lotsofhp said:
jja79 said:
WTF? So the rest of us can pay it huh?
It's funny how in our society people people don't even think of it this way any more.
There was a time when people were ashamed that they couldn't honor their debts. Now people talk about it freely. They don't even realize what they're saying.
I see it as more of an agreement/program than someone not honoring their debts. It's the same as Texas's B-on-time loan. If you meet certain requirements, it actually ends up being a grant that you don't have to repay. If you don't meet the requirements, you're on the hook for the loans.
The public service loan program needs to be more legit and have agreements up front rather than this weird "wait to see if you qualify" process 10 years after graduation. The military is more up front about the educational benefits someone will receive once eligible, but they also commit to serving in order to get those benefits. You could have someone commit to something like being a public defender for 5 years after law school BEFORE they begin their law program rather than deciding to do it after they graduate.
They could also put limits on the amount that could be forgiven based on timely progress to graduation (I.e. only forgiving the equivalent of 4 years even if it takes you 5 years). They may also need to consider the cost differences between public and private programs. You shouldn't need as much money to finish a public program (assuming you aren't getting scholarships or other aid that might cut the price at a private institution).