Cheryl Winokur-Munk

speaker
1,406 appearances 26 recordings 2 series first heard Apr 2019 last heard Jun 2025

Cheryl Winokur-Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Paying for College: Where to Look Beyond Federal Loans · 7 May 2021 podcast
And you would expect with everything else going up that prices would again rise and continue to rise. voice-verified
And when you join that with the fact that many families are out of work or have suffered economic hardships because of the pandemic, it just really exacerbates the problem. voice-verified
Well, it's really who owns the loan. voice-verified
So a student loan, like it sounds, is owned by the student. voice-verified
So the student's responsible for paying that back. voice-verified
The parent loan is in the parent's name, and the parent is responsible for paying it back. voice-verified
Now, there's nothing saying that if a student takes out a student loan, that the parent can't pay it back on the student's behalf. voice-verified
But it does mean that if the parent doesn't do that, the student is responsible. voice-verified
There are differences in interest rates, and there are differences in fees on these loans. voice-verified
And the parents and the students have to decide who wants to be responsible for the debt. voice-verified
That's really one of the considerations that should go into it. voice-verified
Well, if you have good credit, especially, you may be able to get a lower interest rate than in a federal student loan. voice-verified
Now, interest rates are pretty low at the moment, so it's not necessarily as compelling in that respect. voice-verified
But you may be able to do a little better in terms of the interest rate, and it does make a difference, or it could make a difference in how you're paying it back. voice-verified
The thing you have to be careful of, if you're a public service worker, for example, and you could potentially qualify for forgiveness, that's not going to be an option with a private loan. voice-verified
So with a home equity line of credit, a borrower would withdraw money as they need it, and it's up to a certain amount. voice-verified
There's usually a floating interest rate, and borrowers generally have 10 to 20 years to pay back the money. voice-verified
So a home equity loan is a one-time lump sum, and that will often come with a fixed interest rate. voice-verified
And, you know, housing prices are really rising in so many areas of the country nowadays, so it could be an enticing way to borrow more money. voice-verified
Of course, you have to think about things like your home's value, how much you need, your closing costs, etc. voice-verified
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