Obama + Jobs = No Loans?

[BMCGirl10]

Did anyone else catch what President Obama just said in his State of the Union address? I thought he said that if you have a public job (i.e. working for the federal government) for ten years then your student loans are forgiven. Is that a fact or wishful thinking?

[joro]

I think it was more on the lines of proposing such an idea and not fact (at least not yet). My question is...if our loan is forgiven after a certain amount of time, who becomes responsible for the remainder of that debt?

[tem11]

It's already been enacted, though it only includes some federal loans. Specifics can be found here:

http://www.finaid.or...icservice.phtml

Edited January 28, 2010 by TerriM

[joro]

It's already been enacted, though it only includes some federal loans. Specifics can be found here:

http://www.finaid.or...icservice.phtml

Ahh, cool. He did mention it would be 20 years for non-public service jobs, right? It currently lists 25 years, but I guess they're doing a revision on this now.

[qazwerty]

Did anyone else catch what President Obama just said in his State of the Union address? I thought he said that if you have a public job (i.e. working for the federal government) for ten years then your student loans are forgiven. Is that a fact or wishful thinking?

I think this has been the case for a while.  I remember hearing about it way back when I was an undergrad.

[tem11]

Ahh, cool. He did mention it would be 20 years for non-public service jobs, right? It currently lists 25 years, but I guess they're doing a revision on this now.

Only if you choose the income-based repayment, which ultimately means you pay more interest. I think the best option depends on how much debt you have.

It's worth considering that these things are likely to change, for better or worse, in the upcoming years. When I began my BSN four years ago, there were tons of federal and state loan forgiveness options available for nursing students. Now, my state has totally done away with those programs and I'm stuck with 40K in undergrad debt as a result. Needless to say, I'm a little skeptical of these new programs and am going to budget to pay it all back just in case. It would be nice, though!

[joro]

Only if you choose the income-based repayment, which ultimately means you pay more interest. I think the best option depends on how much debt you have.

It's worth considering that these things are likely to change, for better or worse, in the upcoming years. When I began my BSN four years ago, there were tons of federal and state loan forgiveness options available for nursing students. Now, my state has totally done away with those programs and I'm stuck with 40K in undergrad debt as a result. Needless to say, I'm a little skeptical of these new programs and am going to budget to pay it all back just in case. It would be nice, though!

Wow, from nursing to creative writing for grad school?

[tem11]

Creative writing was always that "what if I'd done things differently" option. I wanted to see if I could get in, though I won't be attending grad school for it any time soon. I'm going for social work instead .