Ha! And these morons actually TRUSTED gubbmint? Hahahahahaha! - Granite Grok

Ha! And these morons actually TRUSTED gubbmint? Hahahahahaha!

“A government big enough to give you everything you want is a government big enough to take away everything that you have.” -President Gerald Ford.

Sorry, I have little sympathy for these folks that actually bought in the Obama Administration idea that IF you work for government after graduation or for a non-profit, your school debt would be “forgiven” after 10 years of working in one of those two capacities.  We’ve seen that govt jobs, at least at the Fed level, have compensation levels well above the private sector when everything is all in.  Also, don’t let anyone kid you but national level non-profits may not make profits but that doesn’t mean that compensation levels are “low”.  So who will be catching this remaining debt in the shorts when those first 10 years finally accrue?  Yeah, us private sector taxpayers as SOMEBODY has to pay for that now over $1 Trillion of student debt….OH WAIT! (reformatted, emphasis mine):

400,000 were promised student loan forgiveness. Now they are panicking

More than 400,000 student loan borrowers may have placed their faith in a government program with an uncertain future.

The Public Service Loan Forgiveness Program promises to cancel any remaining student debt for those who work for the government or nonprofits if they have been making on-time payments for 10 years. Many teachers, public defenders, Peace Corps workers, and law enforcement officers fit the qualifications. This October marks the 10th year of the program and the first time anyone will have made enough payments to get their debt wiped away. It’s unclear how much the program will cost the government when its starts to forgive those debts.

They never learned the lesson that what a law gives under one Administration can be yanked by another one. But then again, most people working in government or non-profits are of the Leftward persuasion – of COURSE they trust Govt implicitly.  Even when they can’t believe what they see.  Heh!  You know what you call a liberal that’s been mugged, right?

Frankly, I’ve always been incensed with this program – what is so special about govt or non-profit workers to promote them above the rest of us who actually make their jobs possible?  After all, without our taxes, govt workers would be working for free. Ditto for many non-profits that depend on donations (or as I have written zillions of times over the years, have become “captured” by government because of their over reliance on govt money -> see Planned Parenthood if you want to see a non-profit’s ox being correctly gored). This certainly was a perverse incentive that DISINCENTIVIZED people to go into the private sector.  It also disincentivized people from actually sitting down in front of a spreadsheet and go “will this degree’s cost, like advanced gender studies with a minor in feminist lit, actually payoff”?  The answer is generally no but “hey, the GUBBMIT said they pay so I’ll sign away on these loans.  *I* won’t have to pay it!”.  Once again, let’s force everyone else to pay for you!  It’s the new American way to Socialism!

Oh, that “how much the program will cost the government” – and anything that “costs” the government anything is really a cost that we taxpayers end up emptying our wallets over as Government is NEVER expected to slash costs somewhere else to make up the difference. From my perspective – you signed it, you pay it.  THAT used to be the American way – but then again, with Obama nationalizing the student loan program with the passage of Obamacare (yep, like all things, this was supposed to be the PROFIT that made Obamacare debt free – have you looked up the rising student default rate lately?) to make the scoring look good. It should NEVER have been part of “The Proper Role of Government”.  But SOCIALISM!

The program has been shrouded in some uncertainty for months. On Wednesday, the Washington Post reported that the Department of Education is planning to propose ending the Public Service Loan Forgiveness Program. The article was based on budget documents obtained by the Post. A public version of the department’s budget is expected to be released next week. Congress would have to approve the department’s proposed changes for them to take effect.

Good.  You spent it – now pay for it.  You have received an economic boon for having a degree (at least in a major that actually does something; your fault if you got that gender studies with a minor in feminist lit degree that’s worthless outside of academia – not mine).

 

…”It would be absolutely detrimental to those of us who have planned our lives around this program. It would be the equivalent of pulling the rug out from under us,” said Daniel J. Crooks III, a government attorney who is expecting loan forgiveness from the public service program in six years. He currently has more than $300,000 in student debt — after making payments for the past four years. He’s moved states to get a better job that still qualifies him for the debt relief.

So sad.  Hey, a lot of us in the private sector planned our lives around things as well – and a lot of us found out that “stuff happens”.  I increasingly wonder what these folks like Crooks believe that the vagarities of Life should pass them by simply by dint of having Uncle Sam signing the front of their paychecks.  Welcome to what we’ve been experiencing out here for well over a decade.

Oh, this next part?  Seriously, is ANYONE truly surprised at yet another overrun on a badly conceived, badly written, and badly run government (that SHOULD have stayed in the private sector) that BADLY has done this?

 

The program could cost the government more than originally expected, according to the Government Accountability Office. The Obama Administration had proposed capping the amount borrowers could have forgiven at $57,500, but that proposal was never approved and forgiveness remains unlimited.

The median borrower in the program has more than $60,000 in student debt and almost 30% of them have more than $100,000 in debt, according to a Brookings report.

And of course, let the WHINING begin with Crooks:

Even if Crooks can remain in the program, he worries that future grads will be discouraged from entering public service jobs if it’s no longer available for them. “With student debt hanging over them, it might not be financially possible for recent grads to commit to public service careers,” he said.

Yeah, showed that this Gubbmint lawyer STILL hasn’t learned the proper and root cause problem.  Let me ‘splain it to you simply:

Don’t go into debt if you can’t pay it back.  And figure that out BEFORE you sign on the line.

And don’t make the rest of us pay for your dufus mistakes.

(H/T: CNN)

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