Giving a break to charities
Reader comment on: Obama on Student Loan Forgiveness
Submitted by TheCaptain (United States), Mar 30, 2011 20:31
That's like saying people won't work so they can be on welfare. Or that people will be homeless to take advantage of soup lines ...
Taking a 20,000 job for the forgiveness over a 50k position ? Any rational person would just pay back the debt and take the higher paying position. The forgiveness was bipartisan for a reason. In reality, it will only benefit doctors mostly, and some lawyers in non-profit.
If you make the national average for income $44,000 per year, after 10 years at 10% = $44,000 is what you would pay back. This is oversimplified, the actual program is more complex, and you would probably get a raise at some point in 10 years.
National average for student debt = $24,000. Far under the forgiveness threshold level.
And public service isn't always a life resigned to poverty, some mega-churches make big money as well as defense personnel (i'm in this category).
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