Student Loan

Today's PostNote:
This post may contain
an opinion,
an observation,
a fact.

Student loans have been in the news, but that’s probably not news to most.

It was the end of the 1960s and the start of the 1970s when I went to college on the GI Bill, part time work, one small scholarship, and student loans.

I was married with three children and had enough to get started fall quarter 1969 after moving bag and baggage from the east coast. Tuition doubled to $74 the second quarter, so I applied for a student loan to cover the extra cost and increasing living expenses. I renewed the loan each quarter and was graduated from Central Washington University $1,100 in debt to the program.

Student loans were forgiven for those of us who taught in public schools for five years. Each year I sent the necessary documents to the program and at the end of those five years the loan was forgiven.

What a deal! However, there’s more to this story. The IRS considered the forgiveness to be income in kind.

Then came the big however! The income in kind moved us into the next higher tax bracket, so the forgiveness was essentially cancelled.

Oh well, we had the loan money when we needed it most.

Smiles, snarks, and comments go here.

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