Grad Student Loan Payoff
I would like to help my daughter with her Grad Student Loans. I would payoff the entire amount for her ( 6 loans are at 6.8%, 1 loan at 7.9%), and she would pay me back a pre-set amount monthly. I don’t want any interest on what I’m lending her, just a flat amount until the debt is repaid. However, if the government implements a Loan forgiveness program, I don’t want to have paid the entire amount if part (or all) of it may be forgiven. Do you feel that a loan forgiveness program will be implemented? Thank you!
Terry Says
I think she should first look into all the possibilities of deals regarding her current student loans. Suggest contacting student loan expert Rae Kaplan (www.RaeKaplan.com) to examine her situation.
If there is no real relief available, then be sure to document your deal with her on paper. Charge a moderate amount of interest –perhaps 2%. That way, if she defaults, you can write it off.
Read this article to see how to do it!
https://www.nerdwallet.com/article/loans/personal-loans/family-loans#:~:text=Use%20a%20family%20loan%20agreement,can%20prevent%20misunderstandings%20and%20frustrations.
