Day 61 of Isolation – Student Loans & College

All of our Parent Plus Loans are paid in full!!

Because of the pandemic, all federally backed student loans (and Parent Plus Loans) have been modified to a ZERO percent interest rate for 6 months.  Since we are not spending as much as usual, we had enough left over in April to make a final payment on the last student/parent loan for Kiddo #2.  We received the official Paid In Full notice today!!  Talk about excited!  Our kids college experiences are finally paid for!

How will this pandemic affect the next group of college students?  What about this generation of people?  Will college going rates change because of this?

The California State University System announced today that Fall 2020 classes will be online with a few exceptions.  It looks like certain “lab” based classes will occasionally meet.   8 of the campuses also moved their deadline for deposits from May 1st to June 1st.  It looks like the University of California system will be adopting something similar.

As a parent, would I want my kiddo to move away?  Is it worth the money to go “away” to just have your courses online?  With the global financial uncertainty of the pandemic, is it worth the debt?  More people are saving and paying things off because of the uncertainty – more than in the last 40 years!

If this pandemic had happened in 2007, Kiddo #2 probably wouldn’t have gone to college on the east coast.  Heck, Kiddo #1 probably wouldn’t have gone 150 miles away.  There would have been serious discussions about staying close to home with the possibility of transferring.  We have a UC school about 10 miles away.  It was considered their “safety” school just in case something happened and they couldn’t go away.

How many students will be attending closer to home?  There is going to be a massive federal debt because of the pandemic.  What are the long term ramifications of this on their career prospects?

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