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Visitor Comments
Dawn
This is great America needs high skilled workers. Sallie Mae and other organizations should pay for it. They sure make enough on student loans.
pcalgold
I looked at the bill. What exactly are the reforms? The "lower" interests rates kick in very gradually over five years, in five years the new rate which is low by today's comparisons may be high.
The reductions apparently do not apply to former students currently paying loans. Maybe I'm reading things wrong--how does the bill benefit the former student now attempting to pay back his or her loans?
Clyde Longwood
It is curious that in this bill aid to government workers such a firemen is limited to those paid $65,000 or less, while under the John R. "Justice" Bill cetain attorneys would get a $60k break on their student loan.
Clyde Longwood
I meant to add--that's regardless of what the attorney is paid.
Dexter
Yeah, it looks like congress is trying to do something to help people, but why is it that most people won't get much assistance but wealthy attorneys are going to get $60,000.00. I guess that's politics for ya.
Alexis
I see comments here about wealthy attorneys getting a break. I work in the public sector as an attorney. We do not get wealthy - those that work at big firms do. We also have to continue to work for lower salaries than much higher paid attorneys for 10 years to receive the loan forgiveness.
It should also be noted, that the bill benefits teachers, firefighters, and others in the public sector. They could be doing other things with their careers and making a lot more money, but decided not to. This will be a good way to help those of us in the public sector struggling to pay back school debt.
Jack Paradise
Alexis is right most government attorneys do not get wealthy. I think the point that one looks at this bill side by side with the bill to help public defenders and state's attorneys there is a great deal of irrationality at play. In this bill there are significant requirments before one can receive aid. In the bill effecting the law profession, one can start to receive the $60k benefit without any year requirment, and would include the attorneys in the relatively high income bracket-although almost always, the attorneys getting rich are the ones at big firms, not the ones at small firms many who help poor consumers, legal aid attorneys, or those in government. The people pushed for the bill sucessfully mischaracterized the situation as being public vs. private in wealth disparity when in reality it is the few at big firms vs. the many at just about every other job in law.
Can Somebody Explain
Reading through this bill and the summary provided on this site it appears that public attorneys (unless they are public defenders or district attorneys) only get loan forgiveness if they were making contingent payments for a full 10 years and that one would have to be almost at the poverty line to qualify for the contingent payments. But--looking at the separate bill, applicable only to public defenders and district attorneys, those attorneys get the benefit right away (with a signed 3 year commitment), regardless of their income. Is this right. (Not is it good policy, am I understanding this correctly). Now if this is right is this right (in the policy sense).
dlg
more for working students maybe? th
Mia
How about this: get the government out of higher education and then the prices will go down and most Americans will be able to afford it.
Throwing more money at higher education causes more inflation. The two sectors of the economy that have inflation rates higher than the economy overall are higher education and health care. These are also the two sectors that have the most government interference and influence. Government is the problem, not the solution.
Connie Z
Or how about limiting what a college or university can charge its students if it wants to receive the benefit of
having its students with federally sponsored student loans.
Mobius
It seems like the repayment plan isn't all that great for gov't attorneys. They have to make 120 payments on federal subsidized loans before they get the benefit of loan forgiveness, and the have to be in the service of gov't the entire time. (I'm reading the Enrolled bill.) It looks like it doesn't cover the private loans that most law students have to take out. So in reality, the benefit of this bill is marginal and delayed. I don't think this is a large incentive for attorneys to enter gov't and public interest service.
Scott
I could not possibly agree with Mia more... the consumer is who should benefit and that only comes with competition. Get government out of student loans.
Jamie
When and how will we know when this passes and how soon can I have my debt. forgiven.
Johnny-B
I am a teacher, with a Ph.D. (and with a MOUNTAIN of students debt). I cannot WAIT till I can take advantage of the loan forgiveness. You have to jump through some hoops (being on a certain payment plan & waiting 10 long years - whew, almost a lifetime), but to have it ALL forgiven is a GODsent! - Thanks Uncle (Sam :-) - I'll be debt free in a decade!! :-)
Mia
Johnny-B:
You are very welcome.
signed,
Your poor and cash strapped Uncle Sam (the taxpayers)
Sharon
I am still trying to figure the whole thing out. I work for a public school district as the director of school nutrition. I owe over $100,000 in student loans. I am hoping I can get on the band wagon with this forgiveness thing.
Bob Shireman
For a helpful Q&A about the forgiveness provisions for public service and the income based repayment plan in this new law, see the web site at www.projectonstudent.org.
Travis
What about those of us dealing with Sallie Mae? How does this apply to us? If FFEL is allowing Sallie Mae to do student loans, shouldn't that make us eligible under the new 15% rule?
Hector
I have been in the military for more than 10 years. I have served directly in two wars. I have also been paying on student loans for more than ten years. Do I now have to pay for another 10 years to be eligible for forgiveness? Is my service to this country considered as public service?
Mary
People who have ALREADY worked in the public sector for 10 years, and who have ALREADY made 120 payments and who have made under $65,000--WAY UNDER--should be able to have their loans forgiven also!
Patty
How do I find out the forgiveness provisions for public service?
Kimberly
Would like to know if working for a AAA state agency as a Adult Protective Service Investigator is in the public service umbrella. I have huge law school loans and chose to assist low income seniors rather than work for the corporate law firms with the large income.
Cindy
Why isn't there a law capping the INTEREST on student loans. That is why people are struggling. Also a law that will allow student loan borrows to CONSOLIDATE more than 1 time. And NO PENALTY for paying it off.
Cindy
I also wanted to add that there should be regulations on the payment amounts. I was told over and over if I could not pay the full amount of the payment, I had to get a forbearance or a deferrment. This is unfair to families raising children. Now I Have used up all of my forbearance and my student loan is more than twice the amount that I borrowed.
Kim
How do we know if our spouse's income is "applicable"?
tpb
I have been working in the public sector for six years. I have been paying my 90K+ student loans during that time. Does this bill mean that the rates on those federal loans will automatically reduce? Does this mean that in four more years my federal loans will disappear? Or does this only apply to persons who start paying loans after 10-1-07? If it does count for those of us currently working an in repayment, what do we need to do?
Joelle
I have been paying on my loan for 8 years. I think it's a shame that these 8 years will count for nothing! I am a social worker.
steve
Don't get too excited folks! I am a 6 yr. law grad working as a state asst. prosecutor making beans but loving my job. Looks as though there is a cap of 65K salary and that the 10 year repayment period began 10/01/07. So if I just work here until 10/01/17 and make paupers wages while continuing to make my ever-increasing graduated payments I can discharge roughly 35K. FANTASTIC!
Carl Hanning
I was recently recognized by my tribe and given enrollment, now I 69 years old with a student loan of over a $100,000 to pay back, all of this just to find a job that I started at 60 years old; they will probably send me my last bil after I dead. HELP topish2003@yahoo.com
Jill Ziegler
There has been concern that while this bill does didly apparently breaks are being given specifically to assistant state's attorneys and assistant public defenders regardless of their incomes in another bill called the "John R. Justice Act". Can anyone explain or give the details?
Jill Ziegler
Clarification: "Steve's" comment above suggests that there is a income cap contrary to the draft of the "John R. Justice Act" which was published on this site.
Kerri
Can someone tell me how to get information on how to apply for this loan forgiveness?
Elaine
I have also been a teacher for 15 years, and of course get no back credit- which is how politicians have designed student loan legislation throughout the years. The "benefits", they create, particulary for new borrowers, are funded by the existing borrowers. This allows them to look magnanimous without having accomplished much of a "benefit" for anyone. HR 2669 also does not include ANY consumer protection from Sallie Mae and other lender abuses. I have just received my first notice today saying that I owe my ex-husband's student loan from 16 years ago. The interest alone has more than doubled the amount to over $18,000. I thought I was being responsible paying my $400 per month to Sallie Mae. Silly me.