http://www.usnews.com/education/blog...d-mean-for-you
I was curious to what some of the more political savvy posters thought of this legislation.
What are the chances a vote happens. Chances it passes? Long term benefits vs. ramifications.
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09-27-2012, 04:32 PM #1
Student Loan Forgiveness Act of 2012
“Life is tough, but it's tougher when you're stupid.” John Wayne
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09-28-2012, 07:50 AM #2
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Well...they have to do something if they want their country to be educated, because at this rate, unless you're stepping off of campus making $60-80K (which is a very small percent right out of college), you can figure to be hampered with loads of debt for 15-20 years....some to the point where they'll never be able to pay it back in their working lifetime (especially those who go to the more expensive schools but end up getting degrees in fields that don't pay well).
I haven't missed a payment in 12 years, and in the first 5 years it was a struggle...I'd love to get a letter that forgives my balance. I think people like me who have shown the good faith to make payments should be given some consideration even if this is focused more towards recent graduates.
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09-28-2012, 08:08 AM #3
It will be one more thing I can pay for other people who didn't make wise or appropriate decisions. Such as going to an expensive school to major in something you can't make any money doing.
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09-28-2012, 08:28 AM #4
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09-28-2012, 09:12 AM #5
Ding Ding Ding! I know tons of people who got degrees for stuff that you either can't make any money doing or that they never even wanted to do. Many of them didn't work much and some borrowed money for room and board in addition to tuition.
We need to start being smart about college decisions. If your parents aren't helping with tuition and you don't qualify for any scholarships then perhaps you shouldn't go to Xavier for your teaching degree. I never could understand the kids at X who were taking out $100K in student loans to get a degree to teach high school. I don't know how they were ever planning to pay that back, but I also think many kids aren't thinking about what their student loan payments will be upon graduation when they are 18 and choosing a college and a major.
I don't mean this as disrespectful to teachers at all. I just couldn't imagine borrowing that much to get a teaching degree, particularly when many state schools have excellent programs that are far cheaper.
I went to grad school. My company paid for about 80% of it by the time it was said and done. I paid the rest out of pocket. In fact, every company I have worked for (4) have all offered grad school tuition reimbursement. In my mind the idea of going to an expensive full-time grad school is reserved for either the wealthy or people going to Ivy League schools who will make $200K upon graduation. The rest of us can get graduate degrees while we work.
I will say that I think we need more affordable college options for people. The cost of many schools is becoming outrageous. This is particularly bad for high school teachers who now need Masters degrees. I dont' understand that at all.Eat Donuts!
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09-28-2012, 09:27 AM #6
Fortunately, that exists. I think if you work in the public sector for 10 years, a chunk of your loans are forgiven. I don't know the details, though.
Sure, there are plenty of instances where employers pay for a two-year master's program. Good for you. That isn't always the case, though. I can't think of many hospitals, clinics, or law firms that pay kids out of college to go to medical or law school.
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09-28-2012, 08:29 AM #7
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09-28-2012, 08:36 AM #8
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09-28-2012, 08:33 AM #9
My wife and I have several loans from going to Xavier. Even though we owe lots of money, my initial thought is that the government should not do loan forgieness.
Our loans are all for 10 years, i.e. 120 payments each. On the loan companies' websites we've noticed that you can apply for loan forgiveness if you meet certain terms and have paid at least 120 payments toward your loan. This 2012 Act also only comes into fruition once you have made 120 loan payments. So, the criteria seems like those who set up to pay their loans off in only 10 years are not eligible while those who set it up to pay over 20, 30, etc. years would be. I don't quite understand that. I (and my wife) thought it'd be best to try to get the loans knocked out as quickly as possible but seems like those in the same boat as us who may only be paying 1/2 the amount we are each month because they're in a 20 year loan might be done in 10 years as well if they are forgiven what they owe once year 11 starts. Doesn't seem fair but then again life isn't fair I guess.Go Muskies! www.XavierBasketball.com
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09-28-2012, 08:47 AM #10
First of all, you and your wife should be commended. That's very responsible and will be a huge weight gone after those 10 years.
Having said that, not everyone may be in that same position where they can make sufficient payments over just 10 years. That's especially true for those who go to medical school or law school and go into work in the public or non-profit sector. These jobs are very important (also not many people want to take them), but typically don't pay as much, making paying off student loan debt a lifetime issue.
I had friends from law school who are public defenders, legal aid attorneys, etc. Very important jobs, but their law school tuition was a boatload. I think something like this would really benefit those in that position.
There are a ton of different scenarios where some may be more deserving of forgiveness than others, but it shouldn't be declared an overall bad idea. I dunno. I would be in favor of something like this, but I could understand those who wouldn't be.
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