The statistics are staggering. More than 44 million Americans with a total student debt of $1.5 trillion.
It’s a crushing burden for many, particularly our nation’s public servants – teachers, public defenders, social workers, service members, health care workers and others who keep our communities strong. They carry that debt while receiving far less compensation than their counterparts in the private sector.
That’s why I authored and helped pass into law the Public Service Loan Forgiveness Program (PSLF), which helps qualified participants earn student loan debt relief after working full-time for 10 years at certain nonprofit organizations or at local, state or federal government agencies.
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These politicians just don't get it. Loan forgiveness is NOT the solution; it's just the Band-Aid to the hemorrhaging.
ReplyDeleteWe have to figure out a way to stop the escalating cost of tuition and make institutions accountable. There is no reason college should cost as much as it does. The growth of the number of college administrators is growing much faster than the instructors and the student body. The college spending is out of control and the student loan and particularly the Parent Plus loans are to easily dolled out.
So, instead of forgiving the loans, why not stop them in the first place.
Brainwash the youts into borrowing money for a useless education which will never sustain the ability to pay off the debt and then tax the crap out of everyone to bail them out. Thanks Congress & MD Legislature!
ReplyDeleteCan't afford college DON'T SIGN ON DA DOTTED LINE.
ReplyDeleteEVERY 18 YO Should have to serve in the military.
ReplyDeleteCap the tuition. Give low interest loans to qualifying borrowers. Hold hearings on why an undergraduate degree now costs 100-200k. Why is this not happening? Banks, Wall Street and politicians are making bank off of kids and parents.
ReplyDelete9:06 has it right.
ReplyDeleteThis is "enabling".
As long as the money is coming from somewhere, the universities are going to set themselves up. Look around you, Salisbury (and even Princess Anne). There is BIG MONEY in "educating" people, even though the actual product they're selling isn't worth much-- but the buyer doesn't find that out till it's much too late.
This is the exact same thing that is destroying medical care. Too much government money flowing into the process, so "costs" rise accordingly to hoover it up. As long as they know that eventually the gummint will jump in for a bailout, it WILL continue.
But then there is also the foolishness of going deeply into debt to pay for an education that has no real promise of an adequate return-on-investment.
Like a young college grad posted a few days ago, he made the choice to finance his education with debt-- he knew when he did it what it was to cost, and it is HIS responsibility to pay for it, not yours and mine.
Stop enabling this ripoff. Especially with tax money.
This is such a BS piece of legislation. My repayment plan is 10 years. Most repayment plans are 10 years. This is fluff legislation. Whether you support the legislation or not its immaterial. This would benefit no one who was working and paying off their loan normally. This would only benefit someone who was gaming the system in the first place.
ReplyDeleteEvery single comment so far is Spot On!!!
ReplyDeleteThe story is really about CURRENCY DEBASEMENT.
ReplyDeleteThe banks are PRINTING the money as the public promises to “pay it back”. Hint: the bank never had it to start!
The US Dollar is already worthless. This is why the US military continues to bomb people; to force them to accept the US Dollar in exchange for commodities.
Wake up folks
The Fed is an evil secret group of international banking families. The Emperor has no clothes (or money).
Money is gold
Dollar is paper