i have ZERO sympathy for those who don't pay their stud-loans... NONE!!!
Posted on 11/28/2019 12:56:57 PM PST by karpov
WASHINGTON — When Congress created a student loan forgiveness program in 2007, lawmakers wanted to draw people to vital but relatively low-paid careers with a promise: after a decade, if borrowers faithfully paid their debts and pursued their work, they would have the remainder of their student loans written off.
Since then, tens of thousands of graduates were led to believe by their student loan servicers that they would qualify for relief at the end of a decade, only to be shocked when their applications were rejected.
The blame can be spread broadly — to loan servicers who at best failed to inform borrowers of what was needed to qualify, to the single company in charge of the program that has been repeatedly cited for shoddy service, mismanagement and poor record keeping, to lawmakers who wrote in a baffling list of requirements, and to the Education Department, which has failed to step in and correct the problem.
...
Fewer than 1 percent of those who have applied for relief under the Public Service Loan Forgiveness program have been deemed eligible. Lawsuits are proliferating, along with dashed hopes.
“We didn’t create a puzzle or a contest,” Representative Robert C. Scott, Democrat of Virginia and the chairman of the House Education Committee, said in exasperation at a recent hearing on the program. “The odds of somebody getting through this process — they’d be better off buying lottery tickets.”
More than 80,000 professionals like Ms. Finlaw have been denied the promised relief, through bureaucratic snafus, confusion over complex rules or just poor management. The first deadline came and went in 2017, and fewer than 1 percent of the 28,000 applicants received anything. Congress rushed to create an emergency “fix” fund last year — and it too had a dismal 99 percent rejection rate.
(Excerpt) Read more at nytimes.com ...
If the market isn’t manipulated, then wages are low because there are too many people for too few jobs.
Remember kiddos, you want these people running your healthcare......
there is no need to give away these ‘signing bonuses’ for jobs in the public sector. There are already many advantrages of working in the public sector, as we all know.
this program is insulting to taxpayers (but if someone was promised then that promise should be fulfilled, of course)
The student loans are for 10 years. How can people still owe money more than 10 years after they graduate?
The Government giveth, and the Government taketh away.
I was in the military for four years and after serving, I KNEW for a certainty that I did not want the government running our health care - or anything else!
Exactly, or they are in protected jobs, like teaching, where the union protects the deadwood until it takes a dirt nap
I remember when my school district would get 3-4 post office tubs full of resumes for 1 5th grade teaching job
And teaching wasn’t really a high paying job, not saying it was low paying job either, the benefits were good, the salary was average considering the benefits and the 2 months off in the summer. But colleges were pumping out education degrees like they were pumping out gender studies degrees, everyone seemed to have one.
This was basically a bailout for colleges so they can keep charging high tuition for low paying degrees like teaching. That is all this was.
Now if the university would have lower tuition, this would not have been an issue. But gold plated water faucets in the University’s President’s bathroom was more important then doing that.
People who are graduating with degrees in sectors like health care, teaching, law enforcement, and other “service” related fields are encouraged to choose a 25 year loan in order to qualify for the 10 year payoff program. While I paid for my daughter’s undergrad, I told her she was on her own for post grad. She was sold on this program, and has been making the minimum payment for 4 years, apparently under the illusion that it would be paid off at 10 years. No surprise, the 25 year interest rate is higher, and while making the minimum payment, the bank is making a lot more money off of you. Sounds like a scam to me...
Just get rid of government-financed student loans altogether. Remember when people in law school used to bartend to pay off their tuition? Summer jobs?
i have ZERO sympathy for those who don't pay their stud-loans... NONE!!!
Maybe even less so. People working in the private sector pay most of the taxes for those public sector jobs. The only ones I’d cut some slack are those in the military who risk their lives.
How can they still have student loans when they’re SS age?
“...has been making the minimum payment for 4 years, apparently under the illusion that it would be paid off at 10 years. No surprise, the 25 year interest rate is higher, and while making the minimum payment, the bank is making a lot more money off of you. Sounds like a scam to me.....”
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“the bank”? I thought that all student loan programs had been take over by the government under Obama.
I am from the government and I am here to help...
Pennsylvania Higher Education Assistance Agency
PHEAA???
Irony...
Let them pay theirs. They have already gotten privileges they couldn't pay up front for. Honest people pay their own debts. Thieves don't. They want someone else to keep on supporting them.
you can get loan forgiveness.....
the lies keep coming!
Goes astray? The Rats designed it to fail from the very start.Just another way to buy votes from lazy and/or stupid voters.A bit like ObamaPhones.
Well, I have even LESS sympathy than you!
(;D)
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