Loan forgiveness coming?
Once the pandemic situation is squared away, if that ever happens, Congress will probably return to college loan forgiveness. It seems like the most likely plans include wiping out $10K per year of debt. If there's even a small chance of this actually happening, should students take up to $10K in loans annually even if their parents don't absolutely need the money to pay for college?
I'd also recommend against that. Especially considering the national debt, Congress is likely to receive blowback and not enact loan forgiveness.
I would recommend not doing so. with the next election cycle coming up shortly as well as the new census data affecting the congressional map it's up in the air as to what will happen with student loan forgiveness. Congress is a slow machine and the longer you sit on a 10K loan the more interest you will accrue if you're not paying on it at all and hoping for debt forgiveness so I'd recommend aginst it if your parents can help you pay.
Actually I'm a parent. My tentative idea is to set aside the amount of the loan from our savings rather than pay it to the college. When our student graduates, if there isn't loan forgiveness we would give them those funds to pay off the loan.
Interesting, that is one way to minimize loss.
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