What have you contributed to society that the government should forgive your loan? Did you join the Peace Corp? Serve in the military? Don’t you think if you want your loans forgiven you should do some type of national service?
You're right. Biden should cut the Public Service Loan Forgiveness program from 10 years to 5 years. Gives people an incentive to pursue public service
Loan forgiveness only makes sense if the colleges are made to bear the brunt of the written-off loans. Why should taxpayers be on the hook for foolish decisions by both the people who took out the loans and the colleges at which those students attended? Bailing out the loans effectively enables an inefficient and unsustainable college bureaucracy. Why should college administrators and presidents receive several hundred thousand dollars a year in salary when the graduating students either can’t or won’t pay off their own loans?
What have you contributed to society that the government should forgive your loan? Did you join the Peace Corp? Serve in the military? Don’t you think if you want your loans forgiven you should do some type of national service?
I like it. Wipe $20k in loans for every year served in the military, or as a teacher in an underserved area, or some other thing that gives value back to the taxpaying public. A win-win.
Military already has the GI Bill, but I would be totally good with that being able to be applied retroactively after you realize your liberal arts major was a waste (unless you go on to become a lawyer or something).
I have always thought a Civil Service Corps would be a brilliant idea with a system for college to be paid for similar to the ROTC System. The only catch would be the government would select highly desired majors (IE - Computer Science, Mechanical Engineering, Civil Engineering, etc) that you could then choose from and, if you maintained over a 3.0, your school would be paid for and then you would owe 2-4 years making pennies on the dollar to be a project manager for some government project. After that, you could choose to stay in the civil service corps being paid a normal government salary with benefits or get out and work in the private sector. While at school, if you dip below that 3.0 mark, do not pass go, do not collect $200 dollars, and you now owe the government back for every dollar they put into you. This was the exact same model for ROTC except they had to maintain a 2.5 and also had certain military/physical scores that they had to pass as well or they would be forced to pay back their entire scholarship.
What have you contributed to society that the government should forgive your loan? Did you join the Peace Corp? Serve in the military? Don’t you think if you want your loans forgiven you should do some type of national service?
I like it. Wipe $20k in loans for every year served in the military, or as a teacher in an underserved area, or some other thing that gives value back to the taxpaying public. A win-win.
I joined the NG way back in the 80's to help pay for school and to pay off some student loans. Seems like a reasonable trade to me!
I took out $50k in loans for my 2 kids in college this year even though I earn $225k. It seems like the smart thing to do.
Why are you going into debt for them? That doesn't sound smart to me. They can shoulder the burden, they will be more frugal if they have skin in the game (maybe they do some here). If student loans are paid back, would you get anything since you were not the student?
You can't be serious that forgiveness wouldn't help people, especially low income/diverse communities, who traditionally have a lot harder of a time paying back that money?
This is the first post that has at least raised that maybe we should be doing something to curb lenders. Whatever side you fall on, college costs too much & interest rates are out of control. That system is not sustainable & you can't just convince me to victim blame 18 year olds for going into debt. I'm 30 now & had no clue what I was doing at 18. I've paid off almost all of my student loan debt. If others don't have to get gauged, I'm all for it. But we need policy aimed at preventing this from happening again.
My parents worked jobs in college that paid for their entire tuition & then bought a house that doubled in value when they sold it 5ish years ago.
When we have these conversations, let's at least acknowledge how unchecked greed from lenders has caused a huge problem that students didn't have to face decades ago. If we have money for war & to bail out banks, we have money to help students who have been taken advantage of.
It's always been easy to go into debt for a long time back. Look at the ROI. If you can't make a good living by going to college, then don't go! You should know by 18 that debt is bad!
I like it. Wipe $20k in loans for every year served in the military, or as a teacher in an underserved area, or some other thing that gives value back to the taxpaying public. A win-win.
You realize they already have these programs in place, right?
A good friend of mine works for the VA and is in something called their EDRP program (Educational Debt Reduction Program). Reimburses you for up to $40,000 of her student loans per year for 5 years (so you could do $200,000 total). You make the payments and around a month after your year ends, you get a check for the previous years total that you paid.
It's a 5 year program...you can't pay your loan off early or you won't get re-imbursed. If you have 50k in debt, you can claim $10k per year in reimbursement. If you have 100k in debt, the program will repay you 20k per year.
What she did was get a low interest loan from her bank for her yearly max amount of $15,000 (so total after 5 years of $75k). Pays off her yearly max in one payment two months before her year is up, then a month after that year date, gets a the money back in her account for the reimbursement. She just then invests it so its making enough to cover the interest she'll have to pay the bank...then repeats the process every year.
I know there are other programs out there. The Army has one called Loan Repayment Program. Teach4America (i believe that is the name) is another one for teachers in low income schools/areas.
HRSA program (working in a remote/rural place) also pays for student loans.
No debt. I have $500k liquid and another $1.5M in the market in addition to my 401k of about $1.2M. I will invest all of the loaned money in the market and hope that the debt is forgiven. If not, I will pay it back a year after college and hopefully $50k of profit by then.
Why did you decide that the state would forgive your student loan debt? I think that you should not dream in vain and you need to start saving money. The state is not very active in such things. I also have a student loan that I still pay off. I don't even hope to be forgiven. I was a little worried that because of this student loan, I would not be able to get approved for a mortgage. However, the guys from Mortgage Advice Leeds reassured me and assured me that I could get a good offer without any problems.
What have you contributed to society that the government should forgive your loan? Did you join the Peace Corp? Serve in the military? Don’t you think if you want your loans forgiven you should do some type of national service?
You're right. Biden should cut the Public Service Loan Forgiveness program from 10 years to 5 years. Gives people an incentive to pursue public service
I think 10 years is about right. I ended up with about $300k in debt. My plan was to pay the minimum possible and get the rest forgiven after 10 years. As it amortised out, I calculated that I’d be paying $300k interest and having $300k forgiven, so essentially a 10 year interest free loan. Which seems fair to me. As my salary increased, I came close to just paying the balance off. PSLF wasn’t being forgiven for most applicants so I wasn’t hopeful I’d be successful. Almost needless to say, the last 2 years of no payments have been a windfall for me. And the PSLF regulations have been so relaxed, I’m pretty confident my outstanding $300k will be waived at the beginning of next year. All I can say is: Thank You Brandon! Did I do that right?
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