I read an article in a teacher-led publication that described recent student protests against Sallie Mae. The students were protesting Sallie Mae, arguing that they should get their loans forgiven because of the poor job markets and because of the cost of a college education. Yes, I understand the economy is in bad shape, especially for a new college grad. But feeling that it's your right to have the loans forgiven? Perhaps I'm too cynical?
I've heard of similar things before, but without reading the article it's hard to guess what you're missing.
But certainly don't think that all recent college grads feel this way. I also can imagine you could find homeowners who want their mortgages forgiven due to a bad housing market or something similar, so I don't know that this mentality is limited to a certain age group.
Im a recent college grad and I would be pissed if college loans were forgiven. I worked all through college and went to a cheap state school to avoid debt. I feel it would be a slap in the face to people like me if all debt was forgiven.
By law, you can't dink alcohol until you're 21 in the US to protect young people's maturing brains and reduce car accidents, but you are certainly mature enough to enter into your first 6 semesters of loan contracts which can bury you under up to $120k of student loan debt at a private university! What brilliant sense that makes!
The protestors are practicing for their future stints on the Occupy barricades. All together now:
"WAAAAAAHHH!"
I don't know the whole story but no the loans should no not be forgiven. However lets not force grads to pay usury rates for loans needed to pay for courses to graduate.
There is an income based repayment plan, called IBR. To qualify, all you need is to have certain student loan payments exceed 15% of your disposable income (AGI minus 150% of poverty). You only have to pay 15%. Say your loan payment was to be $6000 a year but 15% of your disposable income was only $3000 per year. You are only responsible for paying $3000 per year. If your income remains unchanged, instead of the standard 30 year repayment plan for higher balances, you only have to pay for 25 years. At that time the remainder of the balance will be forgiven. Sallie Mae loans currently fall into this plan if they are federally backed, so I am not sure what the OP is talking about. With Obamacare, these numbers were supposed to drop to 10% of disposable income for 20 years.
I posted above about the IBR. I forgot there are public service provisions for teaching in certain areas of the country where your loans are forgiven after 10 years, but Sallie Mae may not be mandated to forgive these public service borrowers.
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