Trump’s Proposal to End Public Service Loan Forgiveness

[Lubaolong]

lmao. Didn't see this before. I guess you weren't trolling, you're just a simpleton. GL paying back that debt with your worthless PS job and thanks for the tax break!! I'll have a few drinks in your dishonor.

We can't all join the military and then work in an Amazon warehouse.

 

[HockeyBjj]

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.

If they do this and people take out the loan knowing all the rules, not having the rules changed Galway through on them, then it's more understanding

 

[Long Dark Blues]

A lot of people in this thread have no clue how this program even works.

No one was ever promised to have their loan completely forgiven, no questions asked.

First off, it has to be a specific type of government-backed loan.

Second, you have to work 10 years in public service forgoing the competitive and often higher salaries afforded in private industry.

Third, you have to make 120 payments and they have to be ON TIME. Not late, not even once.

Fourth, you have to apply for it and may not even be granted forgiveness.

I have a degree in computer science from Drexel. I worked in private industry as a DBA for a year and then moved into state-level government as a Web Services programmer. When I came out of college I had $19k in federal-backed loans (and a shit load more in private loans).

After these 10 years that I've been paying on my loans and working in the public sector, I have only a fraction of that original $19k left.

Were I to apply to be on the program, which I intend to do, it would only forgive that fraction that is left on the federal-backed loans.

No one is getting their entire college debt paid for. And no one is even assured that they will get on the forgiveness program.

 

[Pale Man In Black]

There's a word for people that don't honor their debts.
Struggle builds character.

 

[JosephDredd]

TS is a moron

1. Even a shitty source like wapo has to concede that this (if it really will be pushed, in the first place) is not retroactive

2. Only complete dipshits entered this program. What kind of a neanderthal would trust our leaders to hold up their end of the bargain? If you're stupid enough to believe politicians on either side of the aisle then it's important that you get screwed hard so that people with the ability to think and read above a fifth grade level don't have to bear the burden. Smart people signed up for this and used it as a stop gap, they didn't actually expect it to stand the test of time.

https://www.nytimes.com/2016/12/20/...forgiveness-years-later-the-answer-is-no.html
https://www.nytimes.com/2017/03/30/business/student-loan-forgiveness-program-lawsuit.html
https://www.insidehighered.com/news...eligibility-federal-loan-forgiveness-programs
https://www.insidehighered.com/news...e-may-be-no-borrowers-eligible-public-service
http://associationsnow.com/2017/04/...-loan-forgiveness-program-worries-nonprofits/
https://www.americanbar.org/news/abanews/aba-news-archives/2016/12/aba_files_lawsuitag.html
http://ucentralmedia.com/news/federal-program-doesnt-forgive-student-loans/

The type of people that bought into this shit (i.e. extremely stupid, welfare-destined plebs) are exactly the type of people that need crippling debt. It will give them a goal to work towards. Much like a cat with yarn.

jfc, on top of everything else you're ignorant of in this post, you don't even understand what cat does with yarn. smh. I'm tapping out from the internet today.

 

[Lubaolong]

First off, it has to be a specific type of government-backed loan.

Don't most students get federal loans?

Second, you have to work 10 years in public service forgoing the competitive and often higher salaries afforded in private industry.

That's the idea, but it's not always true for all jobs. For example, most hospitals are non-profit, so many typical healthcare jobs would qualify. Jails, prisons, and the VA typically pay pretty competitive wages too.

Third, you have to make 120 payments and they have to be ON TIME. Not late, not even once.

You just have to make 120 qualifying payments. They don't have to be consecutive.

No one is getting their entire college debt paid for.

If the program doesn't disappear, some people will get close.

 

[Long Dark Blues]

Don't most students get federal loans?

Perhaps, but only a narrow subset of federal loans qualify for forgiveness if you are granted onto the program.

That's the idea, but it's not always true for all jobs. For example, most hospitals are non-profit, so many typical healthcare jobs would qualify. Jails, prisons, and the VA typically pay pretty competitive wages too.

True.

You just have to make 120 qualifying payments. They don't have to be consecutive.

Also true. Your public service doesn't have to be consecutive either.

If the program doesn't disappear, some people will get close.

Maybe, I suppose.

 

[lecter]

Either that or he's a high functioning Asperger with a STEM degree.

He's divorced from reality and humanity one way or the other. All of his posts are evidence of it.

So basically if you're a simple construction worker, you're worthless, if you have a STEM degree you're also not important. Who's actually allowed to have an opinion? Who isn't disconnected from reality? College students who are enrolled in some social science program for 7+ years?

Reminds me of Leftists here making fun of dumb, simple workers "voting against their own interests" but also hating on people in higher income brackets for voting in favor of 'tax cuts for the rich' because they're somehow evil and exploiting "the poor".

Guess you have to be a lower-middle-class guy who doesn't have a science degree but also isn't a blue collar worker and votes Democrats in order to have a chance of being accepted.

 

[Scheme]

Good, we need to stop encouraging every single young man and woman (in their prime) from going to college. Only ones who are going into STEM subjects, or truly have a passion for the field they are studying for should enter college.

A vast majority of students who don't enter STEM subjects in college are simply wasting their time and money.

 

[Quipling]

A lot of people in this thread have no clue how this program even works.

No one was ever promised to have their loan completely forgiven, no questions asked.

First off, it has to be a specific type of government-backed loan.

Second, you have to work 10 years in public service forgoing the competitive and often higher salaries afforded in private industry.

Third, you have to make 120 payments and they have to be ON TIME. Not late, not even once.

Fourth, you have to apply for it and may not even be granted forgiveness.

I have a degree in computer science from Drexel. I worked in private industry as a DBA for a year and then moved into state-level government as a Web Services programmer. When I came out of college I had $19k in federal-backed loans (and a shit load more in private loans).

After these 10 years that I've been paying on my loans and working in the public sector, I have only a fraction of that original $19k left.

Were I to apply to be on the program, which I intend to do, it would only forgive that fraction that is left on the federal-backed loans.

No one is getting their entire college debt paid for. And no one is even assured that they will get on the forgiveness program.

I know a few people from law school in this program who are literally earning 100k less per year (they had firm offers starting at 160k) because they are in public service. (Mostly DoJ and public defenders).

 

[lecter]

retarded poor right wingers always vote against their best interest and vote in the best interest of the rich. They are the only group of people who always vote against their best interest....no wonder the rich loves these morons

But you guys also hate people who actually vote and lobby for their own interests - as long as they don't align with yours.

You hate simple workers "voting against their interests" and you hate people in the top income brackets and muh business owners and bankers who vote and campaign for their own interests.
So actually it's just a question of agreeing with you or not. Then just say it how it is.

 

[mcveteran81]

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

Here's the problem brother. Because I went through this with my wife.

She went to a state college for four years. *State* college, not private, not competitive, and it still cost her to the tune of 50k. She's considered lucky. Most leave college with an upwards of 80k plus, I'm guessing around 100k is the norm based on what her and her brothers (all college graduates) have said.

So during the Obama administration years, he passed a law or bill (can't recall) that increased government grants to help students pay for college so they could *in theory* graduate with little to no debt. You want to know what colleges did in response to this? They exponentially increase tuition to accommodate for Obama's plan, thus nullifying it.

So my end point is this. Fuck these greedy pos *college* institutions.

the gay earth goes round and round.

 

[ultramanhyata]

So basically if you're a simple construction worker, you're worthless, if you have a STEM degree you're also not important. Who's actually allowed to have an opinion? Who isn't disconnected from reality? College students who are enrolled in some social science program for 7+ years?

Reminds me of Leftists here making fun of dumb, simple workers "voting against their own interests" but also hating on people in higher income brackets for voting in favor of 'tax cuts for the rich' because they're somehow evil and exploiting "the poor".

Guess you have to be a lower-middle-class guy who doesn't have a science degree but also isn't a blue collar worker and votes Democrats in order to have a chance of being accepted.

None of this blather even REMOTELY connects to the point I was trying to make in that post.

In fact, it was the guy I addressed who was trying to play a game of meritocratic warfare by disparaging people with liberal arts degrees.

I have zero respect for those incapable of human empathy. Especially for those who take it to the next level by lashing out and wishing ill on those who are struggling financially. And I don't care if those doing the attacking are CEO's, surgeons or dry wall hangers.

 

[ultramanhyata]

There's a word for people that don't honor their debts.
Struggle builds character.

We need to bring back debtor's prisons and indentured servitude. We could fast-track some serious character building in the country. MAGA!

 

[Lubaolong]

Perhaps, but only a narrow subset of federal loans qualify for forgiveness if you are granted onto the program.

I don't know what you're talking about. What other federal student loans are there? I think everyone gets loans under the Direct Student Loan Program now, no? Even if you have older Perkins loans or whatever they're called, you can consolidate them into a Direct Consolidated Loan, which qualifies for forgiveness.

Maybe, I suppose.

For income based repayment programs, your monthly payment is calculated based on a percent of your adjusted gross income (AGI). The easiest way to lower your payments is to find ways to lower your AGI. This can be done through a number of ways...putting money in HSAs, maximizing retirement contributions, employing your children. A lot of people could potentially reduce their monthly payments to $0 (which still counts as a payment). Physicians finish school and are in lower paid residency programs for 4-7+ years, paying $0 a month, if they're smart. After residency, a lot of employers offer loan repayment money, which is often more than enough to cover the 10% AGI loan payment. Do this for a few years, then forgiveness.

 

[Quipling]

I'm sure everyone will agree with the military budget. But I believe in people honoring their debt. I'm against students taking out debt to apply for shitty subjects. Example, gender studies.

Perhaps funding can be directed to certain subjects like medicine.

The proposed budget cuts NIH funding by ~20%, iirc. Good luck with directing that money to medicine.

 

[HomerThompson]

So basically if you're a simple construction worker, you're worthless, if you have a STEM degree you're also not important. Who's actually allowed to have an opinion? Who isn't disconnected from reality? College students who are enrolled in some social science program for 7+ years?

Reminds me of Leftists here making fun of dumb, simple workers "voting against their own interests" but also hating on people in higher income brackets for voting in favor of 'tax cuts for the rich' because they're somehow evil and exploiting "the poor".

Guess you have to be a lower-middle-class guy who doesn't have a science degree but also isn't a blue collar worker and votes Democrats in order to have a chance of being accepted.

Landed gentry.

 

[lecter]

Landed gentry.

 

[Long Dark Blues]

I don't know what you're talking about. What other federal student loans are there? I think everyone gets loans under the Direct Student Loan Program now, no? Even if you have older Perkins loans or whatever they're called, you can consolidate them into a Direct Consolidated Loan, which qualifies for forgiveness.

There's the Direct Consolidation loans, Direct Subsidized and Unsubsidized loans, Federal Perkins, and then quasi-federal state-based higher education loans that are subsidized or unsubsidized.

Not everyone gets a government-back loan through the Direct Student Loan Program, but you are correct that they can all be consolidated into the Direct program. But, the person has to know they are consolidating with the correct program.

If you consolidated with a non-Direct program, subsidized or unsubsidized, then your loan isn't eligible for forgiveness.

For income based repayment programs, your monthly payment is calculated based on a percent of your adjusted gross income (AGI). The easiest way to lower your payments is to find ways to lower your AGI. This can be done through a number of ways...putting money in HSAs, maximizing retirement contributions, employing your children. A lot of people could potentially reduce their monthly payments to $0 (which still counts as a payment). Physicians finish school and are in lower paid residency programs for 4-7+ years, paying $0 a month, if they're smart. After residency, a lot of employers offer loan repayment money, which is often more than enough to cover the 10% AGI loan payment. Do this for a few years, then forgiveness.

I agree, that is certainly a smart way to play it. It didn't lower my monthly payments very much, tens of dollars, so I ended up just paying the original full amount each month. The difference going towards principal.

 

[KantoTerror]

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

I bet it's easy to apply for a loan you have no intention to pay later on...because of forgiveness....that's why the economy has gone in a downward spiral...people don't need to work their ass off anymore because...they don't give a shit about their responsibilities (like loans that needs to be paid).