Loan Review

This time of year Planet College usually presents a short reminder about student finances. You can read a couple here and here.

Here's this year's.

In case, you forgot, the money you get, if you get money for school, is mostly comprised of loans. Loans have to be re-paid.  The lender wants the money back.  Just that simple.  Loans must be re-paid.

Just recently Bloomberg, a financial reporting publication, featured a story about a congressional representative from Wisconsin and his proposal concerning student loan re-payment. You can read the story here.

This story is indicative of several factors which have a direct bearing on any typical student's future. First the proposal is from a congressman, a duly elected representative.  This means his proposal, should it make its way through the various committees and votes and procedures necessary to become a law will have just that.  The force of law.

 Secondly,  this law could possibly directly affect your paycheck. Not exactly your ability to earn but your actual paycheck, the means by which you receive what you've earned. All experienced working students on Planet College know, the only thing that really, really counts is what is in your paycheck.

This representative has proposed a direct withholding system for student loan payback.  You've experienced withholding since you've been earning paychecks.

The pros and cons, ins and outs, rights and wrongs and such of this proposal Planet College has not opinion about.  But Planet College does care about accurate information being available to students who can then make informed decisions.

So, when you have time, read the story, think it over and then, possibly, take an action. What ever you decide, it is important because it is your money.

Just sayin' .