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View Diary: Student Loans: a bubble waiting to burst (214 comments)

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  •  Tell him to consolidate with the (7+ / 0-)

    Department of Education. There is an Income Based Repayment plan began under Obama's administration. It's 25 years of payments based on income, and after 25 years the balance is erased. For teachers and other qualified careers, that 25 years goes down to 10.

    I'm in the same position. 80k in loans. My payment went from $1200 a month down to $160. It still means that other things requiring credit access get pushed off into the far future. Try getting a loan for anything with 80k in debt and 30k in income.

    Our society allows people to run up obscene debt in credit cards, all of which get discharged in bankruptcy. But if you're getting educated (presumably) to benefit society, then you're stuck with the debt forever.

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