Law for Student Loan Forgiveness
Posted By: Dr. Frugal in Loans on 09/30/2007 at 06:39:59
On Friday, the Washington Post reported that George Bush has signed into law a policy that will allow the government to payback the remainder of student loans for people working in the public sector.
The law forgives outstanding education debt for public service employees who have made 10 years of monthly payments on their loans while serving full-time in government, public education or other positions related to public service.
I think it's a great idea although I think, in true government fashion, it doesn't do nearly enough. I too would like to see public sector people be rewarded but why make them pay for 10 years first· That's the bulk of any loan payment. I would love to have someone pay my $400/m off for me but I work in the private sector and my work really doesn't provide for the common good. If you're a fireman you're helping EVERYONE and I don't think it's that unreasonable to make that trade--you'd get more qualified people in public sector jobs.
I'd also like to see teachers added to that list so people who would be good teachers don't take jobs simply because they pay better. I'll go one further for educators--every year they teach the government pays their loans. If they move away from the field they can pick up their own payments again.
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