tag:blogger.com,1999:blog-236084341821089318.post6461273523829530514..comments2014-02-21T07:50:29.743-05:00Comments on Big Apple Education: A Generation of Debt RepaymentMeyerhttp://www.blogger.com/profile/16873213821445477773noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-236084341821089318.post-24196175147220081472011-07-17T17:21:04.496-04:002011-07-17T17:21:04.496-04:00Federal loans only.
You're right about it'...Federal loans only.<br /><br />You're right about it's limited utility. Let's say that either a high-paying job or a government job means that you don't have to worry about your loans (big exaggeration) - that still leaves the majority of graduates with big problems.wsnhttps://www.blogger.com/profile/15244361716069083023noreply@blogger.comtag:blogger.com,1999:blog-236084341821089318.post-64119480624474808922011-07-17T14:53:49.038-04:002011-07-17T14:53:49.038-04:00That sounds like a good option for those who can t...That sounds like a good option for those who can take advantage of it. I suspect (and you may know more about this than I do) that recent structural changes may make it difficult to get qualifying employment. Government positions can be tough to come by (and many public employees aren't doing so hot right now). Do these laws apply only to federal loans or do they include private loans?Meyerhttps://www.blogger.com/profile/16873213821445477773noreply@blogger.comtag:blogger.com,1999:blog-236084341821089318.post-58674218442833621492011-07-17T13:10:54.515-04:002011-07-17T13:10:54.515-04:00As part of a law passed in 2007 (College Cost Reco...As part of a law passed in 2007 (College Cost Recovery Act or somesuch), higher education debt can be forgiven if you make 10 years worth of repayments while working at a non-profit or government agency.<br /><br />I think the current situation also forgives debt after 20 years of payments.<br /><br />Note that these payments can be income adjusted, so that you don't pay more than 10 or 15% of your income (I think) at once. However, you do accrue interest on the unpaid balance, so that's a risk with this method. After all, what if a non-profit loses a grant or your agency's budget is slashed because of budget cuts?<br /><br />Still, this type of law can be pushed farther. If the federal government picks up the tab, the lenders probably won't be too upset. It would also have to be done in such a way to not piss off people who just missed out. Maybe some kind of tax deduction for past payments up to a certain amount to buy them off. This would affect the middle class primarily, so I think it would be attractive to a lot of politically engaged people. Mom and Dad aren't going to like making payments on Daughter and Son's loans for the rest of their lives...<br /><br />-wsnAnonymousnoreply@blogger.com