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Feds: New student loan repayment options set

My fiance was going to college for Pharmacy, but she was kicked out before she could start her residency due to a professor who had it out for her. She also didn't have the $40k to do her residency since she was maxed out on student loans. She then went to another college and graduated with a nursing degree and discovered while in that program, there was an error in her financial records and she did qualify for more student loans. In total, for 10 years of college, she ended up with $250k in student loans.

A program like this would help her out immensely, but 90% of the loans were taken out before Oct 2007, so she doesn't qualify. Student loan assistance needs to be expanded for others in her situation. We've ran the numbers through all sorts of online calculators and her monthly payments in total are between $5k and $7k depending on the site. There is no way she is able to repay these loans. She didn't choose to drop out of the Pharmacy program, she was forced out. Some sort of forgiveness should be granted for her situation, but that will never happen. She'll be paying on these loans the rest of her life. It's a crock.
 
Helix said:
i agree. we should educate everyone who wants a college education, and those who can't afford it could go to public universities for a minimal tuition.
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Yeah, gotta love more free stuff.
 

Borrow money and ask for forgiveness. That's a crock.
 
j-mac said:
Why? According to Boo, Collage degrees costs are a symptom of cut backs in federal money....So, I guess we need more taxes for that as well....hmmmmm, now who could we go after for that?
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We would have to invade China and take all their money.
 
I'm not a big fan of the change actually. For the most part, all it will do is pay for kids to go to college who shouldn't have gone in the first place. Why would you go to college at all if when you get out you're working at a job that doesn't allow you to get your loans paid off for more than 20 years?

If there weren't hundreds of thousands of young adults spending most of their time in college drinking and ****ing while they 'earn' a bachelor's degree in philosophy or English literature (or any of the dozens of other majors that does almost nothing to improve your chances of getting a job and your future salary) and a 2.2 GPA, this kind of program wouldn't be necessary.
 

$250k?!?

If you don't mind me asking, was that at private or state schools?
 
You know what I wish, my wife and I didn't have to pay $40,800 a year (in tuition alone) for her third and fourth year of medical school, where she acts like a resident but pays to work. She works 75 to 80 hours a week, and sees patients does everything the residents do, only we pay for her to do this... We are lucky and I'm able to subsidize the rest of the cost of living, otherwise some students take out something like $66-67,000 a year....

Sorry this is my rant on student loans but Really slave labor is better than what she has to do, at least slaves don't have to pay to work...

Oh and 6.8% on a loan that you can't get rid of in bankruptcy court is BS... We have a bankruptcy system for a reason, to keep from someone loaning others too much money... And the more you loan the more the tuition costs will go up...
 

I think the bolded part is what is wrong with your statement. The students choose which fields to go into. A musician is an idiot to go to college, spend $150K to earn $50K, and then bitch about not being able to pay student loans. There are plenty of 'fun' degrees to get at college, but in reality students should also learn a trade or skill. I took plenty of interesting classes at college, but I chose to major in Accounting because I realized it would actually pay the bills after school.

Choosing to defer entering the work market to go to school is a choice, and treating it like it is no big deal to pick a useless major like liberal arts should not be rewarded in this way. What a terrible lesson to teach youth that are entering the age of majority; that if you are an idiot society will foot your bills.
 

I really respect your wife for choosing that career. With Obamacare coming down the pipe and the need for the government to control costs, it will be doctors who will see their pay reduced.

The tricky thing about student loan debt is that students are typically very poor during their school years. If you allowed them to run up excessive loans and then file bankruptcy then you would see a ton of students defaulting on their debt before diving into their careers. Not only that, loaning institutions would then have to raise their interest rates to cover the risk associated with non-payment. In other words, student loan rates are held lower than they otherwise would be because students aren't able to graduate and then file bankruptcy. Lower interest rates benefit students.
 
Controlling tuition costs and offering grants to reduce costs. Especially medical students should be given large grants for medical school as to increase the numbers of doctors.
 
0bserver92 said:
Controlling tuition costs and offering grants to reduce costs. Especially medical students should be given large grants for medical school as to increase the numbers of doctors.
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Who's gonna pay for that? The magic money fairy?
 
j-mac said:
Who's gonna pay for that? The magic money fairy?
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It is a necessary cost to increase the number of doctors. Unlike the U.S. we do not have that large of a deficit and also you never healthcare is this country as that will lose the next election we take healthcare pretty seriously.
 
0bserver92 said:
It is a necessary cost to increase the number of doctors. Unlike the U.S. we do not have that large of a deficit and also you never healthcare is this country as that will lose the next election we take healthcare pretty seriously.
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Where you at? Canada?

In any case, I didn't ask you that. I asked you who's gonna pay for it? Want to try again to answer that straight question?
 
j-mac said:
Where you at? Canada?

In any case, I didn't ask you that. I asked you who's gonna pay for it? Want to try again to answer that straight question?
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Yes, Canada. The government using taxpayer money to help finance something that benefits taxpayers by increasing the quality of healthcare.
 
0bserver92 said:
Controlling tuition costs and offering grants to reduce costs. Especially medical students should be given large grants for medical school as to increase the numbers of doctors.
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The medical student (aka, Doctor) "supply" is limited by our government.
It's more or less a legal monopoly, which in part, is why doctors are paid more here.
 
0bserver92 said:
Controlling tuition costs and offering grants to reduce costs. Especially medical students should be given large grants for medical school as to increase the numbers of doctors.
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"Controlling" that is a liberals wish to die for. To "control" yes liberals love to control anything and everything, and then give free stuff at the expense of others. And the others are the rich.
 
0bserver92 said:
Yes, Canada. The government using taxpayer money to help finance something that benefits taxpayers by increasing the quality of healthcare.
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In the case of the United States, we're 16+ trillion in debt and under Obama we'll be 20 trillion in debt at the end of his 4 yr term. That is an increase in our national debt of over 10 Trillion in just 8 yrs. Now where did you say we were going to get the money from?
 
0bserver92 said:
Yes, Canada. The government using taxpayer money to help finance something that benefits taxpayers by increasing the quality of healthcare.
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Some articles for you to read up on....

The Ugly Realities Of Socialized Medicine Are Not Going Away - Forbes

 
Canada isn't the only system out there. Now we can play dueling articles. I think I can pick a better source than Forbes if you want. : coffeepap
 
Boo Radley said:
Canada isn't the only system out there. Now we can play dueling articles. I think I can pick a better source than Forbes if you want. : coffeepap
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Oh brother....You believe what you want....HuffPo, DailyKos, ThinkProgress, et al. I am sure you could....
 
j-mac said:
Oh brother....You believe what you want....HuffPo, DailyKos, ThinkProgress, et al. I am sure you could....
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I don't often use those. But you're an odd fellow to complain about sources.
 
0bserver92 said:
The problem in Quebec results form it being Quebec and being almost separate form the rest of the rest of the country.
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Oh, so you're saying that only Quebec is having problems with the HC system costs in Canada? Is that what I am reading?
 
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