There has been a a lot of talk about student loan forgiveness and trust me as parents of a child with a student loan as well as paying off student loans for graduate school in order to get farther in our career it’s a topic that Mr. Money Saving Parent and I think about a lot. Just imagine if student loans were forgiven! That money could be used to literally turn the economy around as people would be able to put money into their savings, pay their bills, buy a house or make other financial improvements, as well as of course, spend some of it. As all these things are done there are more jobs needed and more people employed to fill those jobs. I think it’s an amazingly exciting prospect, if only it could come to fruition.
But more importantly, I can’t help but wonder, why is it that big corporations and executives get “bailed out” of their financial mismanagement. It’s not just banks, it’s big business too, while every day guys and gals got, what, a one time $600 pick me up? Millions of dollars go towards bailing out the big business, but we can’t find the money to make life more liveable for the average American. Many of which are just now graduating from college only to find that they can’t get a job.
Last but not least is the scary facts about student loan debt. You can’t declare it in bankruptcy. It’s not protected under the Fair Debt Collections Practices Act, which means collectors of this debt can do whatever they want whenever they want in order to try to collect this money from you. Why is this debt process allowed to be different? And, let’s face it, average Joe has to pay the money back that he borrows for a student loan but a CEO doesn’t?
So here’s an infographic to help you make decisions about student loan forgiveness. Find out more about the current student loan forgiveness act of 2012 here. Support the Act which is trying to eliminate 1 TRILLION in debt this year by signing the petition and get many questions answered about the Act and what it hopes to accomplish and how here.
Reprinted by permission Credit Card Assist.com
Twitter: rlivermore
says:
This is definitely a hot topic for a lot of people, since so many people have student loan debt. I especially appreciate the infographic.
Rebecca Livermore recently posted..What Bloggers Can Learn From FlyLady
I honestly don’t see why it shouldn’t be treated like any other date. Money is borrowed, for whatever reason, and it should be paid back.
Marie Anne recently posted..Quality or Quantity?
Twitter: ARDollak
says:
It would be nice if student loan interest wasn’t so high. I have been paying my student loan with Sallie Mae every month this year and have only paid off $4 of the actual balance so far in 2012 because the rest went for interest. Of course, I wouldn’t expect to borrow money for free, but I strongly feel interest rates have gotten out of hand!
Amanda Dollak recently posted..Mother’s Day Mambo
Interesting article. Having been out for so long now, I hadn’t realized how bad it was getting. What suffers is more than just the students, its our ability as a society to continue to improve and strive for the best. I don’t know if there should necessarily be a “bail out” for anyone. I certianly didn’t agree with how it was done for big business.
Caroline Whatley recently posted..Step-by-Step Guide to Gamification
Twitter: LittletonBooks
says:
I don’t know if forgiving student loans is the right solution, but the government needs to find some way to make education more affordable. Education is the primary vehicle for the “have nots” to join the “haves” and government would serve us well by assisting more lower income families to be able to be able to afford it.
Chuck Livermore recently posted..Columbine Genealogical & Historical Society
Calling it the noodle soup effect, I think that education means the same that: liberty, prosperity, integrity, progress, ask yourself, Who are the future?, I’ll answer my one question, student are the future, loans are killing the future generations. they are millions of parents that want to pay , but they can’t,, isn’t the aim of school encourage them to keep studing, while out there they say it’s a long ride, education should be a right not a privilege.
ryan recently posted..The Worst Financial Disasters in History