Are you on track for retirement?

lookout123 · 12-08-2007, 01:26 PM

saving less now is far more powerful than saving more later. yet another reason i urge people to quit funding college plans for the younguns until they've got their retirement plans on track.

TheMercenary · 12-08-2007, 01:31 PM

Quote:

Originally Posted by lookout123

saving less now is far more powerful than saving more later. yet another reason i urge people to quit funding college plans for the younguns until they've got their retirement plans on track.

Everyone says that but when I went to college I just got loans and grants and scholarships... Not anymore. Kids are not allowed to get their own loans. All loans are tied to the parents income. My kids do not qualify for anything. The kids can get mini loans but all loans have to be taken out by the parents in the parents name. One kids has gotten me 45k in loans for 2 years, there are two more behind that one. The system is set up to protect the lenders by making the educational loans the parents loans to increase the chance that they will recoup their money with interest. It is a total rip off.

lookout123 · 12-08-2007, 01:37 PM

not true. there are many different kinds. student loans are based on the student. parent loans are based on the parent's in income. both programs are "need" based. the individual school gets to decide what the level of "need" is.

TheMercenary · 12-08-2007, 01:40 PM

Quote:

Originally Posted by lookout123

both programs are "need" based. the individual school gets to decide what the level of "need" is.

And that is the problem! I think it should be put on the kid going to school to carry the burden of the loan, regardless of my income. My income should have nothing to do with the loan the kid can get to go to college.

View Poll Results: Are you financially ready for retirement?
I'm already retired and living in luxury	0	0%
I'm already retired and living under the freeway	2	13.33%
I'm ready to retire any day	0	0%
I'll be ready to retire when I'm 65	3	20.00%
I'll be ready to retire when I'm dead	9	60.00%
I love working and would never want to retire	1	6.67%
Voters: 15. You may not vote on this poll

12-08-2007, 01:26 PM	#1
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	saving less now is far more powerful than saving more later. yet another reason i urge people to quit funding college plans for the younguns until they've got their retirement plans on track. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

12-08-2007, 01:37 PM	#3
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	not true. there are many different kinds. student loans are based on the student. parent loans are based on the parent's in income. both programs are "need" based. the individual school gets to decide what the level of "need" is. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

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