Community | June 24, 2009 | 13 comments

New Law To Help In Paying Back College Loans

source: http://www.cnn.com/2009/US/06/24/college.loans/index.html

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islek
To help new college graduates who are entering a rough job market with massive loans hanging over their heads, a new law has been passed.

The Income-Based Repayment program is designed for students with high loan amounts and low income (or no income, since May stats indicate 15.5% of 20-24 year-olds are unemployed).

The law will cap student loans based on one's gross income, and will be assessed each year based on the borrower's income and family size.

Full article at link...
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13 comments // New Law To Help In Paying Back College Loans

  • cztheday
    • 0
      cztheday  

    • Perhaps I was just especially dim-witted when I entered college, but I can't overstate how important those eight years (five undergrad and three grad) were to my intellectual development. For the first time in years, I really felt challenged by the coursework, the professors and my classmates. I was 2,000 miles from home, so I learned independence pretty quickly. I rented a house with four other guys -- two from New York, one from Okinawa and one from Seoul. Since I had come from a community of around 100,000 in the Northern Rockies that was 98% white and 95% Protestant, just discovering other points-of-view was enriching...

    • 2 years ago
  • Bushido
    • 0
      Bushido  

    • Or maybe it is just trendy to support the lucrative academic status quo by attributing frat-boy stereotypes to someone who disagrees with the money-grab that is the vast majority of the college experience.

      Actually, I maintained a respectable 3.5 GPA while simulateneously attending college and serving in the military, so my drinking time was infitesimal.

      I agree that one can make something of college (apart from debt), but you could also read a damn book on your own and achieve the same thing (you can get those at a place called the library for free).

      So, let's try not to insult one another's intelligence or academic pedigree just because we happen to see the goals of higher education differently.

      Worthless may have been melodramatic, but generally worthless is generally accurate.

    • 2 years ago
  • jh64487
    • 0
      jh64487  

    • you realize the US has the best higher education programs in the world right?

      maybe it's just trendy to bitch about "how little" one learned in college nowadays. it is what you make of it. not the prof's fault you were drunk by 6 on thursday, fridays sats and hungover sun and mon

    • 2 years ago
  • adveritas
    • 0
      adveritas  

    • I agree that the education, private or state, is lacking but it certainly isn't worthless. It's what you make of it. For sure I learned one thing: I only thought I knew everything after high school... Some people never learn that.

    • 2 years ago
  • Bushido
    • 0
      Bushido  

    • College is worthless. It is just another money-making sceme. Half of the classes one takes are irrelevant. I personally learned very little in college that has applied to my career.

      Look at how many billionaires dropped out prior to their B.S. degree and are still billionaires. It is unfortunate that society has accepted this academic scheme as a mandatory hoop that one must jump through to obtain decent employment. Soon there will be 10 and 15 year programs in order to more gainfully rape us for all we have and ensure our perptual debt.

    • 2 years ago
  • alecks
  • Lazybones
    • 0
      Lazybones  
    • Bushido:

      If it was so easy to drop out and become billionaires, more people would be one. The few who made it rich after dropping out of college only did so because they had a great idea, were part of a great idea, or already had the money somewhere. The rest of us have to go to college in order to get some sort of education and have carrers and a healthy life. If you can get away with not going to college and making it, so be it.

    • 2 years ago
  • Incredulous
    • 0
      Incredulous  
    • Bushido:

      While I partially agree with you on the money-making aspect of a college education, alas, what is there in a profit-driven society that isn't a money making scheme? I remember when cell phones and texting were first being heavily promoted, and I thought--they have found a way to charge us to communicate with the person across the room, and on some levels, that remains true.

      On the other hand, college isn't always about helping you make lots of money, but rather about teaching you how to think critically, a skill that should transfer to any job, and if you didn't get that out of your college education, well, the fault may lie with you.

      As far as an income-based payments option, I was under the impression it was always available, but the downside has always been that those who can't pay accrue unbelievable amounts of interest until they can. It is a crumb, the banks will still get their pound of flesh, and that seems to be the nature of most of the change we are seeing with this administration. A crumb here and there for the voters and taxpayers, and the largest piece of the pie still going to the corporations and banks.

      I continue to hope that is an incorrect assessment.

    • 2 years ago
  • condomelite1
  • good_stuff
    • 0
      good_stuff  

    • Great, now by B of S will really be BS. If we didn't make it so easy for people to go to college, then we wouldn't need to go for so long. They say the Bachelors degree is the new high school diploma, but in many areas of study you need at least a Masters to get a job.

    • 2 years ago
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  • jakewhitcomb
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