Biden cancels 150,000 more student loans

wrong way to fix the problem. both parties too afraid of big ed to require proper checks to see if each "college" should actually be qualified for loans and require these schools to publish simple stats with graduation rates and average salaries of graduates in order to receive loans

 

I don't have a problem with some loan forgiveness, especially if it's tied to public service or to encourage entry into fields where we need more workers (e.g., nursing). Overall, I think the issue is mostly bad politics for Democrats if it's going to be a situation (real or perceived) where blue collar folks who are breaking their backs at work are going to be subsidizing upper middle class kids getting degrees in low-paying, liberal areas of study. Whether fair or not, it plays into the criticism that Democrats are academic elitists, which is likely one reason Democrats are reportedly losing support among Black and Hispanic men (and voters without college degrees more generally). Just my opinion.

 

I know someone who is a physical therapist that worked for 10 years at market rate job in Ft Myers at a "not for profit" hospital that is referred to locally as wealth park instead of the Health Park name originally chosen by the operator. Her loans are being forgiven. Can't agree with that as she is making $80k a year in a nice part of the country to live in. For another thread but the hospital chain ( Lee Health) is now filing to become a for profit company. Built up a massive network with giant tax incentives and then take it private and monetize all those decades of tax breaks..smdh

 

Buying votes!!!

 

Let's clarify. Her remaining loan balance is being forgiven after making 120 monthly payments towards her loans and working at a qualifying 501c3. Those are the 2 core requirements of the public student loan forgiveness program. Work at a NFP for 10 years and make 120 monthly payments.

DPT programs typically take 3 years, so she had upwards of 7 years or more of higher level education, and is being compensated at a salary that can be earned in other professions with way less education required. The public student loan forgiveness model is working as intended in her case, as it's an added incentive for people to choose that education/career path when the pay vs. education is less than many other professions.

Your beef with the hospital system's shady practices is a different complaint entirely. I'm not qualified to argue your complaints against them.

 

Thank you for this. G8trGr8t is a good poster but it's disappointing to see him continually knock things like pensions earned and the loan forgiveness program you explained. My wife is in this program for almost 9 years now. Despite paying over $400 a month her principle is hardly dented as about $70 goes to the principle while the rest is interest. She is paying down a private loan at the same time which she has had to throw about 7 to 8 hundred a month on to pay down. As you explained, 80 to 90k a year for a profession now requiring a doctorate. Many of her peers are leaving the field because of the ceiling on earnings and burnout from case loads and poor management for profit, even in not for profit companies.

 

Loan forgiveness and migrant debit cards. Just buying votes.

 

Yep. I just want to make sure people understand that part for loan forgiveness. These individuals didn't just take out a bunch of loans and ignore them for 10+ years waiting for Uncle Sam to wipe out the debt. They have in most cases paid tens of thousands toward repayment already. If you haven't made those payments, you don't qualify for forgiveness.

 

As an aside, some here, not G8trGr8t, will continually hear nothing but "forgiveness " and ascribe all the usual misnomers and party line rhetoric about irresponsibility, junk degrees, accountability etc.

For the record, my wife is against all out debt forgiveness that's being bantered about. She is however in favor of some restructuring if possible along with getting education costs and loan practices addressed but no one is having that conversation because both parties just continue to pander to extremes

 

my beef is with what qualifies as the eligible 501c3. This isn't some Indian reservation in Oklahoma or inner city hospital in a crime ridden area where they can't find people to hire and she isn't making below market wages. If anything, restructure to 0% interest and credit all payments made to the principle.

 

fyi, you can get licensed as a PT with a masters. Odd wrinkle where foreign students can take test and be licensed with a masters. Daughter is in PT school in London right now and finishes school in September with graduation in December and will be qualified to take the test and be licensed.

and ftr, my beef is with the way the pensions are gamed with just last year or two counting as base and then employee working massive OT to boost final year of salary. People should not be able to retire on taxpayer dime at 45 - 50 years old with $100k + pensions. No private industry can offer those terms as it would bankrupt them

 

Your daughter is in London to become a PT lol. Great for you guys. Surprised someone as grounded and reasonable as yourself applies your singular experience as normal practice for the majority. Disregard everything else in my comments and focus on her relatively unique experience. Also, Many people are leaving the field because a bigger issue with PT comes down to reimbursement issues with insurance and subsequent effects on employee pay because of its decline. The whole system needs a reworking.

As far as spiking pay, I'm with you on that...with departments and positions where it occurs. The problem is many people who aren't taking part of that practice get lumped in because people run with narratives. There is a lot of nuance. A lot.

Also, just as big a problem if not bigger are disability pensions and claims across several fields Including police, fire and military. Again, lots of layers to it and the genuine claimants shouldn't have to explain their legitimate claims.

 

Paid tens of thousands toward repayment, and many now owe more than they started with.

 

it was actually cheaper for two years of school there than 3 years at UF. I expect her to go into research though as she is bright (skipped a year in middle school and graduated with a 3.97 in Applied Physiology and Kinesiology at UF) and must always be mentally challenged to keep her focus. She already has an offer from one of her professors to do research at the school she is attending and she enjoys London and hates what Florida has become under desi and MAGA

 

It’s basically education, government, peace corps, or NFP healthcare.

If they were given the 0% interest and py only principle as an alternative, I imagine many would consider that a fair incentive if it were applied much sooner than after 10 years post graduation.

And I’m not an expert in rehab therapy, but know enough to know that most states require the DPT to issue the license necessary to practice.