Skip to comments.Relief From Student Loan Debt for Public Service Workers
Posted on 09/11/2013 12:38:49 PM PDT by reaganaut1
Raha Wala, a 30-year-old lawyer for an international human rights organization, is facing $200,000 in student loan debt. But if all goes according to plan, most of that burden will be forgiven after 2020 under a federal program aimed at helping those who enter public service jobs.
Its enabling me to do the work that I love, said Mr. Wala, who graduated in 2010. It wouldnt be possible, otherwise.
The federal government is trying to encourage more participation in the Public Service Loan Forgiveness program, which was created in 2007. The program and other debt assistance options have been underused because of complex rules and sometimes conflicting benefits.
Last month, the Consumer Financial Protection Bureau created a tool kit for employers like nonprofits, school systems and police and fire departments to help make their workers aware that they may be eligible. The public service program allows those with high student loan balances relative to their income to have the balance of their loans canceled if they work in government or nonprofit jobs for 10 years.
Mr. Wala hasnt calculated exactly how much the forgiveness program will save him, but he expects it could be many thousands of dollars. I definitely am looking at it as something that will have to happen, if I want to maintain a stable lifestyle, he said.
The program works best with income-driven student loan repayment programs options that let you make lower loan payments based on your pay. (Thats because if you stayed on the standard 10-year loan repayment plan and made all your payments on time, you wouldnt have any loan balance to forgive.)
(Excerpt) Read more at nytimes.com ...
In other words: bill the taxpayer.
It’s just another ploy for people to WANT TO WORK FOR GOVERNMENT! All this does is destroy the private sector.
Afterall, why not? I'm paying your salary, your pension & your non-obmacare health insurance.
Google him ... the lefty wants a free ride.
Amazing. It seems like a majority of stable jobs that pay well and provide benefits are in the public sector. To that they want to add student loan forgiveness?
Government workers (an obvious oxymoron) who have student loans outstanding should be docked 10% of their salary until it’s paid back.........
Of the 16.7 trillion dollar debt, almost 1 trillion is in student loans.
Student loans should not come from government
and indentured servitude went out of favor centuries ago
Oh, yes! Because government and public sector workers don’t already make enough in combined salary, benefits and pension packages with their guaranteed job security.
Its enabling me to do the work that I love, said Mr. Wala, who graduated in 2010.
. . . of course the taxpayers must subsidize the work that Mr. Wala loves!
I talked to a guy this morning in this program. He’s a psychologist working with (deeply disturbed) poor kids. His $50,000 debt will be forgiven if he works in this program 10 years. But his job is with a private contractor who works for the state. But apparently his low pay (due to this benefit) makes it public service. Color me confused how somebody working on the cheap for a private contractor is performing public service.
he’s got to keep those voters...
She got that worthless degree - good only for govt jobs.
And I have to pay for it?
Not to worry, though. When CW-II starts, those disrespected the most will be the first to go.
Which means that civil servants will go right after our congresscritters.
Words fail me.
Well, isn't that special.
There is the ruling class and there is the peasants. You are a peasant. The ruling class takes care of their own. Now, shut up and pay your taxes. Any more questions?
Not necessarily. I don't think there's any private sector market for an ethnic grievance studies degree.
Not an Obama bureaucrat. The article says the program began in 2007.
If he is willing to work for low pay for 10 years to avoid a $50k bill when he is a practicing and licensed psychologist, then he seems incapable of making it in the private sector.
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