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Many of these kids don't have $500 in an emergency.
This will go a long way toward preventing the medical bills that would accrue if they were to riot (and needed a few batons to the head to calm down) all because they had to choose between interest payments and ramen noodles.
Students currently in school probably have on average $40k in debt, or less - what is the monthly interest on a $40k loan? About $175/month, and that doesn't need to be paid (of course it helps to pay it). Student loans typically start collecting after graduation (6 months after last enrollment) which includes any principle and interest.
Graduates who have debt of 100k or more, are the most likely to benefit - if they are paying. That interest payment is probably $400-500, but even without interest the principle payment is still $1200.
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[–] captainstrange ago
Many of these kids don't have $500 in an emergency.
This will go a long way toward preventing the medical bills that would accrue if they were to riot (and needed a few batons to the head to calm down) all because they had to choose between interest payments and ramen noodles.
[–] sohelpmehannah ago
Possibly, but what are the actual numbers?
Students currently in school probably have on average $40k in debt, or less - what is the monthly interest on a $40k loan? About $175/month, and that doesn't need to be paid (of course it helps to pay it). Student loans typically start collecting after graduation (6 months after last enrollment) which includes any principle and interest.
Graduates who have debt of 100k or more, are the most likely to benefit - if they are paying. That interest payment is probably $400-500, but even without interest the principle payment is still $1200.