Posted on 09/11/2013 12:38:49 PM PDT by reaganaut1
Raha Wala, a 30-year-old lawyer for an international human rights organization, is facing $200,000 in student loan debt. But if all goes according to plan, most of that burden will be forgiven after 2020 under a federal program aimed at helping those who enter public service jobs.
“It’s enabling me to do the work that I love,” said Mr. Wala, who graduated in 2010. “It wouldn’t be possible, otherwise.”
The federal government is trying to encourage more participation in the Public Service Loan Forgiveness program, which was created in 2007. The program and other debt assistance options have been underused because of complex rules and sometimes conflicting benefits.
Last month, the Consumer Financial Protection Bureau created a tool kit for employers — like nonprofits, school systems and police and fire departments — to help make their workers aware that they may be eligible. The public service program allows those with high student loan balances relative to their income to have the balance of their loans canceled if they work in government or nonprofit jobs for 10 years.
Mr. Wala hasn’t calculated exactly how much the forgiveness program will save him, but he expects it could be many thousands of dollars. “I definitely am looking at it as something that will have to happen, if I want to maintain a stable lifestyle,” he said.
The program works best with income-driven student loan repayment programs — options that let you make lower loan payments based on your pay. (That’s because if you stayed on the standard 10-year loan repayment plan and made all your payments on time, you wouldn’t have any loan balance to forgive.)
(Excerpt) Read more at nytimes.com ...
The KEY phrase is "producing something", which government workers do not do....they live off taxpayers, and their mission is to keep living off taxpayers, finding NEW and INCREASED taxes they can implement.
Student Loans, in ALL forms, belong to the benefitted person who used the money for THEMSELVES, and Taxpayers are gonna pay the debts (soon, there will be Amnesty on Student Loans, mark my words).
Socialism/Communism has the goal of having EVERYONE working "for the Common Good", which means the Elite of the Party will decide who gets what, and who pays to make sure we all "share".
The list, Ping
Let me know if you would like to be on or off the ping list
Freaking marxist bastards!
Public service jobs tend to pay less. I took a 25% pay cut to work for the government. The benefits just made it better.
2007? That explains much. Congress (both houses) was taken over by who starting in January 2007? This was likely a trailer bill attached to a larger piece of legislation in 2007.
Why is paying American citizens' tax money to foreign organizations beneficial?
And signed into law by President Bush.
-PJ
As an attachment to other legislation, I’m sure. The question is whether Bush new about that bill, or did it slip under the radar. I’m betting the latter.
This will give community service orgs like Acorn the ability to get a steady stream of graduated students to work for them in order to offset their educational costs.
How about this; you get a dollar off your debt for every five dollars you pay in taxes.
I am currently paying 2.35% on my student loan. What does the government monopoly offer?
I can just see these institutions of higher education building out coop arrangements to recruit students and put them straight into the non-productive work force.
Furthermore, obama has long supported the idea that public "service", ie the bureacracy, is nobler than the greedy private, that would be the productive, sector.
In the example cited we have a lawyer w/ $200K worth of student debt that I'm now on the hook for. Once we erase his debt he'll drop the namby-pamby non-profit he's working for and start after the real money--class-actions against the companies we work for.
It's all too beautiful.
It’s called”Getting Out The Vote”!!!!!!!!!!!!!!!!!
I think the plan was to raise the cost of so-called higher education to a level that hardly anyone could afford, nationalize student loan programs and then set up a system whereby graduates who go into the government or non-profits never pay more than 10% of their salary to repay their loans and have the rest forgiven after 10 years. That way the cost of education is irrelevant and students are pushed into taxpayer-funded jobs.
Yes, when the democrats took over, they built this into the appropriations.
Isn’t that treating people in a unequal manner?
Not unequal. More equal. Some people are more equal than others, but nobody is unequal. If you don’t understand that, perhaps you need some reeducation.
Someone tried to reedjumicate me once, I think he’s still broken.
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