Is There A Plan In The Works To Forgive Student Loan Debt?
Obama will ‘forgive’ student loans College debt may be wiped cleans after Obama inacts National Service Bill President-elect Barack Obama may be expanding Martin Luther King Day from its current national day of community service to an ongoing commitment for all Americans to serve. Obama’s inaugural committee plans to launch a Web site to link volunteers with service projects in under serviced neighborhoods. The Web site will incorporate existing organizations such as the Corporation for National and Community Services and AmeriCorps. The exciting part for many former, future, and current college students is that Obama is expected to announce a loan forgiveness program. An Obama supporter described the program as “a way for college students to give back and get out of debt. You’ll be able to volunteer and get credit for up to $10,000 worth of loans per year”. Mean while, Michelle Obama and daughters Malia and Sasha flew to Washington on Saturday, while President-elect Barack Obama was d
More and more people, faced with massive debt from student loans and the urgent need for student loan debt consolidation, are proposing that the government forgive student loan debt in order to help out the average consumer and thereby give a strong boost the the Nation’s economy. I think it’s a very good idea to forgive student loan debt, and the government ought to consider this issue with student loans very seriously. As a Ph.D. student working on my dissertation, I have spent now 15 years in college and grad school. During that time I have amassed over 100,000 dollars in student loan debt. I am not alone. It is very common for individuals, particularly those who attend graduate school to rack up a massive amount of debt. What we typically do is consolidate that debt so that monthly payments are as slim as possible. But we are still burdened by the crushing costs of our debt. What we need is student loan debt forgiveness. That’s what the Forgive Student Loan Debt has started at
The second program is called Public Service Loan Forgiveness. If you work in a government, nonprofit, or other public service job, you could have your remaining student loan debt forgiven after just ten years of Income-Based Repayment, or certain other payments. Your loans have to be in the federal Direct Loan Program to qualify, but the tenyears don’t have to be consecutive. You just need to make a total of 120 payments while working full-time for a public or nonprofit employer, starting on or after October 1, 2007. Public Service Loan Forgiveness can make it possible for people with significant amounts of student debt to take low-paying but important jobs in teaching, social work, rural medicine, legal aid, and other fields that often require years of expensive schooling.
