Hellobee Boards

Hmm. I'm not sure what I think about this. Six percent is quite high in the current interest rate environment so I'm not sure how much of a favor she's really doing these families. I guess I could understand a child care loan for some who is in school getting a masters degree or something similar where they were increasing their earnings potential. But for some who is working full at a job where the don't expect to move up soon I think these loans will just get then deeper and deeper into a bad hole.

Unless someone was a medical resident and about to become an attending in a lucrative sub specialty, I don't see how this is a bridge out of debt but rather deeper in.

Now if these were grants, that would really be something!

I don't think it's necessary a way into more debt. How often do we see on here women who quit working because they don't take home much more than daycare - if they could continue to work, over the course of the 3-4 years they might otherwise be out of work, they should reasonably expect to move ahead in their careers, and make more money than if they took time out (even if just from COLA increases). And if you could spread that cost out over, say, the time the kid was in elementary school, I could see how many families would end up ahead continuing with two incomes.

6% is what my credit union offers for personal loans (non-auto/home) so that seems fairly reasonable to me. Could be lower.

Ugh, Christine Quinn. This seems like a grim turn... Just sort of giving institutional approval to lack of affordable and quality options. She is not getting my vote either.

I don't think this is a good plan at all. @MamaMoose: I agree that it would seem fine if the patent was attending school and had potential to earn more but otherwise, more debt isn't what our society needs.

Ha I am not sure her heart is in the right place at all! The timing of this proposal coupled with the fact that it's a loan at high interest makes me think this is just an attempt to garner middle class votes and that she's counting on people not paying attention to the details ;). But I'm cynical and not a Quinn fan haha.

No...I'm not in NY, but it sounds like a bad idea. I wouldn't encourage anyone to add to their debt. it would cost me more in the long run and I'd rather not get a loan from the government.

We don't qualify, but I wouldn't want to take out a loan for childcare! It would only be a last resort if we were in the red and had no means to pay for it, in which case we probably wouldn't qualify for other reasons..