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Message
re: Draft Education Dept. budget to possibly cut Public Service Loan Forgiveness Program
Posted on 5/18/17 at 11:11 am to NIH
Posted on 5/18/17 at 11:11 am to NIH
quote:
These people have to make a decade's worth of payments and are working for under market value. Do you want your D.A's office to have good prosecutors? Your local VA hospital to have good doctors?
Many of the VA doctors I work with have mentioned that this program was a large reason that they chose to go to the VA. Strip out the program, and they'll flee to better-paying jobs in no time.
Posted on 5/18/17 at 11:12 am to CapperVin
This program doesn't bail anyone out.
It's typically geared towards professionals who can pay off their loan in order to remove the penalty for working for a non-profit: lower salary.
Like I said, this will blow up healthcare and piss off a lot of white collar workers. Total loser for the GOP.
It's typically geared towards professionals who can pay off their loan in order to remove the penalty for working for a non-profit: lower salary.
Like I said, this will blow up healthcare and piss off a lot of white collar workers. Total loser for the GOP.
Posted on 5/18/17 at 11:13 am to CapperVin
Anyone who believes this a bail out is being willfully blind. The road to getting forgiveness is actually really complicated.
You have to work full time for a certain set of employers for 120 months, then still have a remaining balance on your loans.
Despite this, the federal government will continue to give away a ton of money by backing student loans in order to educate people who may never contribute a single cent to the economy. This is "small" government at its finest.
You have to work full time for a certain set of employers for 120 months, then still have a remaining balance on your loans.
Despite this, the federal government will continue to give away a ton of money by backing student loans in order to educate people who may never contribute a single cent to the economy. This is "small" government at its finest.
Posted on 5/18/17 at 11:13 am to NIH
quote:
I've heard that's a good route. I'm clerking at a similar firm to your's at the moment, really liking it.
I've been in 24 years, been a jag the last 12 or so. When I hit 58 its going to be about 3,400 hundred a month for life and lifetime medical. If I get promoted again it will be close to 4k a month plus I make (after taxes) a grand a month.
Take a look at it.
Posted on 5/18/17 at 11:15 am to Tiguar
quote:
Remove this program and I'm going to demand a 20k/year raise from my employer or go to a for-profit facility. Want to watch healthcare blow up? Do this
This. I have multiple family members that took jobs to get this benefit. One is a doctor and will flee for private practice immediately.
Another is a nurse, and just graduated with the thought this would help.
Its a bad idea. I can see trimming the program, I know people at my wife's work are eligible for it and that place doesn't do much good IMHO.
Posted on 5/18/17 at 11:18 am to CorporateTiger
And I thought this was a odd component too:
quote:So they want EXTRA money for school choice, even though it's supposed to be in demand anyways, but they want to take away money to train people for those blue collar type jobs that Trump was going to save.
and would sharply reduce grants focused on career and technical education.
Posted on 5/18/17 at 11:22 am to buckeye_vol
quote:
So they want EXTRA money for school choice, even though it's supposed to be in demand anyways, but they want to take away money to train people for those blue collar type jobs that Trump was going to save.
It all makes perfect sense...
Posted on 5/18/17 at 11:25 am to Hawkeye95
People made decisions with this in mind. Some are years into it. Just taking it away would really screw a lot of folks. I'm early enough into it where I'd be pissed but would still have a manageable debt load.
People 8-9 years into it who have been using idr would be fricked and very regretful of their decision to trust fedgov.
People 8-9 years into it who have been using idr would be fricked and very regretful of their decision to trust fedgov.
Posted on 5/18/17 at 11:51 am to NIH
quote:
These people have to make a decade's worth of payments and are working for under market value. Do you want your D.A's office to have good prosecutors? Your local VA hospital to have good doctors? Etc
So then why don't they work somewhere else for full market value?
Isn't this program pulling good people out of the private sector and subsidizing their move to the public sector? Doesn't it encourage taking on loans that a person might not otherwise take, because they know they only need to repay 10 years worth? Doesn't this slow or limit one's ability to transfer between sectors, making the labor market less fluid?
If a huge student loan is the only way to acquire these jobs (it usually isn't) , then subsidizing those loans just makes it that much harder for someone to get into that field, especially if they don't want to work public sector. It jacks the prices up, and creates an over supply of skills the market didn't ask for, and won't pay for. It also reduces the perceived value of those without advanced degrees, which aren't necessary in most fields and for most jobs. Forcing older, established professionals back into school programs to keep up with younger people who took advantage of these programs and skewed the workforce. It just sucks people into the program and into government jobs, which we need fewer of to begin with. Now cutting government jobs becomes an economic disaster, and people have massive loans that they cannot repay outside of their government cubicles. People lives are hinging on this shite. The only answer will be the creation of more unnecessary jobs to prop up this bubble. It will never end.
Because of programs like this, education is more expensive, more people have more debt, and the incentive to work private sector is low for most people who take massive student loans. this is creating a surplus of people in taxpayer funded public jobs that are NOT resulting in production, but instead consumption of resources.
Posted on 5/18/17 at 11:53 am to Tiguar
quote:
very regretful of their decision to trust fedgov
Hard lessons suck. I learned it too
Posted on 5/18/17 at 11:54 am to Wally Sparks
This program took forever anyway. You have to make like 120 payments before its considered. Aren't most loans paid back after 10 years?
Posted on 5/18/17 at 11:55 am to MrCarton
Some people want to serve in capacities such as a prosecutor, VA Doctor, etc. novel idea, I know.
Posted on 5/18/17 at 11:55 am to NIH
quote:
What branch?
Army. I'd uh, check into the Air Force first!
Posted on 5/18/17 at 11:55 am to MrCarton
quote:
So then why don't they work somewhere else for full market value?
Because the federal government distorted the free market by backing student loans. In some instances working in the public sector can be more beneficial than private pay if you hit PSLF.
Also in certain sectors entry level jobs are hard to come by. That means people often spend a few years in the public sector. Once you are in for a few years, it can often make sense to try and finish your 120 months.
Also some people just have a passion for public sector work?
quote:
Because of programs like this, education is more expensive, more people have more debt, and the incentive to work private sector is low for most people who take massive student loans. this is creating a surplus of people in taxpayer funded public jobs that are NOT resulting in production, but instead consumption of resources.
You mean we would all be better off if the government stopped backing student loans? You are totally correct. That would save a much bigger amount of money than this cut. However stopping student loans would be political suicide, so Trump hasn't done that.
Posted on 5/18/17 at 11:56 am to Lakeboy7
The only one I've seen advertised recently is Marines. I've heard the programs have recently geared towards hiring minorities and women over white dudes, though. Is that true?
Posted on 5/18/17 at 11:56 am to DupontsCircle
There are some loans that repay over 15. Also it is typically combined with IBR or a similar program.
Posted on 5/18/17 at 11:59 am to conservativewifeymom
quote:
The only people whose education I'll pay for are my children. You borrow, you pay back or you face the consequences. No free money! Period.
So you sent your kids to private colleges that get no federal funding, then, I assume? And of course sent them to private elementary and secondary schools, too, right?
Posted on 5/18/17 at 12:02 pm to CorporateTiger
I start repaying mine in Jan. $90K. My salary doesn't even let me qualify for IBR. I'm fricked.
Posted on 5/18/17 at 12:03 pm to Wally Sparks
We should forgive their debts if they work for free. Otherwise, they should shut up.
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