marko
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Mar 16, 2011
- Messages
- 8,426
Student loans are a mystery to me, but this should be easy.
Dear Nephew graduated last week; he's a good kid--best of the bunch.
He has a student loan of about $30K with a ~$320 a month payment starting in six months; duration 10 years.
Wondering: If DW and I give him say, $10K to lower the balance before the payments start would it lower his payment or just shorten his number of payments due?
Not sure if he has already locked himself into the payment amount; as noted, no idea how this works.
Our other option is to give him the $300 a month for a certain LIMITED period of time until he gets his feet under himself job-wise.
Any insight from the collective welcome.
Dear Nephew graduated last week; he's a good kid--best of the bunch.
He has a student loan of about $30K with a ~$320 a month payment starting in six months; duration 10 years.
Wondering: If DW and I give him say, $10K to lower the balance before the payments start would it lower his payment or just shorten his number of payments due?
Not sure if he has already locked himself into the payment amount; as noted, no idea how this works.
Our other option is to give him the $300 a month for a certain LIMITED period of time until he gets his feet under himself job-wise.
Any insight from the collective welcome.