dubbsco said:

There is nothing in the language that says it can be altered. Once you have entered the program, and work towards the 120 payments, the loans are forgiven.

From most of the reading I've done, it looks like people who are currently in the system won't be screwed over, but who knows.

Click to expand...

dubbsco said:

When you say 5k-7k Tinsel, that may have been your phone messing up. The agreement was initially capped at something like 55k. And in all honesty, that would have been totally fine with me.

Click to expand...

KAWDUP said:

A little bit off topic, and certainly just some anecdotal evidence, but thought I would share anyway. Many people that have graduated from college (undergrad) in the last 5 years have not been able to get decent jobs, but have ended up with debts of way more than 40K. A lot of those individuals have made the conscious decision to quit really trying to get better paying jobs, because then they would have to start repaying their student loans. You can actually delay the start of repayment for very long periods of time.

When I asked why, I was told that they were hoping that someone in power would come along and forgive the debt outright. While you are not allowed to retire the debt through bankruptcy, you can live at home, work at a low paying job, and just let it default. Their logic is that if enough people default, at some point there will be a program to help them out.

In total dollars, the highest debt owed in this country is for real estate. The second highest debt owed is for student loan debt. More than credit cards, and more than car loans.

For the people that started repayment under the Public Service Forgiveness program, or just those really honest types who can't stand having debt hanging over them, could end getting royally screwed, because after you start paying, they (the government) put extra effort into collecting from you, especially after late payments, defaults, and the like.

The question is - what is the answer? I feel for Dubbs and others who got into this program hoping they could be both honest and get a much needed break from the crushing debt. I personally have a wife and child both expecting to have benefitted from this plan. My child wants to quit, move home, and default like many of her friends. I have two or three choices - just say nope, sorry you have to repay your debts, let her move home, and encourage her to stay in the public service job, or help with payments so she doesn't decide to give up and/or move home.

What would you'all do? Is there a better answer? Whether they end this program or not, we are headed for some serious debt headaches in this country. Eventually we will reach a breaking point. Then what?

Click to expand...

KAWDUP said:

A little bit off topic, and certainly just some anecdotal evidence, but thought I would share anyway. Many people that have graduated from college (undergrad) in the last 5 years have not been able to get decent jobs, but have ended up with debts of way more than 40K. A lot of those individuals have made the conscious decision to quit really trying to get better paying jobs, because then they would have to start repaying their student loans. You can actually delay the start of repayment for very long periods of time.

When I asked why, I was told that they were hoping that someone in power would come along and forgive the debt outright. While you are not allowed to retire the debt through bankruptcy, you can live at home, work at a low paying job, and just let it default. Their logic is that if enough people default, at some point there will be a program to help them out.

In total dollars, the highest debt owed in this country is for real estate. The second highest debt owed is for student loan debt. More than credit cards, and more than car loans.

For the people that started repayment under the Public Service Forgiveness program, or just those really honest types who can't stand having debt hanging over them, could end getting royally screwed, because after you start paying, they (the government) put extra effort into collecting from you, especially after late payments, defaults, and the like.

The question is - what is the answer? I feel for Dubbs and others who got into this program hoping they could be both honest and get a much needed break from the crushing debt. I personally have a wife and child both expecting to have benefitted from this plan. My child wants to quit, move home, and default like many of her friends. I have two or three choices - just say nope, sorry you have to repay your debts, let her move home, and encourage her to stay in the public service job, or help with payments so she doesn't decide to give up and/or move home.

What would you'all do? Is there a better answer? Whether they end this program or not, we are headed for some serious debt headaches in this country. Eventually we will reach a breaking point. Then what?

Click to expand...

dubbsco said:

Super, so now I get to work 7 days a week, basically just not have ANY time to enjoy my life for the next 20 years.

It's not that easy Tom.

I'm not working less. I don't make horrible money, it's decent. If I would have never known about the PSLF, so be it. But this was given to us as an option to incentivize people like myself to help others for a living. And now it's potentially being pulled away.

It's not 1958. I can't go get a job at Ford and work 6 days a week and retire when I'm 50. Times have changed.

Click to expand...

tomdalton22 said:

If moving home is an option, have her get a job, move home and pay her debt. Have her get a 2nd job working weekends. The last thing I would advise my kid was to work less / make less and let someone else bail them out.

Click to expand...

michchamp said:

kids today just ain't got no gumption.

they need to roll up their sleeves and get to work.

Click to expand...

dubbsco said:

Super, so now I get to work 7 days a week, basically just not have ANY time to enjoy my life for the next 20 years.

It's not that easy Tom.

I'm not working less. I don't make horrible money, it's decent. If I would have never known about the PSLF, so be it. But this was given to us as an option to incentivize people like myself to help others for a living. And now it's potentially being pulled away.

It's not 1958. I can't go get a job at Ford and work 6 days a week and retire when I'm 50. Times have changed.

Click to expand...

dubbsco said:

Tom, I gotcha. Sorry for mixing up people.

Kawdup, that's the intention I get. I would imagine they are going to cover their ass because they would have lawsuits a plenty of they pulled the rug out.

But there are plenty of people that decided to getting into the public sector to help because of this. And now they really can't.

Click to expand...