You probably shouldn’t trust anyone offering you free government money unless that person happens to be dancing around the nation’s capital wearing a blue leisure suit with question marks on it. Know what I’m sayin’? But hear me out.
If you have more than one PLUS or GradPLUS loan at an 8.5% fixed rate (loans taken out between July 1, 2006 and July 1, 2010), you can consolidate those loans into one 8.25% fixed-rate loan. Welcome to the PLUS consolidation loan loophole.
Last year, President Obama asked for loan forgiveness [YouTube] after 20 years of income-based repayment (or 10 years of income-based repayment for borrowers in public service):
And let’s tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, […]
- Pwn (v.) Slang term derived from the verb own, as meaning to appropriate or to conquer to gain ownership. The term implies domination or humiliation of a rival.