Yes, this is an accurate statement.

No, I don't. If you can't afford an attorney you should have to represent yourself.

Yeah - and in a lot of fields students with a lot of loan debt are in competition with H1Bs - another govt program that is being massively abused.

I don't doubt that they are doing shitty jobs.

eehhhhh ...... some, some of them are actually contributing

I would't worry too much about student loan collection right now:  http://www.ar15.com/forums/t_10_17/689281_Fed--Judge-orders-collection-system-for-student-loans-to-stop.html

So, it's a self-correcting problem?

LOL

FPRIF
(fine print reading is fundamental)

There was no 'agreement' from the .gov that your loans would be paid off for you, tax free, in ten years.

IF you made you loan payments on time for ten years, THEN you would be ELIGIBLE  TO APPLY to have the balance forgiven.

Heck, folks planned on a program bailing them out and the application hasn't even been printed!

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service


Will I automatically receive PSLF after I’ve made 120 qualifying monthly payments? No. After you make your 120th qualifying monthly payment, you will need to submit the PSLF application to receive loan forgiveness. The application is under development and will be available prior to October 2017, the date when the first borrowers will become eligible for PSLF.

Maybe instead of fueling runaway tuition with the various loan programs, the solution would be to institute hiring bonuses.  Or ANYTHING that does not artificially drive up the cost of education.

I also said in my previous post that the schools themselves shoulde rmuch of the blame because tuition continues to rise especially in cases where they think they can count on the government to be paying for it.

LOL
NO
The intent was to buy dem voters and subsidize occupations that historically vote dem

BTW, I've no sympathy for the attorney.  He knows the law.  It's basic contract.  If he can't understand it, he should be disbarred.  Second, if the loan collection is permanently halted, we taxpayers have a big sh*t sammich.

Lol

I knew someone would beat me to it. 

 she'srightyouknow.jpg

This.

This is such an easy problem to solve and it would also solve the problem with ever rising tuition costs.

Stop treating student loans as "special".  You should be allowed to declare bankruptcy on them like any other loan.

The effects of this:

a) Banks and other institutions will stop underwriting $100k+ loans to any shitheel who can get accepted to any college.  The risk would be too high.
b) Due to a, fewer people will qualify for the loans and less money (the "supply" of money) will be available for colleges.
c) With less supply of funds, schools will be forced to compete for said supply and lower costs.

It's sort of like our health care system problems.  Every asshole gets insurance and knows he doesn't have to "pay" for anything, so the health industry can keep raising prices and we don't care because "derp, insurance pays, it's free!".

Because they took jobs based on a program that would pay for it.

Similar level of effort / experience.


I deferred college acceptances and enlisted because I could not afford college.  My family had very little and even loans and financial aid weren't going to cut it.  I also didn't want to mortgage my future or my parents'.

I maxed out the old VEAP program and put the rest of my Army salary less $80 a month ($20 a week) into a bank back home.  I saved almost everything and lived on almost nothing, without any luxuries.

I got out and went to college for an actual degree (not gender studies), busting my ass working a full time job at night barbacking and later bartending.  I worked 40-50 hours a week at night and on weekends while attending school full-time during the day, sometimes not getting home until 4am with classes at 8am.  I took an extra year because I had to switch to part-time student status for a year due to finances.  

I never took a summer off.  I had paid internships.  

I scraped by living in shit accommodations and eating what I could afford, which was often 5 for a dollar boxes of mac and cheese (add water and orange powder).  Zero luxuries.  No cell phone.  No cable TV.  No car.  No eating out.  No vacations.  No cool clothes.  I would rent space in a shit  basement apartment and sleep on a secondhand mattress on the floor.  One was next to a bus stop, where the idling city buses would blow diesel exhaust into my basement apartment window in the heat of the summer, because of course, no AC.

I had no free time.  If I wasn't in class, at work, or getting very little sleep, I was busting ass studying or doing classwork/projects.  It was a nightmare.  I had to triage classes and schoolwork constantly because my job and landlord weren't going to cut me any slack.  I had PTSD-like nightmares several nights a week for many years after, waking up thinking I had an exam the next day for a class that I hadn't been able to attend in a week or more due to other classes or work.  They have faded, but I still have one every couple of months.

I graduated with one loan, which I have repaid.



And I am told millennials have it rough.  My generation, race, and gender have had things handed to them.  Well, suck it whiners.  You are dealt the hand you are dealt.  Quit your whining and deal with it.



But yeah, that's off the point of this story, which does seem a bit fucked up.  They should at least have their loan forgiveness prorated based on their years of participation if the program is cancelled.

For what it's worth, my wife is trying to take part in the PSLF program.  For the last 3 years we've adjusted things financially that, were PSLF to go away for us, would screw us pretty significantly.

However, I did download the Master Promissory Note for the contract my wife signed when she consolidated her loans.  Note the wording of the highlighted paragraph.  My guess is that the government will have a significant lawsuit on their hands based on this, should they decide that existing PSLF borrowers are now ineligible.

Attached File

No.  The MPN my wife signed, which I posted above, states that they will pay off the loans after 120 qualifying payments.

Checking in as a recent graduate, graduated with a couple loans. I knew exactly what i was doing when i decided to take a loan out for my higher education my Junior year for not holding my GPA to stay on scholarship.
I kick myself every day for not staying focused during school.

I should be able to pay off the remainder of my loan next year and I graduated in 2014. There is also a reason i have decided not to go to law school for the time being; i would rather work, pay off loans, and not accrue more student loans/debt.

Why the fuck should I have to pay for someone elses school loans?

Fuck them, they borrowed the fucking money, let them pay it back.

what the fuck is next, get your car loan forgiven? How about house loans?

I have fucking had it with this shit.

I don't work my ass off to pay for other people's shit. Fuck them.

It says a program is "available".  It does not say you are qualified, enrolled in it, guaranteed to be paid, or otherwise state the full terms of the deal.

So if the program suddenly becomes "unavailable", would that not violate the terms of the contract my wife signed?

Yes, that is exactly the issue.  The contract agreement is that the residual loan will be released, or forgiven, after 10 years of fulfilling certain agreements.

I'll give you a real-world example.  I'm an orthopaedic resident about to finish my training.  I spoke with a financial adviser 3 years ago about just such a loan payment plan.

I could begin paying a certain amount back immediately and then seek employment in an "underserved " publicly funded rural region for 7 additional years and have the residual amount discharged after completion if the term.

Or, I could carry out the regular agreement and pay back the full amount but also be able to work wherever i want.

I picked the latter option because a.) The income based repayment schedule is  substantial (enough that it was basically unaffordable), b. I want to be able to pick where I want to live (or at least have more options,  and c.) I can make more money in a normal hospital or group practice.

Go to a state school and you may only have to spend 1/4.  If the big name educations are worth it; the graduates should be able to pay back their loans.

yes military is included, but what principalled reason would you sepeartae the two.  I am counting on getting rid of about $30k in debt with this program; since 2007 I have serve a year in Iraq; five years as an active duty as an Army Judge Advocate; a year and a half as a civilian Army lawyer, and then over two and a half years as a Foregin Service Officer and should be eligible for loan forgiveness next March of the foregiveness of my loans.

Is there some reason you think breach on behalf of the USG is OK?

Does the contract specifically require them to keep the program so you can apply at the end of the 10 year term?  Because to my understanding you are not "in" the program until you apply at the end of the 10 year term and are granted forgiveness.  What you are doing by working the government job is trying to meet a qualification for a government program that you hope is still in existence at the end of your 10 year term.

A trillion dollars of taxpayer money should go toward paying off loans that other people willingly took out? Why?

87% of participants are campaign workers, professional protestors, community organizers, etc

The more you think about it, socialism.

So someone has introduced a bill in congress to delete 20 U.S.C. 1087e (m)?

Right now this story means nothing. Seems like dramatic, sky is falling talk as usual... But since Student Loans as a whole are a looming bubble, this will be the first piece to pop.

Obama's DoE officially proposed capping the PSLF forgiveness amount to i think $57,000 a few years back, and that went nowhere.

When/If this Trump DoE proposal comes out, I doubt it will go anywhere too. Lots of pieces involved.

First, undoing it requires an act of Congress. Which means you need to get the Senate and House on board. Then, it goes to the President.

Second, however congress crafts any new bill, it may likely grandfather some loans. Who knows. But those guys generally don't care about deficits, unfunded liabilities, or reigning in entitlements. I don't see them shafting a bunch of constitutents. Caps on amounts are more likely than the program being eliminated.

Third, then you have the issue of the MPN's language as well as those who relied on the program and the ensuing law suits over due process and entitlements. Probably eventual losing cases, but would influence how Congress crafts the bill and drag out the elimination of the program.

Bottom line is the sky isn't falling yet, even if this program should be eliminated.

Bingo.

Begun, the loan wars have.

Same here, started taking out loans for college in 1988 then med school afterwards.  Will have them finally payed off in 2018. State employee for last 12 years.   Take out a loan... pay it back.  No .gov BS

Thats what I never understood.

My loan is 10 years, I work for a non-profit.

My loan will be paid off in 10 years anyways.  Not sure what the deal is unless you continue in school the whole time....

Maybe thats the angle?

If you're on a standard repayment plan, then PSLF doesn't work - because as you've noted, the standard repayment term is 10 years.

However, income based repayment plans such as IBR, PAYE, REPAYE, etc.... have terms longer than 10 years.

There are multiple repayment plans:

Standard - 10 Years

Graduated - 10 Years also I think

Extended - 25 Years

Income-Driven (ICR, IBR, PAYE, REPAYE) - You Pay a percentage of income or disposable income for up to 30 years.

Ding ding ding ding ding!

Am I missing something here. These are bad how.

Sucks for them.  Seeing as how I and all of our kids are not liable for paying for their education I really don't care.

Yeah, I can use kids for sympathy just like the douchebag that wrote the story.

Unfortunately for you,  it appears that the gravy train you've chosen to ride at taxpayer expense may soon be leaving the station without you on board.

And you can't get a job to pay your loan back. Maybe you should have gotten a degree in accounting instead. My brother is in law enforcement and has a Masters and guess what.......he paid for his degree. Why can't you. I have a degree in accounting and Fire Science guess what....I worked and paid for it. I did not expect the government to pay for my education.

If you knew you were going to have a problem paying for your student loan why did you borrow it in the first place. Don't blame Trump if you can't pay what you borrowed. Your an educated person. You should have known better than to let yourself get into a situation like this.  Oh but wait...it's always easier to blame someone else for your mistakes isn't it.  

Try accepting responsibility for once as an educated adult.  Look into the mirror and blame that person for your financial situation

A deal is a deal. If Uncle Sam offers these terms, the feds can't back out after people have accepted the terms and held up their end of the deal.

You or I might disagree with the program, but once all parties have agreed to terms you don't get to change your mind years later.

Did they sign a contract?

This thread makes me feel great

Ive been in college for nearly a fucking decade now. I finally see the light at the end of the tunnel. Took only a few classes a semester

I worked full time through college almost the entire time. I have ZERO debt. ZERO. None. Not a fucking thing. My car is even paid off.

At times I thought I fucked up and made the wrong decision. But did I mention ZERO debt?

Yes.  I posted a page of the terms of the contract my wife signed (the master promissory notes) when she consolidated her loans.  It will be similar for anyone with federal Direct Loans.  I posted it mid-way up this page (5).

The Borrower's Rights & Responsibilities section states that a public service loan forgiveness program is available and that they will pay off the rest of your loans after 120 qualifying payments.

I'm doing a thing with a Stafford Loan (I think).  Mine is supposed to be forgiven in 5 years.  I'll continue thinking so until I get a letter saying I need to start paying.

Yup, 150% this.  Fucking stupid.