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His goal was to keep the down payment affordable for his mother and father, Mary and Dr. Richard Shindell, who live in Phoenix and would be co-buyers.
Sales of Boston Scientific's Taxus drug-coated stent, a device used to prop open arteries cleared during angioplasty, made the payment affordable, said Paul Donovan, a company spokesman.
Private student loan lenders are not required to make any payment affordable.
Ira Rheingold, executive director of the National Association of Consumer Advocates, said that balloon payments were traditionally a warning sign suggesting abusive lending, but when there is no other way to make a payment affordable, this arrangement may make sense.
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The companies say making monthly payments affordable is achieved equally well by forbearance, which allows part of the principal to be subtracted from the calculation of payments and instead tacked on to the end of the mortgage.
That should keep the payments affordable, assuming they don't change their mind about what they want to study, and manage to get a job in their chosen field.
I begged their representatives (and recorded the conversation on camera, as shown in the CNN documentary Ivory Tower) to make my payments affordable so that I could begin to pay them back rather than default.
While the bankruptcy code Congress amended in 2005 allows a judge to modify mortgage terms for an investment property in order to make the monthly payments affordable, it expressly prohibits modification of terms on a primary residence without the foreclosing bank's permission.
We shouldn't be put off investing by the 'graph of doom': Investing in prevention has to be the way forward and in a county like Surrey we have recognised that the prevention "offer" (I hate that word but you know what I mean) needs investment and for us that means £10m over five years to help build the social capital which will make direct payments affordable.
The right student loan repayment plan will keep your payments affordable.
The federal consumer bureau on Monday launched an industry-wide investigation to determine why borrowers with federal student loans are being kicked out of generous programs that keep their payments affordable.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com