GOP Tax Bill Could Eliminate Student Loan Forgiveness Program
House Republicans could pass a bill that would end the student loan forgiveness program for college graduates who work jobs in the public service sector. The program erases student debt for people who work in qualifying jobs and make payments for at least 10 years. It's called the Public Service Loan Forgiveness program, but it could be gone soon if the GOP bill goes through.
The bill in question is called the Higher Education Act and it was brought upon the GOP by Virginia Foxx, a Republican from North Carolina.
It's reported, by The Hill, that the Department of Education had already proposed to eliminate that debt forgiveness program from its budget once this year. However, we all know that the Secretary of Education, Betsy DeVos, is a complete and utter failure at this position. She is one of Trump's worse selections for his team. He should have found someone much more knowledgeable in education, as she clearly is not.
The best way to combat student debt is to force colleges to set limits on the price of tuition and to offer a much lower student loan interest rate. If college is affordable and the interest rate on loans is low, then there's likely no need to have a student loan forgiveness program because students will be able to afford their loans.
Some colleges also need to stop offering worthless classes and degrees in gender studies or women's studies. Students can't get real or lucrative jobs in those fields, so those students who spend all that money on tuition are later protesting for $15 an hour when they're 30 and still can't find a job other than being a lousy substitute teacher or barista.
And in that matter, I'd rather be the barista!
I've already had a portion of my tuition forgiven - but only a small amount.
It helped, but the fact that my student loan interest rate has crept near 10% is the worst part. If the loan interest rate was 2-3%, then I would've probably paid my loans by now and wouldn't need a forgiveness program.