Another problem with student loan debt is the the rules keep changing. My lawyer child took out a loan for law school. They spent two years working at a not for profit (which would have allowed the loan to be forgiven had they kept it up for 10 years) but their boss was horrible and the pay was worse. AND it was clear that the federal government was inconsistent in how they applied the loan forgiveness program , making it entirely unclear they’d even get the forgiveness. So they started working at a firm that was for profit. I’m the meantime, they’d been incurring interest on that debt. They now owe more in interest than they ever borrowed. They’re happy to pay back the loan but the interest will mean it will take a lot longer.
Another problem with student loan debt is the the rules keep changing. My lawyer child took out a loan for law school. They spent two years working at a not for profit (which would have allowed the loan to be forgiven had they kept it up for 10 years) but their boss was horrible and the pay was worse. AND it was clear that the federal government was inconsistent in how they applied the loan forgiveness program , making it entirely unclear they’d even get the forgiveness. So they started working at a firm that was for profit. I’m the meantime, they’d been incurring interest on that debt. They now owe more in interest than they ever borrowed. They’re happy to pay back the loan but the interest will mean it will take a lot longer.
Yes, thank you for this Pam!
Let’s not forget that OTHER types of debt are forgivable through bankruptcy-student debt is not.