Student Loan Forgiveness for Nurses??

[SurrenderDorothy]

I can't believe there are 3+ pages of people here who think this is a good thing. Where do you think that money that is "forgiven" is absorbed to? Taxes and inflation. But I guess if you are getting your free chunk, it doesn't matter that these programs make the value of our dollar sink, raise inflation and raise taxes.....

[mystory, BSN, RN]

Are those against student loan forgiveness also against student grants? Just curious, this is an interesting debate and I can see both sides of it.

[CalicoKitty, BSN, RN]

I can't believe there are 3+ pages of people here who think this is a good thing. Where do you think that money that is "forgiven" is absorbed to? Taxes and inflation. But I guess if you are getting your free chunk, it doesn't matter that these programs make the value of our dollar sink, raise inflation and raise taxes.....

Helping people pay back student loans is not 'making the value of the dollar sink'. My first bachelor's degree, 3 years worth of loans, put me about $20,000 in 'debt'. Nearly 10 years later, my 2nd bachelor's degree (a 1-year program) cost $40,000, granted it was at a private institution. Tuition rates tend to rise at about double the rate of inflation. Sorry if people getting help to pay for tuition that is getting really_frigging_expensive as a 'benefit' for helping society sounds like a terrible idea. I really believe that encouraging education will benefit society. I'd rather take back the farming and oil subsides, and start subsidizing education.

Fast Facts (shows a list of average tuition costs over the last 30 or so years).

[SurrenderDorothy]

All it takes is to look at our government's track record on programs to help people to see where this could go. Now, there are some pretty strict restrictions on who would be eligible for this particular loan forgiveness program, thank goodness.

Back in the 90's, President Clinton and Bush both started the country on a track that led to the idea that everyone deserves to be a homeowner. Now, 10 years later, we are seeing the results of that monumental mistake. Innocent people have seen their home values plummet as a result of the borrowers who spent money way beyond their means to purchase a house. So, as always, the "government" (ie: taxpayers) had to come to the rescue for the banks who made stupid decisions and there's even relief programs for homeowners who are underwater.

Oh, and farm & oil subsidies, yes, I'm not even going to get started on my opinion of those.

So, with education, let's take a look at the trickle-down effect our wonderful government could create with the idea that everyone deserves a right to higher education. YES, everyone deserves a right to be able to attend any college in America, regardless of race or status, but that shouldn't mean that it should be free or paid for by taxpayers. Just because one person decides to attend a private college and racks up thousands upon thousands in loans that taxpayers should have to pay for that. If you want to take out student loans to pay for your education - fine. But don't expect the government (ie: your fellow taxpayers) to pay for something you wanted to do.

If everyone in America had a Bachelor's degree because they were able to take out thousands and thousands of loans to get it, knowing that it would be possibly "forgiven" in the future, what would happen to our already horrible job market?

So, how does student loans create more inflation? Our government has no money. Our country doesn't produce hardly anything anymore. I repeat, our government doesn't have any money. They are borrowing it from other countries (which increases inflation) and/or printing more (which ALSO creates inflation) to meet the demands. If we are suddenly paying for people's student loans, it adds money that the government is going to either borrow from another country (weakening the purchase power of the dollar) or printing more (which also weakens the purchasing power). The dollar amount of student loans that get paid by the government does not go away - it adds to the amount of currency floating around. The more currency we have, the less value we get...Simple economics....It's just one more wonderful government program that will NEVER make our economy any better.

[ZCrayon]

this does include non-profit hospitals. however, many individuals who qualify for forgiveness are not eligible for the simple fact that they are not paying under the correct repayment plan or loan servicing agency, e.g., sallie mae, nelnet, fedloan etc. as these lenders do not have the means to forgive any type of federal loan anymoreaaaa.

as i am sure you know, a career in the healthcare field requires various types of college degrees. unfortunately many individuals do not have the resources to fund such a venture and in turn acquire large amounts of student loans in the process of financing their college education.

aside from the inherent benefits of a career in the health care field, there are benefits that many individuals are unaware of. the largest benefit being the public service loan forgiveness act of 2007.

i work for a non-profit 501©3 charitable organization. we with the department of education to help consolidate your federal

student loans. i would review your student loans and determine which loans are applicable to be consolidated based on the department of education's guidelines. generally, the payment is about 50% less than your current minimum payment with a decrease of the interest rate between 1-6%. once i determine eligibility and approximate payment, they will gather all the necessary information needed for the consolidation and send out all agreements and forms for your signature. from there the department of education will approve the consolidation, sending you a new promissory note to be signed and sent back and then your consolidation is done, and you'll begin

making payments at the lower amount and work towards getting your loan forgiven.

you can call me anytime for more information.

zachary

financial counselor

850-208-3295 - preferred

1-800-323-3343 ext. 565

[synistasia]

All it takes is to look at our government's track record on programs to help people to see where this could go. Now, there are some pretty strict restrictions on who would be eligible for this particular loan forgiveness program, thank goodness.

Back in the 90's, President Clinton and Bush both started the country on a track that led to the idea that everyone deserves to be a homeowner.

Really Dorothy?? Clearly you need a history lesson here.....

Now, 10 years later, we are seeing the results of that monumental mistake.

Incidentally, if you look at the data the VAST majority of loans that went bad were given to upper middle class and upper class dual-income families (who I'm sure paid back all of their student loans too!) who, as you point out, "made stupid decisions" and "purchased way beyond their means"

Innocent people have seen their home values plummet as a result of the borrowers who spent money way beyond their means to purchase a house. So, as always, the "government" (ie: taxpayers) had to come to the rescue for the banks who made stupid decisions and there's even relief programs for homeowners who are underwater.

Oh, and farm & oil subsidies, yes, I'm not even going to get started on my opinion of those.

So, with education, let's take a look at the trickle-down effect our wonderful government could create with the idea that everyone deserves a right to higher education. YES, everyone deserves a right to be able to attend any college in America, regardless of race or status, but that shouldn't mean that it should be free or paid for by taxpayers. Just because one person decides to attend a private college and racks up thousands upon thousands in loans that taxpayers should have to pay for that. If you want to take out student loans to pay for your education - fine. But don't expect the government (ie: your fellow taxpayers) to pay for something you wanted to do.

If everyone in America had a Bachelor's degree because they were able to take out thousands and thousands of loans to get it, knowing that it would be possibly "forgiven" in the future, what would happen to our already horrible job market?

Well, for one.....we'd actually have qualified individuals available to fill the positions that do exist.....maybe outsourcing wouldn't look quite so enticing to the private sector??

So, how does student loans create more inflation? Our government has no money. Our country doesn't produce hardly anything anymore. I repeat, our government doesn't have any money. They are borrowing it from other countries (which increases inflation) and/or printing more (which ALSO creates inflation) to meet the demands. If we are suddenly paying for people's student loans, it adds money that the government is going to either borrow from another country (weakening the purchase power of the dollar) or printing more (which also weakens the purchasing power). The dollar amount of student loans that get paid by the government does not go away - it adds to the amount of currency floating around. The more currency we have, the less value we get...Simple economics....It's just one more wonderful government program that will NEVER make our economy any better.

One last thing......when you look at your personal budget and ways to cut expenditures, do you focus on the little $15 and $20 per month bills, or do you look at how to reduce the size of the $400 and $500 and $1500 per month expenditures?? Student loans and loan forgiveness do not even make it on the radar of government expenditures. If you're looking for things to complain about in terms of government spending, there are plenty of opportunities out there. Maybe start with DOD.....

[metal_m0nk, BSN, RN]

Dude, this thread is like 3 years old... LOL

[Jory, MSN, APRN, CNM]

Private loans are not the problem...taking out too much money is the problem, regardless of loan type.

If your outstanding debt (not including a mortgage) exceeds 50% of your yearly income, your chances of ever paying that back is very, very slim.

I remember when I used to just read this site, when I was in nursing school, there were people on here posting "Oh, don't worry about your student loans, you'll get an employer to pay those."

Well, I didn't have any student loans but in my offer package that I got from my employer, I had a choice of either a $5,000 sign-on bonus or $5,000 in student loan payments.

I had classmates that graduated with a BSN that had over $70K in loans to pay back.

So much for employers paying them.

If you take the loan out with the mindset that you'll have to be the one to pay it back and have a plan for it, then any loan is fine. But you need to watch how much you take out and don't take it out assuming someone else will foot the bill.