Trump’s Proposal to End Public Service Loan Forgiveness

[Lubaolong]

The Washington Post first reported a few days ago the Trump administration plans to deliver a devastating blow to student loan borrowers: the end of the Public Service Loan Forgiveness (PSLF) program.

https://www.washingtonpost.com/loca...1f359183e8c_story.html?utm_term=.d7d96c97bf0a

Started by Bush in 2007, the program basically is set to begin forgiving federal student loan debt this year for eligible public service and nonprofit workers who have been making loan payments for the last 10 years.

It will ultimately be the decision of Congress whether or not this program gets nixed, but this news certainly isn't encouraging for PSLF borrowers.

I imagine there would certainly be legal challenges if they try to deny the promised forgiveness to current eligible borrowers in the program.

 

[OverCoronavirus Pressure]

Recipient of multiple bailouts.
Donald Trump wins the hypocrisy belt. He'll be a lasting champ

 

[Slippery Kantus]

The Washington Post first reported

 

[Lubaolong]

This reads like a sick joke, right? Billionaire Trump & billionaire Devos, neither of whom ever worried about college loans or spent a single day in public service before stumbling their way into positions of immense power, are trying to eliminate a program that's basically designed to make life in underpaid government and nonprofit work a little more tenable.

 

[OverCoronavirus Pressure]

There are so many of these with our President acting like a childish retard. It's depressing

 

[OverCoronavirus Pressure]

This reads like a sick joke, right? Billionaire Trump & billionaire Devos, neither of whom ever worried about college loans or spent a single day in public service before stumbling their way into positions of immense power, are trying to eliminate a program that's basically designed to make life in underpaid government and nonprofit work a little more tenable.

American people trying to better their lives without going into crippling debt?
FUCK 'EM!

 

[Lubaolong]

Well, Slate is reporting today that Trump’s proposed changes to the student loan program, including PSLF, would only apply to those who start borrowing after July 2018. Good news, as there were tons of people who've been freaking out about Trump potentially scrapping a program they've staked their financial futures on.

 

[Hankooks]

American people trying to better their lives without going into crippling debt?
FUCK 'EM!

People accepting loans they can't pay back with the stupid degree they chose? Yes fuck em.

 

[JudoThrowFiasco]

Why should it be only offered to public service or non profit organizations? Are there not underachieving income earners in the for profit / private sector? The philosophy or art history major at star bucks is not offered the dole?

 

[JudoThrowFiasco]

People accepting loans they can't pay back with the stupid degree they chose? Yes fuck em.

To be fair, an applicant has to state their field of study on their application -- so, more like stupid institution for giving funds towards a person who should be flagged as a risk.

 

[Lubaolong]

Why should it be only offered to public service or non profit organizations? Are there not underachieving income earners in the for profit / private sector? The philosophy or art history major at star bucks is not offered the dole?

The plan was supposedly designed to encourage professionals to pursue public service careers (such as social workers, teachers, public defenders, etc) that may typically pay lower incomes.

 

[nostradumbass]

So people were taking out loans and we're supposed to think they're getting hosed for having to pay back the loans they took out?

Why the hell would public servants be immune to paying back loans? Sounds like another way for people in gov't to give more freebies to their friends.

 

[My Spot]

Why should it be only offered to public service or non profit organizations? Are there not underachieving income earners in the for profit / private sector? The philosophy or art history major at star bucks is not offered the dole?

Like KONG.

 

[Lubaolong]

People accepting loans they can't pay back with the stupid degree they chose? Yes fuck em.

People who will benefit from this the most are doctors.

 

[TheStruggle]

So we're upset because people are actually going to have to pay back their student loans they signed up for???

 

[Lubaolong]

So people were taking out loans and we're supposed to think they're getting hosed for having to pay back the loans they took out?

Why the hell would public servants be immune to paying back loans? Sounds like another way for people in gov't to give more freebies to their friends.

Because they were promised at the time of taking out the loan that there was a way for the debt to be forgiven through public service. Now, we have people who maybe decided to take a lower paying job in a rural area who are worrying that the rug will be pulled out from under them.

 

[TheStruggle]

Because they were promised at the time of taking out the loan that there was a way for the debt to be forgiven through public service. Now, we have people who maybe decided to take a lower paying job in a rural area who are worrying that the rug will be pulled out from under them.

That was never a guarantee, the whole point of a loan is borrowing money you need now that you need to repay later. Loans are not Grants or Scholarships, they need to be paid back and sorry if a few people actually have to honor their debts, welcome to the real word. Before you ask I pay $180 a month in loans.

 

[FacePunch]

The swamp is drained - all that's left is pond scum.

 

[Lubaolong]

That was never a guarantee

Actually, the promissory note I signed that explains the terms of the loan says

A Public Service Loan Forgiveness program is also available. Under this program, we will forgive the remaining balance due on your eligible Direct Loan Program loans after you have made 120 payments on those loans (after October 1, 2007) under certain repayment plans while you are employed full-time in certain public service jobs.

 

[HOLA]

Lubaolong?!

He's returned, ha.