Navy: Public Service Loan Forgiveness

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Originally Posted by MaxillofacialMN

Lol you think you're (I used it too! Lol) reducing the debt by paying interest.

If you're interested, I've got a bridge to sell you...

If the govt is profiting from interest it then becomes math. A net gain from generations of earned interest from federal loans might barely put a dent in our national debt but that's another story. My point was that responsible people such as ourselves, teachers, and other professionals have been paying our end and some for a long time. It's about time a program sees the potential of how debt free, responsible professionals can stimulate the economy. This isn't like those other social programs that give handouts and only add to America's 'entitlement' mentality. How much is that bridge... I like burning them.

Originally Posted by JaySea

If the govt is profiting from interest it then becomes math. A net gain from generations of earned interest from federal loans might barely put a dent in our national debt but that's another story. My point was that responsible people such as ourselves, teachers, and other professionals have been paying our end and some for a long time. It's about time a program sees the potential of how debt free, responsible professionals can stimulate the economy. This isn't like those other social programs that give handouts and only add to America's 'entitlement' mentality. How much is that bridge... I like burning them.

So, the government either prints the money from thin air, or thy borrow it from other countries to lend you (read: china). The interest that the gov pays on the Chinese loans is far greater than your interest. I guarantee you paying back interest on your loans, does not cover the amount of money the gov spent on your money alone.

Let's say you paid back 20k in interest, the government owes 100k of interest to other countries, corporations, etc etc on the money they gave you.

Also, dont forget about inflation. The money you pay back is worth less than the money they gave you.

Originally Posted by MaxillofacialMN

So, the government either prints the money from thin air, or thy borrow it from other countries to lend you (read: china). The interest that the gov pays on the Chinese loans is far greater than your interest. I guarantee you paying back interest on your loans, does not cover the amount of money the gov spent on your money alone.

Let's say you paid back 20k in interest, the government owes 100k of interest to other countries, corporations, etc etc on the money they gave you.

Also, dont forget about inflation. The money you pay back is worth less than the money they gave you.

I agree but nonetheless we still have been paying hefty interest. The other stuff is a failure of politicians.

Originally Posted by vellnueve

It boggles my mind that you're a doctor and you don't know how to spell hypocrite.

That's only one of the things in this thread that boggles my mind, though.

The HPSP is economically speaking no different than the massive CSAB they're giving to fully trained dentists entering the armed services - some dentists are being offered over 450K to join up for 4 years. You got a program that, economically speaking, was pretty similar in terms of expenditures to what HPSP students got - 4 years of E-7 pay totaling well over 200K in take-home pay plus full military benefits and time towards retirement. Your family was taken care of while HPSP students needed to scratch together money to take care of their families - that stipend really doesn't go that far, AND you leveraged your hard-earned GI Bill benefits to help pay for school. What you're doing here is asking for more, more, more. The person here with the entitlement complex, the one who keeps asking for handouts, is not those that you name "hipocrite," it's you. You're basically stating that you want to be paid to go to school, get paid for 5 years as a military dentist, and then owe no more money while the lenders (the taxpayers) get screwed over on their investment. Do you really think you're so valuable that you're worth that much? I got news for you, you're not.

When loans are paid out, it is expected and reasonable that they be paid back. If you didn't want to pay back your loans, or at least a good portion of them, you should have not taken loans out. That's on you, and that burden and resultant additional debt should not be tossed back on a country that is already deeply in debt. You are no different than the idiots who major in philosophy or English in college, taking out hundreds of thousands of dollars in loans and then demanding that those loans be forgiven - except that you have the means to make that money and pay that debt back. The fact that you want to essentially pay back less than 20% of that loan for minimal service that you're already obligated to serve anyways reflects poorly on your character. Ten years for loan forgiveness is already way too generous in my book - I think it should be 15 minimum.

In any case, it's academic, because there's no chance in hell that that bill will pass. Going around to multiple forums and spamming the link for an internet petition is simultaneously hopeless and laughable. Best wishes on paying off your loans


This post reflects my own opinions and does not reflect the official position or policies of the DoD or the United States Navy.

Amen brother!

Originally Posted by JaySea

From: JaySea

Here is something indisputable.... For many generations professionals have been paying ~ 6% interest on FEDERAL loans. Therefore us professionals have been REDUCING the national debt for many, many years.... All of these years us professionals are reducing the debt... so pick a f-ing side. It's about time we get something back.

It's interesting that you include yourself in these "many generations" of "professionals [who] have been paying" and somehow feel that you are owed something because of what they have paid, yet you are trying to dump off your debt on the taxpayers...and you demand we "pick a f-ing side"?

Now, unlike the indolent Occupy crowd's baby, IBR, I see PSLF as another recruiting tool, just like HPSP or any other incentive to perform a service, but you're really milking it here. The way see it, military time shouldn't begin to count for PSLF until after you have paid back your time (HSCP, HPSP, etc.). Enough is enough! Our country, which you've taken an oath to protect, is going down the toilet, drowning in debt and you're trying to squeeze out every last nickel you can so you can be in "financial Nirvana." Now before you call me a "hipocrite" again, I've been in since 9/11 when all the mooches were trying to weasel their way out because they "just joined for the college money."

I am responsible for me, not the government and the "politicians." The problem with our country is the sense of entitlement too many of us have.

If this bill does not pass then you will pay the monthly minimum on your loans for 10 years using IBR calculations while remaining in the military. Then you will enter the private sector, make a ton of cash, and pay taxes on that cash. If your loans are forgiven in 5 years then you will get out earlier, work in the private sector making a ton of cash, and pay taxes. Actually, the government might just get MORE money out of you if this bill passes. Depends on how much money you make.

Since 1980, average tuition for a 4-year college education has increased an astounding 827%. Since 1999, average student loan debt has increased by a shameful 511%.

In 2010, total outstanding student loan debt exceeded total outstanding credit card debt in America for the first time ever. In 2012, total outstanding student loan debt is expected to exceed $1 Trillion.

In short, student loan debt has become the latest financial crisis in America and, if we do absolutely nothing, the entire economy will eventually come crashing down again, just as it did when the housing bubble popped. Reasonable minds can disagree as to the solutions, they cannot, however, disagree on the existence of this ever-growing crisis, as well as the unsustainable course we're on towards financial oblivion.

As a result of more than 30 years of treating higher education as an individual commodity, rather than a public good and an investment in our collective future, those buried under the weight of their student loan debt are not buying homes or cars, not starting businesses or families, and they're not investing, inventing, innovating or otherwise engaged in any of the economically stimulative activities that we need all Americans to be engaged in if we're ever to dig ourselves out of the giant hole created by the greed of those at the very top.

Now for the good news: there's finally hope on the horizon! Representative Hansen Clarke of Michigan has just introduced H.R. 4170, the Student Loan Forgiveness Act of 2012, in the House of Representatives - legislation designed to lend a helping hand to those struggling under massive amounts of student loan debt.

For a brief summary of H.R. 4170's main provisions, please copy & paste this URL into your browser: http://tinyurl.com/7akydbk

To read the full version of the actual bill itself, please go here: http://tinyurl.com/6txure8

To read answers to some of the most frequently asked questions about the Student Loan Forgiveness Act of 2012, please go here: http://tinyurl.com/8xh4csd

Student loan debt has an undeniable and significant suppressive effect on economic growth. The Student Loan Forgiveness Act of 2012 directly addresses this enormous boot on the neck of the middle class and represents a glimmer of hope for millions of Americans who, with each passing day, find that the American Dream is more and more out of reach.

Originally Posted by JaySea

Since 1980, average tuition for a 4-year college education has increased an astounding 827%. Since 1999, average student loan debt has increased by a shameful 511%.

In 2010, total outstanding student loan debt exceeded total outstanding credit card debt in America for the first time ever. In 2012, total outstanding student loan debt is expected to exceed $1 Trillion.

In short, student loan debt has become the latest financial crisis in America and, if we do absolutely nothing, the entire economy will eventually come crashing down again, just as it did when the housing bubble popped. Reasonable minds can disagree as to the solutions, they cannot, however, disagree on the existence of this ever-growing crisis, as well as the unsustainable course we're on towards financial oblivion.

As a result of more than 30 years of treating higher education as an individual commodity, rather than a public good and an investment in our collective future, those buried under the weight of their student loan debt are not buying homes or cars, not starting businesses or families, and they're not investing, inventing, innovating or otherwise engaged in any of the economically stimulative activities that we need all Americans to be engaged in if we're ever to dig ourselves out of the giant hole created by the greed of those at the very top.

Now for the good news: there's finally hope on the horizon! Representative Hansen Clarke of Michigan has just introduced H.R. 4170, the Student Loan Forgiveness Act of 2012, in the House of Representatives - legislation designed to lend a helping hand to those struggling under massive amounts of student loan debt.

For a brief summary of H.R. 4170's main provisions, please copy & paste this URL into your browser: http://tinyurl.com/7akydbk

To read the full version of the actual bill itself, please go here: http://tinyurl.com/6txure8

To read answers to some of the most frequently asked questions about the Student Loan Forgiveness Act of 2012, please go here: http://tinyurl.com/8xh4csd

Student loan debt has an undeniable and significant suppressive effect on economic growth. The Student Loan Forgiveness Act of 2012 directly addresses this enormous boot on the neck of the middle class and represents a glimmer of hope for millions of Americans who, with each passing day, find that the American Dream is more and more out of reach.

You aren't grasping the concept... By paying for student debt, tuition will INCREASE because more people will think it is within their means to attend school, therefore raising debt even more. That's why it has increased by so much over the past 30 years - more people are going.

Also, I vehemently disagree that we need college to secure a "bright future." The vast majority of college students did not get a useful education in college unless they participated in a STEM major.

This thread needs to die.

Originally Posted by Tirekicker

Amen brother!



It's interesting that you include yourself in these "many generations" of "professionals [who] have been paying" and somehow feel that you are owed something because of what they have paid, yet you are trying to dump off your debt on the taxpayers...and you demand we "pick a f-ing side"?

Now, unlike the indolent Occupy crowd's baby, IBR, I see PSLF as another recruiting tool, just like HPSP or any other incentive to perform a service, but you're really milking it here. The way see it, military time shouldn't begin to count for PSLF until after you have paid back your time (HSCP, HPSP, etc.). Enough is enough! Our country, which you've taken an oath to protect, is going down the toilet, drowning in debt and you're trying to squeeze out every last nickel you can so you can be in "financial Nirvana." Now before you call me a "hipocrite" again, I've been in since 9/11 when all the mooches were trying to weasel their way out because they "just joined for the college money."

I am responsible for me, not the government and the "politicians." The problem with our country is the sense of entitlement too many of us have.

Tirekicker,

You continue to fail to give credit to countless generations of paying enormous amounts of interest to federal loans. You also keep conveniently dismissing how this is a program designed to boost the economy, give back to underserved, and help equilibrate fat university tuition.

Originally Posted by JaySea

Tirekicker,

You continue to fail to give credit to countless generations of paying enormous amounts of interest to federal loans. You also keep conveniently dismissing how this is a program designed to boost the economy, give back to underserved, and help equilibrate fat university tuition.

You seriously believe that federal student loan programs boost the economy?

Originally Posted by vellnueve

You seriously believe that federal student loan programs boost the economy?

Of course not, why would I think a person with a professional degree and less school debt boost the economy? It's not like these type of people would spend their new found debt free income on something like private practices (adding jobs to economy), a mortgage, or other economically advantageous things.

I went to a state dental school and came out 175K of "tuition only" debt in 2010. How much did you come out in debt when you graduated dental school... oh wait a minute, you used tax payer money via the hpsp.

As we inch closer and closer to 1 Million signatures on our petition in favor of H.R. 4170, The Student Loan Forgiveness Act of 2012, ForgiveStudentLoanDebt.com is announcing a new partnership with YouLobby.com.

YouLobby.com is a new website designed for causes just like ours - a crowdfunding platform intended to help make our case in the halls of Congress. A million signatures on a petition is a terrific start, but if we truly hope to achieve our goals, we need to step up our efforts by engaging in direct lobbying with Members of Congress. The FSLD-YouLobby campaign is designed to help us do just that.

Therefore, upon receipt of this message, please check our the new FSLD-YouLobby.com campaign page and then help spread the word!

Thank you, all, for your continued support. Now, let's take the next step to help spread our message in the halls of power in Washington, D.C.

I have LESS of a problem with a program like this for military personnel? Why? Military personnel is one of the 3 constitutional functions of the Federal government(protecting the borders, currency and arbitration between the states). If the government sees this program as advantageous for the military members and it's family for their service then that's an additional perk added to military service.

I have a MUCH harder time with the same type of program coming forward in congress for ALL college grads coming out of school on the 20 year plan being floated around. This is unsustainable. At least with the military it's a controlled, limited population who can benefit from it and you can even justify the constitutionality of it. However, with the 20 year program currently being floated I have MAJOR issues with. It's unsustainable. EVERY college student from the flunk out of pan-african studies to a Ph.D in molecular engineering gets out of their obligations no matter what they do in the private sector? That's neither controlled, nor pratical nor apart of government's role defined by the constitution.

Interesting plan to consider.

Originally Posted by JaySea

As we inch closer and closer to 1 Million signatures on our petition in favor of H.R. 4170, The Student Loan Forgiveness Act of 2012, ForgiveStudentLoanDebt.com is announcing a new partnership with YouLobby.com.

YouLobby.com is a new website designed for causes just like ours - a crowdfunding platform intended to help make our case in the halls of Congress. A million signatures on a petition is a terrific start, but if we truly hope to achieve our goals, we need to step up our efforts by engaging in direct lobbying with Members of Congress. The FSLD-YouLobby campaign is designed to help us do just that.

Therefore, upon receipt of this message, please check our the new FSLD-YouLobby.com campaign page and then help spread the word!

Thank you, all, for your continued support. Now, let's take the next step to help spread our message in the halls of power in Washington, D.C.

Or you can just pay off the loans you obligated yourself for in the first place and stop relying on the government to help you fix your problems by putting them on the shoulders of others. How about some responsibility for self bro.