I graduated from college with no debt thanks to some help from family, qualifying for some grants, and working as a lab assistant during undergrad. However, with no grants and less family support, I borrowed nearly one hundred thousand dollars for med school.
The loans originated between 1982 – 1986. When I was in medical school, my wife worked part-time, and we had two children. There was no repayment during residency and then divorce before finishing residency. I took a forbearance for several years while getting my life back together and raising the kids. I started repayment by 1993, thirty years ago. By then, the debt had ballooned to nearly two hundred thousand dollars.
Sallie Mae, the loan servicing company, had four loans on the books, one for each year of medical school. I consolidated these in the late 90s. I had lots of trouble with Sallie Mae. With four loans, they regularly could not apply payments to the correct accounts. I struggled with this, and finally, with consolidation, two loans with different interest rates solved the misallocation problems.
I shouldn’t have loan forgiveness, and I have paid and continue to repay my student loans as scheduled or more. I just paid off one of the two loans in February 2023, and I still have one left, with about three years before it’s paid in full. This loan was an obligation I incurred, and I should repay it.
I don’t think that the feds should forgive student loans using taxpayer monies. It’s like lending a couple of my A grades to the C student to help them get a B or lending a couple of my As to the goof-off student with a failing average so they can pass. Our taxes will fund any student loan forgiveness, and many taxpayers have their own burden of student debt and shouldn’t be saddled with others’ debt.
Cancel student loan debt?
Student Loan Forgiveness
I graduated from college with no debt thanks to some help from family, qualifying for some grants, and working as a lab assistant during undergrad. However, with no grants and less family support, I borrowed nearly one hundred thousand dollars for med school.
The loans originated between 1982 – 1986. When I was in medical school, my wife worked part-time, and we had two children. There was no repayment during residency and then divorce before finishing residency. I took a forbearance for several years while getting my life back together and raising the kids. I started repayment by 1993, thirty years ago. By then, the debt had ballooned to nearly two hundred thousand dollars.
Sallie Mae, the loan servicing company, had four loans on the books, one for each year of medical school. I consolidated these in the late 90s. I had lots of trouble with Sallie Mae. With four loans, they regularly could not apply payments to the correct accounts. I struggled with this, and finally, with consolidation, two loans with different interest rates solved the misallocation problems.
I shouldn’t have loan forgiveness, and I have paid and continue to repay my student loans as scheduled or more. I just paid off one of the two loans in February 2023, and I still have one left, with about three years before it’s paid in full. This loan was an obligation I incurred, and I should repay it.
I don’t think that the feds should forgive student loans using taxpayer monies. It’s like lending a couple of my A grades to the C student to help them get a B or lending a couple of my As to the goof-off student with a failing average so they can pass. Our taxes will fund any student loan forgiveness, and many taxpayers have their own burden of student debt and shouldn’t be saddled with others’ debt.