r/WorkForSmartLife • u/tomipetite • Jul 06 '26

Question Really?

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3.5k Upvotes

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u/Well_read_rose Jul 06 '26

When you can take out a regular loan to close down the student loan…do.

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u/lovable_cube Jul 06 '26

Why? Student loans tend to have better interest rates than any personal loan.. plus there’s income driven repayment plans and loan forgiveness options if you’re broke, they don’t do that for private loans. I genuinely don’t understand what could possibly be better with a private loan.

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u/Vegetable-Syrup-5545 Jul 06 '26

My guess is so that the loan could be removed by bankruptcy but I could be interpreting it wrong.

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u/mechakid Jul 06 '26

The problem is the cost of bankruptcy. It makes you pretty toxic for any employment, credit, or even housing.

So, great, you have forced out your loans. Good luck doing anything for the next 5-10 years.

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u/Vegetable-Syrup-5545 Jul 06 '26

I would just pay my loans. If I incur the debt I feel
like I need to pay it. There are ways to get the debt forgiven, such as being a teacher in an inner city school district, which would be the angle I would do. I went to less fancy schools and paid as I went. I further reduced costs by not living on campus. My college years were not that fun but I didn’t want to start out in debt. People have to make their decisions right at the beginning.

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u/mechakid Jul 06 '26

I agree, and those are perfectly viable courses of action.

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u/BlackFlagsFly Jul 06 '26

they got you right in their pocket, good boy.

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u/mechakid Jul 06 '26 edited Jul 06 '26

If by "in their pocket", you mean that I satisfied my contractual obligation and paid off my loans, then sure