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Can I do this... is it worth it?
Background - My work has a student loan repayment program. I got it in 2010, $10K towards my SL. They made a payment to my lender biweekly for a year, and it was added to my paid so I would get taxed on it all year. I had to sign a 3 year work agreement. Of course, I didn't get it again (gov't, budget, program was taken away/greatly reduced) and my 3 year agreement expired last year. They are offering it again, but I'm not sure if I get it this year I'd have to sign another 3 year agreement, or only 1 year. I don't have to stay in my exact position, but I have to stay in this particular "workforce".
Thing is - the loan has to be in my name. I paid off my loan this summer, and only have my parent's PARENT PLUS loan left. It's just under $6K left. I'm on the loan as a 3rd party (so I can call and ask questions), but I was told I need to be the primary, which right now is my dad. Can I change that? If so, how much of a pain is it?
I feel like I don't want to put too much effort for a small chance to get it approved. As it stands now, the loan will be paid off anyway in May/June. While it's crazy to turn down 6K, part of me doesn't know if it's worth another 3 year agreement, and hassle of changing the loan.
Re: Can I do this... is it worth it?
Suppose you find your 'dream job' in this next 3 years while you are tied to your current company. It is exactly what you want, and comes with a nice raise. If it were me, I'd be pissed I accepted $77 each pay period, and now have to stay and miss out on another opportunity. I wouldn't do it if I were in your shoes.
Ok, thanks for solidifying not doing it. My MM side was beating me with the "free" money thing. I'll just keep doing what we planned to do, and get it paid off this spring/summer.
@hoffse - so true! We're getting ahead and we can splurge a bit here and there but I'm still like NOOOO must horde all the money!
When vikingfan broke down the $/week I'm gaining... nope doesn't seem worth it. I know for the 10K the taxes was like $300/mon, double my loan payment. I can't even remember what I got back from taxes that year, but I never got more than 1-2K being single. But it made it possible for me to pay it off in 6 years vs 15. It was good then, not so much now.