Student loan forgiveness for teachers already exists. But Biden and Harris tinkered with the PSLF system. It is Public Service Loan Forgiveness. In order to qualify, you have to have 120 “qualifying payments”. I was on track for that when they instituted a SAVE plan. Everyone has to be on an income-driven repayment plan.
My student loan payments went from $450/month to $900/month. It doubled! Because their “review” said I could “afford” it. Unfortunately, I can’t!
So now I will not be able to make qualifying payments to receive student loan forgiveness. The tragedy is that I was so close to being able to achieve this goal.
But now it just seems impossible. I’ve been teaching for over a decade so I should be able to receive student loan forgiveness. I’m guessing others are in the same boat.
Student loan forgiveness for teachers. Period. Sure after 10 years. 0% interest for the first 5 years, 1%interest the next 5 years. 3%interest aft 10+years.
Incentivize paying off the loans quickly.
Fix the legal quagmire stifling the current system.
Am I being penalized because my loans were for Liberty University, a christian college? I don’t know. But I won’t hold my breath for student loan forgiveness now. The current system ensures I will default.
The answer is to remove federal funding from these institutions. The cost of higher education is so bloated that it is they who have caused this crisis.
Bottom line: you took out the loan. You should pay it back.
Set a percentage above 100% that once reached the loans are considered paid. I’ve paid 1.5 times the original principal and my balance is right near the original payout. Lowering interest rates and not allowing loans to compound DAILY would help people’s payments apply more to the principal.
Good job throwing everyone else in public service under the bus. You think it should just be for teachers? Biden/Harris are the worse thing to happen to this country, they screwed with that programs now have everyone in a forced forbearance, while Trump left the program as it was but wasn’t approving ppl who were qualified for forgiveness. The whole student loan system is set up to bankrupt people yet people can’t include it in bankruptcy. Yet here you are saying “give help just to me”. There are LOTS of people in public service jobs - social workers, healthcare, libraries, etc, etc who are in the same boat and don’t get summers off. And FYI, I worked as a certified teacher so don’t give me the story about how you really don’t have that much time off. Teachers absolutely do, and they don’t spend that time doing professional development. The ones I know go to beach homes, travel to sporting events, go to concerts, do foreign travel. So get your head out of your a— and see that student loans are a widespread problem and PSLF can’t be yanked and just offered to already-privileged teachers.
No, not just for teachers. Other people qualify under public service. But I can only speak to the experience I’ve had as a teacher. Step down off your high horse. Save the outrage for the policies implemented by Biden/Harris hurting people in Public Service. The point is that there is so much legalese that it’s almost impossible to earn Student Loan forgiveness. Their “SAVE” IDR program virtually ensured no one could earn it by doubling payments in order to pay off student loans for people who DO NOT deserve it.
It’s the student loan interest that needs to be forgiven, not the principal. Eliminate interest on all student loans and refund interest paid to those who have dutifully paid it all. This would create a huge bump in the economy and free young people from financial oppression. If our young people are prosperous, the entire country feels the financial relief.
I 100% agree! Understandably, if you take a loan, someone is putting up the money for you in advance, so I would expect that not all interest would be forgiven. However, the payments should be cut off the moment the amount paid back has doubled the principal amount. Preferably, less, but at least this would allow those with a student loan of ANY kind to see an end in sight and not feel like this is a lifelong debt.