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Author Topic: Support the Student Loan Forgiveness Act  (Read 3060 times)

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Offline red_Dragon888

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Support the Student Loan Forgiveness Act
« on: August 04, 2012, 12:26:09 PM »
http://act.credoaction.com/campaign/forgive_student_debt/?p=forgive_student_debt&r=6906150&id=44557-5971989-FH1lRSx

You may have heard that Congress passed legislation that delayed for one year the doubling of interest rates on federally subsidized student loans.

Although Congress didn't pass the indefinite extension of lower student interest rates that over 284,000 CREDO Action members pushed for with petitions, calls and letters to the editor, it did pass legislation that delayed for one year the doubling of interest rates on federally subsidized student loans.1 Many of our progressive allies2 joined this fight, and no doubt it was thanks to all of our activism that Congress took did anything at all to stop the imminent doubling of federal student loan rates.

This was a step in the right direction, as it provided millions of America's working-class students and their families much-needed immediate relief, making sure they are not going to incur additional financial stress in the current fragile economy.

But unfortunately, we haven't even started to make a dent in the student loan crisis -- we merely stopped Republicans from making it much worse. Since 1999, the average student loan debt has increased by 511 percent. 3 That's 511 percent in just 13 years!

There is a bill that would indefinitely set the federal student loan interest rate at 3.4 percent. It would ensure that students pay their fair share while partially forgiving federal student debt for those hardworking American taxpayers who have already paid 10 percent of their discretionary income for 10 years. And because massive student loan debt suppresses economic growth by prohibiting many college graduates from starting a business, buying a home or starting a family, the bill would also provide much needed stimulus for the economy.4

Tell the Democratic Leadership: Support the Student Loan Forgiveness Act.

The Student Loan Forgiveness Act would make student loan repayment both simple and fair by capping federal student loan interest rates, converting private student loan debt into federal loan programs, and allowing forgiveness of federal student debt of those graduates, who have paid at least 10 percent of their discretionary income for ten years.5

We bailed out the big banks and we think it's time for at least a partial bailout of students and their families who suffer under crushing student debt. Partially forgiving debt, reducing loan repayment burdens, and cutting fees and interest rates for those who qualify under the Student Loan Forgiveness Act would increase the purchasing power of millions of Americans and help stimulate the economy.

However, this won't be easy. In order to have a shot at passing real reform of the student loan system, we need support from the Democratic Leadership to build momentum for the Student Loan Forgiveness Act.

Tell the Democratic Leadership: Support the Student Loan Forgiveness Act.

The short-term extension of low interest rates on federally subsidized student loans was a welcome move, but it is the equivalent of putting a band-aid on a massive head wound. Settling for a mere one-year extension means that we will be right back where we started next spring, as a deadline looms for doubling the interest rates on federal student loans. To make matters worse, we will have neither the leverage of voter outrage in an election year to force extremist Republicans to the negotiating table nor the promise of a strong youth vote turnout to motivate Democrats to stand up and fight for the real reform our country needs.

If the Democrats in Washington are serious about advancing a long-term solution to our student loan crisis and ending what has been called "modern-day indentured servitude,"6 they need to embrace real solutions like the Student Loan Forgiveness Act, which frees students who have paid their fair share from the increasingly outrageous burden of student debt and helps stimulate the economy at the same time.

Let's speak up on behalf of our students today.

1. Annamaria Andriotis, "Does the New Student-Loan Legislation Go Far Enough?," The Wall Street Journal, June 29, 2012.
2. Student PIRGs, MoveOn, Rebuild the Dream and many other groups rallied Congress to stop federal student loan rates from doubling July 1, 2012.
3. David Indiviglio, "Chart of the Day: Student Loans have grown 511% since 1999," The Atlantic.com, August 18, 2011.
4. Isaac Bowers, "Learn What the Student Loan Forgiveness Act Could Mean for You," USNews.com, March 21, 2012.
5. Ibid.
6. Mike Konczal, "Student Loans are the New Indentured Servitude," The Atlantic.com, October 12, 2009.
http://www.youtube.com/watch?feature=player_embedded&v=I3ba3lnFHik

“Neither look forward where there is doubt nor backward where there is regret. Look inward and ask not if there is anything o

Offline Jody

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Re: Support the Student Loan Forgiveness Act
« Reply #1 on: August 04, 2012, 10:06:22 PM »
I signed the petition.  Costs have soared for young people.  Here in New York our city college was free or virtually free until the mid 1970's and have since skyrocketed, leaving so many fine young people deeply in debt for years or even decades after they graduate, if they can even afford to do so.  It is sad, young people should get many more happy endings.  It is also bad for our nation and our future if we don't have the kind of productivity from them we need to move forward.

Jody 
"Wake up to find out that you are the eyes of the world".
 "Try to discover that you are the song that the morning brings."

Grateful Dead

Offline phildinftlaudy

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Re: Support the Student Loan Forgiveness Act
« Reply #2 on: August 04, 2012, 11:00:27 PM »
what's really disturbing is that today's students are accumulating massive student loan debt and only around 16% of them are graduating with a bachelors degree within 6 YEARS.

Many will be paying on their student loans for 25+ years and still not have them paid off.....

In addition, those that don't graduate with a degree (and its a high percentage) are not able to pay these loans - end up in default - with income tax/wage garnishments - and are even more unable to achieve "the American dream" of homeownership - etc....  many end up moving home with parents, unable to get a living wage job in today's economy... and impeding their parents ability to enjoy their 'golden years.'


In 1970, tuition at our college for out of county students was $1 (and that was just for matriculation) ---- the actual classes were free.

Today, Florida residents pay around $115 per credit hour at our school (which is still a bargain in today's standards).

There are some movements on to change the system.....
The grad school I am going to - which also offers Bachelors degrees - is considered the model that needs to be adopted..... you don't pay by the credit hour or by class time..... instead you pay by the 6-month period and are able to take as many courses in that six months as your are able and competent to take.....

It makes a lot more sense then having a prescribed course load of 128+ credits for a bachelors degree - with nearly half of these courses being general ed - and things that students may have the competencies to either test out of or not actually need as part of their career pathway.

There is currently a 10 year plan in place.... however, the different requirements that are on it and criteria for being approved for it - severely limit the ability of most students to qualify - also, those that are approved would have their loans pretty much paid off in the ten year period even without the forgiveness. This program is for those that work in nonprofits for 10 years total or in certain other qualifying public sector jobs (including hard-to-fill teaching positions in some urban and rural areas).

As with many of our other systems (taxes, infrastructure, special interests, K-12 education).... this system (student loans) is also long overdue for retooling and needs to catch up and reflect where we are today - particularly with technology and access to online learning (even if not paid for, there is still a lot of open course ware out there where students could gain the knowledge, skills, and competencies for free) and test out without having to spend time or money in on unnecessary courses.
September 13, 2008 - diagnosed +
Labs:
Date    CD4    %   VL     Date  CD4  %   VL
10/08  636    35  510   9/09 473  38 2900  12/4/09 Atripla
12/09  540    30    60   
12/10  740    41  <48   
8/11    667    36  <20  
03/12  1,041  42  <20
05/12  1,241  47  <20
08/12   780    37  <20
11/12   549    35  <20
02/12  1,102  42  <20
11/12   549    35  <20

Offline mecch

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Re: Support the Student Loan Forgiveness Act
« Reply #3 on: August 04, 2012, 11:38:16 PM »
Yeah and Congress REALLY has to do something about all the crap schools making millions bilking the government and citizens for crap eductions and worthless diplomas.
People with the LEAST savvy about higher education and diplomas and the most desperate for a future, getting royally fleeced and having their futures destroyed.

http://www.huffingtonpost.com/2012/07/30/for-profit-colleges-senate-report_n_1721058.html

http://www.nytimes.com/2012/07/30/education/harkin-report-condemns-for-profit-colleges.html?ref=education

I just read a long article about the hideous techniques about these schools.
http://www.villagevoice.com/2012-08-01/news/for-profit-colleges-con/
For-Profit Colleges Only a Con Man Could Love

The students really are suckers and at first I felt like such dumb choices are nobody's fault but the stupid victims. Then I learned how desperate the students are, for some kind of decent living standard, some kind of future security, and how they are out of touch with what a quality school and education are, and how amazingly organised and deceitful these "colleges" are, 100% motivated to pull off the scam.  Basically, ALL about the profit and scamming the GI bills and loan makers and ignorant students getting bilked.   And you can only feel that the public NEEDS to be protected and these schools all shut down!

Free marketplace my ass. It's highway robbery.

Lots of dirty congressman involved, by the way.

http://crooksandliars.com/susie-madrak/profit-college-scandal-real-reason-ol


« Last Edit: August 04, 2012, 11:54:17 PM by mecch »
“From each, according to his ability; to each, according to his need” 1875 K Marx

Offline tednlou2

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Re: Support the Student Loan Forgiveness Act
« Reply #4 on: August 05, 2012, 12:28:27 AM »
I wish we had a system like many European countries.  It would be a good start to at least forgive loans for teachers.  I'm biased, as my partner is a teacher.  There are some programs for teachers, but you have to move to Appalachia or really desperate areas, from what I've gathered. 

The other problem with federal student loans has been the despicable collection companies they use.  There are numerous reports about how bad they are--intimidating students and threatening them.  I know someone who was told by his servicer that he was not eligible for forbearances.  He couldn't pay at the time, so it went into collection.  First, he was eligible for forbearances or deferments.  They lied.  Then, the collection company would call and call and call, leaving threatening messages.  They even called his work.  When asked to stop calling his work, they would call and pretend to be a family member with a family emergency. 

It ruined his credit and the Dept of Ed began garnishing his check.  They do have a rehabilitation program.  If you make 9 months of payments on time, you can apply to have your loan put back in good standing and eligible again for forbearances.  But, you have to go through the collection company for that.  When he called, they were wanting $500 a month on top of what the DOE was already taking.  The collection folks earn more money for the most money they can scare out of someone.  His loan amount would normally be a monthly payment of no more than $200/mth.  This company had been discussed in Congressional hearings for its practices.   

Offline mecch

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Re: Support the Student Loan Forgiveness Act
« Reply #5 on: August 05, 2012, 07:39:14 AM »
Congress moves slow regulating anything that smells more to them of "capitalism" and "freemarket", than SCAM. 
“From each, according to his ability; to each, according to his need” 1875 K Marx

Offline red_Dragon888

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Re: Support the Student Loan Forgiveness Act
« Reply #6 on: August 07, 2012, 08:29:14 PM »
It'd the banks way of making slaves of our college students.
http://www.youtube.com/watch?feature=player_embedded&v=I3ba3lnFHik

“Neither look forward where there is doubt nor backward where there is regret. Look inward and ask not if there is anything o

Offline mecch

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Re: Support the Student Loan Forgiveness Act
« Reply #7 on: August 07, 2012, 09:07:31 PM »
Mortgage debt. Credit card debt. Now student loan debt.
It does sound very conspiracy theory friendly. 
Isn't there some better way for the economy to keep money in circulation?

Remember this:
With Recession Looming, Bush Tells America To ‘Go Shopping More’
By Amanda Terkel on Dec 20, 2006 at 12:56 pm
Today, President Bush held a news conference where he discussed the “way forward” for the economy in 2007. Renowned Morgan Stanley economist Steven Roach says the the “odds of the U.S. economy tipping into recession are about 40 to 45 per cent.” New York Times columnist Paul Krugman notes that “the odds are very good — maybe 2 to 1,” that the U.S. will teeter toward a recession in 2007. Bush’s solution? “Go shopping more.”
http://thinkprogress.org/politics/2006/12/20/9281/bush-shopping/?mobile=nc
“From each, according to his ability; to each, according to his need” 1875 K Marx

Offline bocker3

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Re: Support the Student Loan Forgiveness Act
« Reply #8 on: August 07, 2012, 10:05:43 PM »
It'd the banks way of making slaves of our college students.

Are you kidding me?? did the banks hold a gun to their heads to take out these loans?

You know what the problem is??  All the financial aid that IS available allows the colleges to raise tuition far beyond inflation.  If we forgive loans, without some sort of service in return, then people continue to go to uber expensive colleges and they have no incentive to lower tuition and fees.  There are alot of lower cost ways to get a college degree -- if they get chosen more, tuition will come down and the "need" to go into debt will also.

Don't blame the banks -- the problem is with the Colleges, the design of the government aid programs and they unrealistic expectations of the average American.

Mike
Atripla - Started 12/05
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Offline buginme2

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Re: Support the Student Loan Forgiveness Act
« Reply #9 on: August 07, 2012, 10:33:25 PM »
Part of the recent student loan reform that was passed as an amendment to the Obamacare vote was a student loan forgiveness policy of sorts.

After graduation if you work in a public service position (such as police officer, firefighter, paramedic, or any government or non profit job that benefits the community), after working in public service for 10 years the remaining balance of your student loans is forgiven.
Don't be fancy, just get dancey

Offline red_Dragon888

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Re: Support the Student Loan Forgiveness Act
« Reply #10 on: August 10, 2012, 08:35:45 AM »
Are you kidding me?? did the banks hold a gun to their heads to take out these loans?

You know what the problem is??  All the financial aid that IS available allows the colleges to raise tuition far beyond inflation.  If we forgive loans, without some sort of service in return, then people continue to go to uber expensive colleges and they have no incentive to lower tuition and fees.  There are alot of lower cost ways to get a college degree -- if they get chosen more, tuition will come down and the "need" to go into debt will also.

Don't blame the banks -- the problem is with the Colleges, the design of the government aid programs and they unrealistic expectations of the average American.

Mike
For instance?
http://www.youtube.com/watch?feature=player_embedded&v=I3ba3lnFHik

“Neither look forward where there is doubt nor backward where there is regret. Look inward and ask not if there is anything o

Offline mecch

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Re: Support the Student Loan Forgiveness Act
« Reply #11 on: August 10, 2012, 09:21:07 AM »

I just read a long article about the hideous techniques about these schools.
http://www.villagevoice.com/2012-08-01/news/for-profit-colleges-con/
For-Profit Colleges Only a Con Man Could Love


For instance, read the article I already posted, above.

And its not just the for-profit colleges.  Bilking ignorant suckers in the higher ed market.

There are PLENTY of real, accredited, non-profit private colleges that are mediocre or worse and are bilking people who really SHOULD know better.  There was that article a few months ago in the times about the winey, self-important middle-middle class kids guilting their families into paying for WAY overpriced average private schools - that do NOT have the endowments to provide adequate financial aid to these average students.  So their families scrimp and suffer and they take 100K or more in loans.  For a crap ass education.  Should have gone to state colleges, really.  Bad decisions all around. Sometimes even up and coming ambitious private college are doing this, providing good educations but still WAY overpriced - for example NYU routinely graduates bright middle class kids with INSANE student loan debts.  It is notorious for not awarding tuition grants and using all its riches to further its grab at greatness.

Really expensive private schools with no endowments should be filled with rich kids, pretty much, and thats it. A few scholarships and rich kids.

Really prestigious private schools with decent to huge endowments --  this is a compéetely different logic and ball game.  And any school with "need blind" admissions gets a pass, in my opinion - as long are they are really working to keep the loans way way down in those financial aid packages.

http://en.wikipedia.org/wiki/Need-blind_admission

« Last Edit: August 10, 2012, 09:38:03 AM by mecch »
“From each, according to his ability; to each, according to his need” 1875 K Marx

Offline wolfter

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Re: Support the Student Loan Forgiveness Act
« Reply #12 on: August 10, 2012, 10:35:04 AM »
Seems well enough at face value, but what about individual responsibility and researching long term goals for achieving academic fulfillment?

I chose a trade school right out of highschool to obtain a license and find decent employment while pursuing my college education.  I then returned and obtained my AAS without any financial aid or loans.  A while later I returned and obtained my BBA, again with no assistance.  I'm half way through my MBA program, again with no assistance.  Oh, and I always worked full time during this period while also battling a nasty little virus. ;)

I think a lot of people believe education is an entitlement that doesn't come without sacrifice.  My own nephew got accepted into The Berkley School of Music and wanted my sister to cosign a loan that would have amounted to over $100,000.  At the same time, he had a full scholarship to OU.  Tough decisions and he was disappointed, but life requires tough decisions.

Or perhaps I'm brainwashed by my Republican upbringing?
Complacency is the enemy.  ;)  Challenge yourself daily for maximum  return on investment.

Offline mecch

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Re: Support the Student Loan Forgiveness Act
« Reply #13 on: August 10, 2012, 04:27:59 PM »
Wolfter you have done and are doing it the right way. Not everyone is so bright to do so. Your sister did the right thing, Suze Orman certified!!!

Rachel Maddow discussed the story about the veterans being scammed by the for-profit rip off schools, at length, on Thursday's show.

Many people, young people looking at higher ed or further ed, and their families too, do not have the savvy to avoid the bad decisions and the scams.

Its a mixed bag of responsibilities in the end.
“From each, according to his ability; to each, according to his need” 1875 K Marx

Offline bocker3

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Re: Support the Student Loan Forgiveness Act
« Reply #14 on: August 10, 2012, 04:50:31 PM »
For instance?

There is choosing state schools over private schools.
There are Community Colleges where one can either get an Associate Degree, go to work and find an employer who will help pay some or all of the cost to get a Bachelors.  OR one can then transfer to a 4 yr school. 
There is working a year or two first - living at home, if possible, and saving (not an ideal choice, but still a choice).
There are scholarships that require service in return for schooling -- ROTC being the most obvious, but not only one.

Bottomline is -- no one is forced to take lots of loans -- this is done by choice.  Now, it may seem to be the only way to get what you want -- but it is still a choice and you should pay it back.

Mike
Atripla - Started 12/05
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Offline wolfter

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Re: Support the Student Loan Forgiveness Act
« Reply #15 on: August 10, 2012, 06:24:42 PM »
Was expecting to get slammed for my views, but see there are at least a few others who understand self reliance and accountability. ;D  or maybe it's the bleach from deep cleaning for 2 days?  Or maybe a combo of many things....?
Complacency is the enemy.  ;)  Challenge yourself daily for maximum  return on investment.

Offline jkinatl2

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Re: Support the Student Loan Forgiveness Act
« Reply #16 on: August 10, 2012, 06:43:29 PM »
Was expecting to get slammed for my views, but see there are at least a few others who understand self reliance and accountability. ;D  or maybe it's the bleach from deep cleaning for 2 days?  Or maybe a combo of many things....?

two things:

1 - Income Based Repayment Plan: It's a hassle, but worth it.

http://studentaid.ed.gov/repay-loans/understand/plans/income-based

2 - People who accrued student loan debt and then had to go on disability (many of us pozzies) can have our SSDI checks garnished if we default. This is seriously unfair, since many of us don't receive enough money to maintain good health as it stands.

46 year old JK is paying for 27 year old JK's unbridled pre-diagnostic optimism. Using IBR has been a real godsend, but it's obviously a stopgap measure.




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