Student loan payments should be twice per month

Nov 4 2011 - 5:25pm

I read with amazement the Nov. 2 editorial about student loans ("Student loan relief"). Obama is typical of a Harvard law graduate, plus being a fully trained Chicago Democrat politician. Tell the client what he wants to hear and do as you damn well please sans any common sense or judgement.

My older brother was a Harvard law graduate and I trained in Ob-Gyn at Cook County Hospital, Chicago. My opening statement is based on personal observation and conclusion.

A practical solution to the student loans and also FHA backed home mortages would be to cut all payments in half and be paid on the 1st and 15th of each month. The payment would be credited each time against the principle and interest. Thus a 30-year mortage, irrespective of the interest rate, would be paid in full in 19 years two months. Student loans would work the same!

My home mortages were done this way, plus an extra $50 each month. I was fully paid off in 10 years both times.

Why haven't the pin heads in the White House and Congress enacted this type of legislation years ago? We never would have had present prime mortage recession. They have been aware of this principle for at least the past 50 years, but it has been blocked by greedy, well-paid lobbyists of financial institutions

Evan F. Evans


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