What’s another trillon dollar loss. Our credit with China is still good, right?
Silly me. I’d try to pay off the loan. Then again, I am not a Democrat.
Are there any academic criteria imposed on those who obtain these loans or can just anyone get one regardless of academic performance?
Wow talk about a racket.
Work for the govt 10 yrs and all loans forgiven.
Another giant bonus for govt employees....
In college in the ‘70’s there were all these “students” in their 50’s who had never had a job. They’d been students their entire lives. One day I asked one of them how he did it. He explained that when the debt load got high, he’d declare bankruptcy and start over. He’d done this several times already. He had no intention of ever getting a job. He loved student life and the student parties. (In his 50’s yet.)
They recently changed the bankruptcy law. The one form of debt, beyond taxes, that can’t be forgiven is student debt. The reason for that is the government has the repayment to of that debt financing government retirement benefits. (Yes, that’s the actual reason.)
I guess I would have to pay something to read the article at WSJ?
It’s actually not that easy to get your loans forgiven. I just consolidated mine to get a lower payment. I went through all options and it is very difficult to get out of paying them.
I know one thing for sure, my 7 year old daughter will never take out a loan and go through this BS I’m going through. Thank goodness she’s the only child and we’re saving for her college now.
I read the average outstanding student loan was only about $25 G’s and the payment was =< the car payment
My wife is just finishing up with school and will be getting a degree in social work. She has taken out a couple of loans and we just found out about that program. The way I read it is you have to make 120 on time payments and work for a government for ten years to be eligible for loan forgiveness. In other words, you have to make payments for ten years. We will have her loans payed off in about a year after she graduates, assuming she lands a job in her field of study.
The way the law was rewritten by Congress was designed to prevent defaults without repayment. Court decisions following the lead of Congress make it almost impossible to avoid repayment and most attorneys won’t even take a case against the government because of the precedents.
Obama bought out all the outstanding loans that were owed to Sallie Mae and the banks that participated in the program because they had a guarantee of repayment from the government.
However, the ‘progressives’ believe that students got a good education for a purpose and they shouldn’t be penalized by an onerous and strict repayment program.
So the next step is to forgive all the loans since they were made for a ‘good purpose’ and will benefit the country.
It can't be because they aren't paid enough, or the benefits aren't good enough.