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I can see your point. But it does sound like a SaaS product that deliberately makes it hard to cancel but legally doesn't have to stop charging your card.
by mgadams3 8y ago
I can see your point. But it does sound like a SaaS product that deliberately makes it hard to cancel but legally doesn't have to stop charging your card.
- Alupis 8y agoNo, not really. It clearly says you need to have had the loan for 10 years and been paying on time payments and have a stable job. Those requirements don't seem absurd, outlandish, nor designed to make people fail. If you don't meet those minimum of requirements, why would the tax payer want to forgive your debts - you clearly didn't hold your end of the bargain, yet want to be released of potentially thousands or tens of thousands of dollars of public-money debt.
- nmcfarl 8y agoI think you might feel differently if you'd actually read the documentation as it existed 8 years ago (I've not looked at this in years). Or talked with customer support agents for the program that who told my wife that a formal loan forgiveness application was not required, and would be a waste of time. Just meet the criteria and apply when your 10 years were up. But what those criteria were was not described clearly enough to make 10 year plans on. And the general confusion was so massive, the program so obviously a shambles, that we decided there was little chance that the program would survive, and passed on it.
- Alupis 8y agoSorry to hear that. The point still stands, however. For a program as controversial as this (loan forgiveness in general, that is), it's amazing there's any program at all. Those wishing to be granted forgiveness have a clear list of requirements they need to meet in order to be considered - yet the article wants me to be outraged at the current administration because so few people that applied bothered to even read the requirements.
- germinalphrase 8y agoI think the point is that requirements are/were explicitly unclear and that otherwise minor deviations (like a payment being received on Monday rather than Friday) are used as justifications to make people - who have made financial and career sacrifices based on the expectation of loan forgiveness - ineligible.
- mcguire 8y agoIf you have had the loan for 10 years, have a stable job, and have been making payments...why do you need the loan forgiven?
- ihattendorf 8y agoIt's used to incentivize public service jobs. Someone with $100k+ in loans can take a lower paying local government job instead of having to work elsewhere to pay off the loans.
- fzeroracer 8y agoThis is assuming that your payments are enough to beat the interest your loan accrues. Having large student loans could also discourage people from doing things such as buying homes or reinvesting that money into the economy. Effectively, every dime you put down towards interest on a federal loan is money that could've been spent towards things that benefit the market. If you were to take a pure free market approach, federal student loans are theoretically a Very Bad Thing and it should be in the government's interest to reduce those.