You had me excited for a second, so I had to look it up. Here it is:Yea look up clark howard , he said on the news this morning that there was a way to get your loans forgiven after you pay on them for atime.
Nice, yet another way in which the government is taking care of its own and setting up a caste system with the gov't employees as the "favored" caste.New student loan forgiveness laws are in place that benefit a wide range of workers. Public service employees will enjoy full loan forgiveness after making 10 years of monthly payments on their federal loans. (Private sector employees must make a 25 years of monthly payments to have their remaining balance wiped away.)
Wait!?? FED 0% interest rate for the next 2 yrs while everyone and his brother is paying through the nose?looks to me like Citybank is raising capital by selling off student loans to Sallie Mae. Not a big shocker, all of the banks are facing serious liquidity issues going forward as they must revise their forecasts to accept the FED 0% interest rate for the next 2 yrs and a downturn in the economy...this means they need to clean up their balance sheets, student loans are a bad investment right now as most kids getting out of college cannot get a job and are unable to pay those loans....so dump them to Sallie Mae and get them off the books as they are pretty much a liability now.
Nice, yet another way in which the government is taking care of its own and setting up a caste system with the gov't employees as the "favored" caste.
Hmmmmm.Let's throw some links out there:
Turns out that most of the jobs are probably non-governmental, non-profit, poorly paid service jobs. And you need to have been employed 10 years full-time, which isn't easy (my wife would have qualified, but of course her employer offers almost purely part-time positions).
As for taking care of their own, why not? Wouldn't we all benefit if our professions, employers, management, etc. were organized and looked out for one another? If we spent a little less time trying to destroy labor organization, benefits, etc. and a little more time taking care of ourselves, we might see improvements rather than bad news year after year.
You had me excited for a second, so I had to look it up. Here it is:
Student Loan Forgiveness
New student loan forgiveness laws are in place that benefit a wide range of workers. Public service employees will enjoy full loan forgiveness after making 10 years of monthly payments on their federal loans. (Private sector employees must make a 25 years of monthly payments to have their remaining balance wiped away.)
This comprehensive list compiles some of the most popular loan forgiveness opportunities. A state-by-state list of loan forgiveness programs has also been compiled by the American Federation of Teachers. Here are the public service fields that will qualify for loan forgiveness under the CCRAA:
- Government, military service, emergency management, public safety, law enforcement, public health, public education. (In addition, military personnel on active duty will be able to defer payments on their loans, and service members who are returning to civilian life will be able to defer payments for more than a year.)
- Social work in a public child- or family-service agency; public interest law services, including prosecution or public defense or legal advocacy in low-income communities for a nonprofit organization; public child care; public service for individuals with disabilities; public service for the elderly.
- Public library sciences, school-based library sciences and other school-based services.
- Certain employees at nonprofit groups, as defined by the tax code, and full-time faculty members at tribal colleges or universities.
Re: loan forgiveness. This seems effed up. If you borrow the money, you should have to pay it back. Shouldn't matter how many years you serve. Sorry.
This may be correct in many cases, but not all. I am a former public school employee, a former county non-profit employee, and currently a state employee at a public university. Similar incentives are traded to us in place of salary via "contract negotiations". It's not done out of benevolence or because they "favor" us in any regard. They'll just as quickly throw you under the bus if it serves them. Been there done that. Most people don't take advantage of incentives and so the govt comes out ahead. I'm not saying this is true in every instance, but that has been my personal experience.Nice, yet another way in which the government is taking care of its own and setting up a caste system with the gov't employees as the "favored" caste.
Cynical reply: doesn't matter if you're a large financial institution or a corporation, so why not for ordinary people also? At least they're working for peanuts at a social service, counseling the poor, at a medical clinic for the poor, etc. whereas the big banksters don't appear to be doing anything socially redeeming at all.
I am surprised people seem surprised. This was announced by Obama eons ago.
And you can benefit ... the idea is that if you want to benefit though ... you will go get a government job and do whatever they want you to do ... which will include looking after the poor and supporting the changes to come under Obamacare .. for at least 10 years. You didn't expect that just anyone could get this perk did you? You may not 'be' a Democrat but to get it you will have to walk like one, talk like one and behave like one for the stipulated time period. Some people are just luckier than others in that they are already employed in the specified fields and have been for some time. Others will now be hooked in upon graduation.
Obama himself was very proud of this 'plan' when he announced it some time ago and these are just the expected messy implementation details coming out of whatever massive department they have created to deal with it all. Only 1 state (in the northwest I believe, but I can't recall which) was granted the right for their banks to continue administering student loans.
If we spent a little more time taking care of ourselves instead of whining about what we're not getting, throwing money away by organizing unions instead of paying for our own health care so they can force our government to pay more then the worth of certain professions and using everyone elses tax dollars to give benefits above and beyond what is standard and economical... We'd all be in a pretty good place.If we spent a little less time trying to destroy labor organization, benefits, etc. and a little more time taking care of ourselves, we might see improvements rather than bad news year after year.
Yeah, I got the same email. Apparently it has to do with Obummer's student loan "reforms", the same law that forced the banks out of the business and gave sole originating power to Sallie Mae. Or at least that's what the email claimed. I had sent in paperwork to apply for deferred payments a couple days before, and of course it didn't make it to Sallie. Good thing I kept copies.It was from Sallie Mae saying they were taking over my loans that have been with Citybank for the last...11+ years. They said nothing would change. Any thoughts on this? Why? Advice or warnings?