Quote:
Originally Posted by Craig380
Does the loan have a finite span like UK student loans?
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No, this is America. If you're employed in public service they
occasionally end the loan. Teaching in certain areas, permanent disability and death are about the only ways.
Alexandria Ocasio-Cortez (AOC) a left leaning Democrat was advocating complete loan forgiveness but that's over $1.6 trillion (not billion) so that's not going to happen, the Republicans were passing out at the thought. They may knock off $10k but even then the Repubs are frothing at the mouth.
Biden/White House are supposed to be announcing something to help before August.
I doubt whether I can beat inflation with my savings so I may as well help pay off the loan.
I use "Wise" to transfer money to the US but it's unclear whether I can pay the Federal loan provider from the UK or whether I pay my son and he pays.
I just don't know whether paying off a chunk of the capital and then only making minimum payments is better or worse than paying the same lump sum amount (divided by 12) on top of the minimum over the year. If that makes sense.
(I should add that this loan was for his degree which he got only he now doesn't want to work in that field)