Student Loans

BSmeby74_

I am baffled about the student loan repayment and forgiveness plans the president made. I have read and researched the changes and they don't help with the financial burden for middle class and low income families. The relief programs only benefit individuals that can afford to actually pay them back such as medical doctors, dentists etc. I thought he was trying to truly make a difference but it seems like he did NOTHING with this topic to benefit the MIDDLE class that his two elections were so focused on! Most other changes for student loans are for NEW loans, what about the people drowning from old ones, do they not matter. One must be 100% disabled to qualify for forgiveness or dicharge. I am 80% service connected does that not count for anything? I was truly hoping this was an issue he would take seriously and do something to HELP the American people struggling with this debit. We are going into debit to attend school to help make our country stronger and globally competitive and in doing so we are financially drowning just to make this happen. This is so sad.

swampwiz

I don't know what you're talking about.  The relief program, which is only for federal student loans, only requires a small portion of one's income (after a deductible of like 150% of poverty income) which most definitely helps lower and middle income folks, if they need the help.  And this relief program does not cover medical professionals.  As for bankruptcy relief, as students generally are poor and the need for cash is so great, the level of financial distress that one must be in to get that debt discharged is higher than regular debt, so one must prove that he has no reasonable change of repaying, which is very difficult.

I am not sure what "80% service connected" means.

The problem with just giving folks money for student loans is that it is a slap in the face for those folks that scrimped & saved and/or attended low-cost institutions.  This could only be addressed by a general income redistribution program like Guaranteed Income, so I suggest that you start supporting politicians who advocate for this.  Also, for future students, a low-cost, even free, education would be another program that some politicians are advocating, so you should support them too.

fairy92

Hmm, I'm not sure if I fully understand your post. If I remember correctly, there is a threshold that is required to meet for the student to be qualified for assistance, as with other government programs. But as I side, I'm not sure what the original comment means. 

rz3300

With these programs there are a lot of loopholes that you have to go through and certain requirements to meet before you can qualify, so before you go making any decisions based on the program you might want to make sure that you would qualify for such assistance.  Usually if you have an income, you are out of luck.  If you are still in school, too, then I guess you can have them deferred.  Best of luck, though.