That whole program chaps my ass. And i love the girl’s comment, “I could be making a lot more money.” You took the higher paying job. We, the publlic, are paying off your debt. That’s compensation. She needs to thank her fellow taxpayers. Such a twisted program. Some how those that racked up student debt are the ones that need help in our society. Comical. Not people with no education or those that fought tooth and nail and paid their own way through state school. This “education” bubble will burst. How can one profit on the collapse?
How much do you guys pay for 4 years in the US?
Here in Canada, I borrowed CAD$41k but paid back $29k. I was debt-free within 1.5 years out of school.
Any policy is going to have imperfections, and by definition, some people will gain/lose from the inefficiency. With this doctor thing, time horizon is another consideration. The 5 year view might be to enter a lower paying field and be forgiven on loans. The 10 year view might say you should keep the loans because you will earn more in the future. Different choices might differentiate people who are myopic from those who value future rewards.
On a different note, we could take an elitist view and say it is worth subsidizing and directing the efforts of high productivity people, like doctors, over run-of-the-mill people who will be mediocre no matter what, even if the doctors would still have ended up with decent income. The last time I checked, scholarships are awarded based on merit, not just based on need.
With regards to Turd’s life advice, it really depends on the kid. If they turn out to be genius, as a parent, you owe them the opportunity to attend Harvard if they can get in. If your kid is mediocre, then maybe you should consider not paying $50k a year for some NE college that is a playground for rich kids.
FTFY
Even then, I’m still not sure that I believe it.
The loan forgiveness based on “public service” is nothing more than backdoor funding into the “qualified” organizations. Increased spending without the pesky approval. Worse, the spending is based on the indebtness of the job taker. F-ing absurd.
No borrowings here. My tuition was about $6-7k/yr, but I worked full time so no debt. Actually owned a condo and had a car paid off by graduation. I guess I don’t understand the entitlement mentality towards 4 years of partying. Most of the people I know that did that are in washed up jobs.