"Loan payments will be capped at 10 percent of a student’s disposable income (it’s currently 15 percent) and any debt remaining after 20 years will be forgiven (the current threshold is 25). For public servants – including teachers, nurses, or members of the armed forces – that cap is 10 years."
Now, I have every intention of paying back every penny I am borrowing for school, but I found this interesting.
More generally, the reform cuts out the middle man banks in the student loan process, lending the money directly from the government. I don't think there is expected to be much difference noticeable to students but, in general, I approve for a couple reasons:
1. although there are no credit restrictions on student loans, those of us with significant bruising might have a better experience with the fed than with for-profit lending institutions, and
2. after TARP, I am having a harder and harder time feeling bad for banks generally.
Triquee and Elkpark, I would not have the patience to keep up with this debate the way you do, so I really appreciate the time you have taken to consistently post such well-reasoned and well-researched comments. Triquee, I dropped out of law school after I realized I can't sit in an office by myself all day, and I LOVE nursing (as a student, anyway!), but you might like it if you got to go into policy work. My friends in those fields thought I would lack intellectual stimulation as a nurse! Ha!
Careful, though, I'll be paying off those HIGH-INTEREST PRIVATE LOANS I had to get for law school for a long time...seemed like a good idea when I thought I was going to graduate and make $150 K.
One interesting thing about the whole student loan business is that you cannot discharge student loan debt in a bankruptcy. The private lenders have been so ridiculously protected. Thus, they will give loans to anybody, kind of like what was happening with the unregulated high interest home loans where people were being approved for money they shouldn't have been approved for. Then, because students have access to all these private loans, the schools can just keep raising tuition at the astronomical rate they have been.
Triquee and Elkpark, I would not have the patience to keep up with this debate the way you do, so I really appreciate the time you have taken to consistently post such well-reasoned and well-researched comments. Triquee, I dropped out of law school after I realized I can't sit in an office by myself all day, and I LOVE nursing (as a student, anyway!), but you might like it if you got to go into policy work. My friends in those fields thought I would lack intellectual stimulation as a nurse! Ha!
Careful, though, I'll be paying off those HIGH-INTEREST PRIVATE LOANS I had to get for law school for a long time...seemed like a good idea when I thought I was going to graduate and make $150 K.
Heh...If I did go into law, I'd most likely want to practice in the area of advocacy - my area of interest (in nursing as well) is women and children. So I probably wouldn't be making much anyway.
I might look seriously at law school after I finish up with nursing. There's a great looking law program in my area. Who knows...
Plus the LSAT makes me grin ear to ear...What? You're going to give me a test where I'll have to read and pick apart an argument??! Yes, please, and thank you!
In a culture so accustomed to instant gratification that most among us have come to demand and expect it, some of the views here do not surprise me. In reality, most of us will have to wait and see how history unfolds and the lasting effects of change aren't likely to be seen in six months. What will be most telling to those who are watching this situation unfold with a skeptical eye, will be how our nation's citizens respond to the short term effects of change. Some folks intrinsically understand that we all have a hand in history. Be mindful of your contribution.
For those who are interested in learning more about the topics discussed in this thread, reading this thread in its entirety is a good place to start. When you finish, there are some great resources out there to continue your education on the subject. Factcehck.org is one. In terms of news sources, with these kinds of issues and knowing the sensationalist nature of U.S. broadcast news, I would encourage you to get your news from an international source. You are much more likely to find an impartial source of information if that source is not directly affected by U.S. policy. I have found U.K. sources to work best for me.
For those who staunchly believe that the Western world is going to irreversibly crumble in the wake of Healthcare Reform, well....I suggest you stock up on water and find a cave somewhere to claim.
SanDiegoScrubs2010
65 Posts
Triquee and Elkpark, I would not have the patience to keep up with this debate the way you do, so I really appreciate the time you have taken to consistently post such well-reasoned and well-researched comments. Triquee, I dropped out of law school after I realized I can't sit in an office by myself all day, and I LOVE nursing (as a student, anyway!), but you might like it if you got to go into policy work. My friends in those fields thought I would lack intellectual stimulation as a nurse! Ha!
Careful, though, I'll be paying off those HIGH-INTEREST PRIVATE LOANS I had to get for law school for a long time...seemed like a good idea when I thought I was going to graduate and make $150 K.
One interesting thing about the whole student loan business is that you cannot discharge student loan debt in a bankruptcy. The private lenders have been so ridiculously protected. Thus, they will give loans to anybody, kind of like what was happening with the unregulated high interest home loans where people were being approved for money they shouldn't have been approved for. Then, because students have access to all these private loans, the schools can just keep raising tuition at the astronomical rate they have been.