<p>Today's Cleveland Plain Dealer had an article entitled, "Burden of Loans Leaves Many Young Borrowers Falling Behind" on the front page. The article high-lighted a newly wed couple who both have student loans. The woman has $66,000 in student loan debt. Her husband is taking graduate classes online so right now his undergrad loans are deferred. Once he graduates he will have at least $89,000 in student loan debt. The article detailed the troubles they are having paying her student loans off. She did not get a job in her major, sports management. The husband is hoping to get a teaching job. Both went to Heidelberg, a small, private school in Ohio. </p>
<p>The articles ends with some ideas for those dealing with student loan debt. I was unaware of a program called Income-Based Repayment that the articles discusses. The PD tells how the wife's debt (federal loans, I don't think her private loans) will be forgiven at the end of a 25 year repayment period and how Obama want to erase debts sooner (20 years). It then goes on to say how the husband's debt can be erased sooner because he will be a teacher in a public-service job. His would be forgiven after 10 years of income based repayment. </p>
<p>Isn't this advocating going to an expensive college that a student can't afford with maximum loans (federal and private are discussed in the article) with the knowledge that after 10 or 20 years of income-based payments your loan can be erased? </p>
<p>Is that fair to the student who chooses a college with finances in mind?
Does anyone else think this is crazy?</p>