borrow Parent PLUS loans next year for our daughter's college (unless she runs off to Uruguay, which is distinctly possible). Direct Parent PLUS loans are technically eligible for Public Service Loan Forgiveness, but not really. Because Parent PLUS loans cannot be repaid under either Income-Based Repayment or Income-Contingent Repayment, you can’t actually make payments on a Parent PLUS loan that count towards…
Five Ways IBR Beats ICR
What’s the difference between IBR and ICR? What it comes down to is that IBR is way better than ICR. Here’s why I think so. IBR and ICR are different in important ways Monthly payments are typically higher under ICR than under IBR, sometimes a whole lot higher. And ICR payments can be potentially even higher than under a 10-year repayment plan. Ouch! Score one for IBR. IBR payments are not based on how much you owe, just on your income and family size. But under ICR, how much you owe does affect how…
