Ah, the awesome "Loan Forgiveness" program.

[wig]

Like magic, US students owing $5 billion of debt might suddenly owe nothing

Yes, and all of us who paid off our student loans are so tremendously happy. Thrilled really. We can only eagerly await the day when these students relentlessly apply for jobs we have demanding positions and salaries due to them because of their education and "life experience". Thank you so much progressive politics. You've really really moved the world forward! Bravo!

 

[IndySteel]

All "Progressive" means is ******* the American tax payer out of more of their money and increasing government so that more citizens rely on them for survival.

 

[Supersteeler]

For ****'s sake, I sure hope they excuse mine. As it stands now, I will be long dead by the time mine ever get paid off....and I have been paying on them religiously for the past 15 years since I graduated. The level of interest on them causes the balance of the loans to rise faster than I can pay on them. At last check, I currently owe $8,000 more on the balance now than I did when I walked out of Grad school in 2002. Have NEVER missed a payment in that 15 year span. How's that for messed up? Goddamn racket is what it is.

Is there a link Wig? This is some damn exciting news if there's any truth to it. My wife and I will throw a ******* party....her loans are just as bad as mine. Pay $600 dollars a month and get farther away from paying them off every month. Bullshit.

EDIT: Thanks Chip, I caught the link you posted.

 

[SteelChip]

Unbelievable, now if you are employed by a political action committee, you qualify ?

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service

 

[Tibs]

Damn, who the hell is running the U.S. Department of Education? Must be a bunch of friggin' progressive liberals, to allow for such a thing.

 

[Ron Burgundy]

Damn, who the hell is running the U.S. Department of Education? Must be a bunch of friggin' progressive liberals, to allow for such a thing.

Yes, it has been from Day One in 1977.

 

[SteelChip]

Yes, it has been from Day One in 1977.

How does that saying go...... when a liberal professor starts preaching about diversity, ask him how many Republicans are part of his faculty.

 

[ZonaBurgh]

This is a result of just how screwed up the educational system is in this country. If you didn't have to mortgage your life to get a degree, this problem wouldn't exist.

When I went to school at Pitt, a thousand years ago, tuition was about $450 a semester, so working during the summer and after classes, I was able to get through without a loan.

Fast forward to today.....My daughter completed a 20 month program to earn an RN degree. She is in debt over 70K, between her 4 year undergraduate degree and the one for nursing.

 

[Supersteeler]

This is a result of just how screwed up the educational system is in this country. If you didn't have to mortgage your life to get a degree, this problem wouldn't exist.

When I went to school at Pitt, a thousand years ago, tuition was about $450 a semester, so working during the summer and after classes, I was able to get through without a loan.

Fast forward to today.....My daughter completed a 20 month program to earn an RN degree. She is in debt over 70K, between her 4 year undergraduate degree and the one for nursing.

Yeah if you are crazy enough to go back for an Advanced degree in a career field that pays less than 6 figures a year, like my wife and I, you are most likely financially screwed for life. A slight exaggeration maybe but let's say it's going to take a big chunk of your income for many, many years and maybe the rest of your life like us. Doctors and Engineers don't seem to have any trouble paying their loans off but basically everyone else does......unless their parents paid their loans off for them. My wife and I are both about 70K in the hole, which probably comes out to 125K apiece in the hole by the time you pay all the interest. Like I said, mine has gone backwards over 15 years, so unless I hit the lottery that number will keep growing until I kick the bucket.

I know that we are the least financially prosperous family in our circle of friends in town where we live. We are also the only two who went to college, let alone having Masters Degrees. They are all Coal Miners and Pipeliners. Don't get me wrong, we are doing alright, but we are the only ones living paycheck to paycheck out of the group. Factor in that none of their wives work full time, a couple don't work at all....they are pretty much all living off the husbands paycheck only. We have two paychecks from professional jobs and can't touch their style of living. They have all the toys you would want, jet skis, hot tubs, off road vehicles, motorcycles, etc. And here's my dumb *** trying to get the mortgage paid every month and driving a car with 150,000 miles on it lol. The main difference other than the fact they make more money on one paycheck than both ours put together, is that they don't have this loan debt. I sometimes wonder if college was the right way to go. Then I think about the ****** work conditions and the ****** hours they to deal with in the mine and on the job site, so I guess that is worth it. Also the uncertainty of the work they do, with layoffs, cutbacks, etc. That is scary.

Whew that was rant! Sorry about that. But I did have my wife read over all this loan forgiveness stuff yesterday. I know from looking into loan forgiveness programs in the past that there are usually a million catches that disqualify 90% of the applicants but if this works out, I owe you ******* a round of beers for bringing it up. I don't give a **** what the context was, I wouldn't have seen it if not for this thread.

 

[Ron Burgundy]

Yeah if you are crazy enough to go back for an Advanced degree in a career field that pays less than 6 figures a year, like my wife and I, you are most likely financially screwed for life. A slight exaggeration maybe but let's say it's going to take a big chunk of your income for many, many years and maybe the rest of your life like us. Doctors and Engineers don't seem to have any trouble paying their loans off but basically everyone else does......unless their parents paid their loans off for them. My wife and I are both about 70K in the hole, which probably comes out to 200K in the hole by the time you pay all the interest. Like I said, mine has gone backwards, so with that trend I should owe about 100,000K by the time I kick the bucket.

I had my wife read over all this loan forgiveness stuff yesterday. I know from looking into loan forgiveness programs in the past that there are usually a million catches that disqualify 90% of the applicants but if this works out, I owe you ******* a beer for bringing it up. I don't give a **** what the context was, I wouldn't have seen it if not for this thread.

I'm only about $9k in debt from mortuary school but that gave me some breathing room. I don't see that I qualify for forgiveness though unless I work for the government. My son's girlfriend is about $70k in debt from college and grad school but she's in the deal working for a non-profit so she will only have to pay on it for ten years. Ron Jr. didn't have to borrow a lot and went to grad school for free so he should be paid off in about two more years.

 

[steel dino]

So Sallie Mae finances most of the Student loan debt in the country..

Is the government planning on paying off/compensating Sallie Mae?

Would like to know...Have been looking at Sallie Mae for a potential stock purchase, and this obviously would be important..

Also agree that young Americans should not have to go into life long debt to pursue ANY degree..

 

[Steeltime]

Want to talk about student loans?

My daughter went to an Ivy League school, then medical school. Total tuition?

More than $400,000. Yes, you read that correctly, more than $400,000.

Wife and I paid the undergrad, a chunk of the med school debt, but daughter still owes $200,000 in student loans for medical school.

That would buy a house in most areas of the country.

 

[Steelin]

I help as much as i can and I plan to help my daughter's pay back their loans. What pisses me off the most is that since apparently we're rich or something, our daughter's get to pay interest on their school loans from inception rather than from when they are out of school. That's bullshit in my opinion.

 

[Steeltime]

I help as much as i can and I plan to help my daughter's pay back their loans. What pisses me off the most is that since apparently we're rich or something, our daughter's get to pay interest on their school loans from inception rather than from when they are out of school. That's bullshit in my opinion.

When private companies made the loans, backed by the government, they were willing to wait for graduation before expecting payment.

Now that government, and only government, is the lender, it wants its money NOW. I am endlessly fascinated by those who think the government is patient, and kind, and gracious about debts owed to it.

Those who believe that have never worked against the government or seen how it enforces its debts. It is the great white shark of debt collection.

With less mercy. And less intelligence as to going about wrecking lives while getting its money. Some of my former clients have had their payroll accounts seized, their assets taken, and their businesses basically closed, and about 3 years later, the government says, "Oh, sorry, we ****** up."

Yeah, great. But meanwhile the business is closed, the company is being sued by numerous former employees for unpaid wages, those employees had their lives ****** over, and every person who worked with or for the company, and its numerous clients, have been put through hell. Because government.