Posted on 04/01/2017 4:42:26 PM PDT by ameribbean expat
More than 550,000 people have signed up for a federal program that promises to repay their remaining student loans after they work 10 years in a public service job. But now, some of those workers are left to wonder if the government will hold up its end of the bargain - or leave them stuck with thousands of dollars in debt that they thought would be eliminated.
In a legal filing submitted last week, the Education Department suggested that borrowers could not rely on the program's administrator to say accurately whether they qualify for debt forgiveness. The thousands of approval letters that have been sent by the administrator, FedLoan Servicing, are not binding and can be rescinded at any time, the agency said.
(Excerpt) Read more at myemail.constantcontact.com ...
It’s a Fed shell game. Give with one hand, take back with the other. Which shell is the pea under?
Some are suing on the grounds they relied on these representations to chose their workplace. They may be entitled to damages.
>>Suckers. Some of these people have been working ten years in crap jobs thinking they were getting rid of their student loans.<<
It will be an interesting case. In general when one is induced into taking an action to one’s detriment they have a very strong case against the inducer.
I suspect the promise will have to be fulfilled for many.
Dems are blaming this on Trump and DeVos. I think this all started under Odunga.
If they don’t pay the student loans, I am for a debtors’ prison for them.
Question is: by what authority was the promise made? If not by law, then whoever made the promise without authorization is liable.
2007 bush
That’s the interesting part to me. Maybe the feds have the ability to rescind the letter, but what about the foregone earnings?
My experience with the military was that if they gave it to you in writing, you are good.
If it was not in writing, you are screwed.
I would gladly work mine off as an indentured servant for a reasonable period of time. Say 2-4 years.
I had a similar experience. Guy in my unit reupped with the promise he could attend college classes in the evenings. But we were deployed so much he rarely got to go to class. He had it in writing, got an honorable discharge and went his way.
April Fool’s!
If you think you can trust the government, ask an Indian.
Education Department was probably too busy mandating common core to expend any effort to supervise their subcontractor. If the employees acted in good faith throughout, they’re entitled to payment. If they were approved in error, that’s not on them either. Congress needs to boost chalk and eraser tax and pay this off.
I don’t believe for one second that the Feds would forgive student loans. They are abusing our youngins for their money for health insurance and their education.
https://imprimis.hillsdale.edu/federal-student-aid-and-the-law-of-unintended-consequences/
https://imprimis.hillsdale.edu/how-government-funding-is-destroying-american-higher-education/
There is a faction of the baby-boomers that are the selfish generation ever. EVER.
The student debt forgiveness for ‘public service’ is wrong on so many levels.
It encourages people who don’t like paying for things in general to work for the government which is not a good thing, government workers have total compensation which is better than their private sector equivalents (and thus are better able to pay for the debt in the first place), and their compensation is already paid for by the taxpayers and now the taxpayers get to foot the bill for their debt ‘forgiveness’ as well!
My fiancé is in this program. Or thought she was. Eight years in she found out that she only had federally guaranteed loans, not federal loans, so they don’t count. So she’s now re-financed to the right type of loan and has started the ten years over. Nine years to go now :\
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