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Posted by HockeyDad10901 on June 14, 2008, 6:26 am
For a college loan for my son, is it better to take a Plus Loan at 8.5% or a
2.9% for life Chase credit card offer? We are talking about $20K. I know the
plus loan starts in 4 years but the interest starts soon. Just seems like a
2.9% credit card HAS to be better as long as I pay on time, yes? no?
opinions?
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Posted by FranksPlace2 on June 15, 2008, 10:20 am
On Jun 14, 5:26 am, "HockeyDad10901"
> For a college loan for my son, is it better to take a Plus Loan at 8.5% or a
> 2.9% for life Chase credit card offer? We are talking about $20K.
So at the end of 6 years interest payments would total about 6*2.9 =
17.4% for the CC vs. 2*8.5 = 17% for the Plus, essentially breakeven.
After this, you are way ahead with the CC. Plus you have the $20 in
the bank earning interest. I agree with you.
A risk is the high interest on future advances but you can limit the
card to $20k.
Frank
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Misc.invest.financial-plan is a moderated newsgroup where Moderators strive
to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond. For all of the other tips and suggestions, see "FROM THE
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Posted by rick++ on June 15, 2008, 2:27 pm
Should worse come to worse, crdiet car debts are
dischargeable, while formal student loans may dog
you well into old age.
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Misc.invest.financial-plan is a moderated newsgroup where Moderators strive
to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond. For all of the other tips and suggestions, see "FROM THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the
Newsgroup.
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