Would you be willing to take a relatively low-paying,public interest job in exchange for loan forgiveness?
I think what they mean by "low paying" is $30,000 approx. or less - which, for the IBR repayments, is the max you can make without requiring to pay anything back. So not necessarily "poverty level."
Still, a tough call - I mean, it sounds like a nice concept, but if it means neglecting your dreams (not to mention what you went to school for in the first place) just to be out of debt, is that really worth it?
I did not get two Ph.D.'s to live in poverty. I have some shred of dignity left.
I'm already just floating above the realistic poverty level, only 1 or 2 paychecks away from the poor house. Its a nice idea, but for how many years and whats "low paying" mean? I'm making $17.50 an hour and haven't had a raise in over 2 years. As it is I'm living pay check to paycheck. I'm 42 and its not getting any easier. Time for the Government to help the little people out. Because of my bad credit from student loan debt, I'm forced to pay a higher interest rate on car loans, jobs and apartments usually check your credit so I'm screwed there as well. The consolidateing company I used says 25 years of payments and they will stop coming after you, well I cant afford a full payment so my loan will never be satisfied. Well after 25 years they turn it over to the IRS... I will be 64 will they be garnishing my social security checks? How will I be expected to live then?
I voted no as I'm working for a non-profit already, have a child, am 56 and cannot afford to make less money.
Massachusetts now has a loan forgiveness program - HOWEVER - I do not qualify. I am a social worker and the types of qualifying jobs are ones I had in another state. I cannot afford to take a cut in pay by getting a different job. My student loans are over $600/month. Plus, I live alone and have only myself to depend on for income. I'm also 57, which is not exactly the best age to be looking for employment.
I'd be happy to volunteer time for loan forgiveness. I'd be pleased to have the loans rewritten at a lower rate to give me even a little bit of a break.
Mostly, I'm screwed.
Dear Maryleelou- I hear you, I am a 52 yeat old social worker with 150,000 in student loan debt. Social work is already a low paying job! How much lowe can we go! I worked for child protection with the promise of a very small amount for student loan -2500 - but thought any amount was worth it. When I finally worked there long enough to qualify I applied and was told that the State ran out of money!
I would be happy to work for less salary to forgive all or part of my loans. Unfortunately the amounts are so small or you need to work for ten years or so. So basically I am screwed too. I look at it this way, at this point I will never be able to support myself in my retirement. I am not getting any inheritance and do not own a home due to my bad credit. I have no savings because my loans are choking me. I will be needing subsidized housing when I am elderly, probably Foodstamps, heating assistance, Rx assistance as well as Medicaid for my nursing home.
Who does qualify for the program in Massachusetts? I am thinking of moving back there (( i grew up there). My student loans are over $600 a month too.
I've already had those jobs! It's not what I went to school for. And if I have to stay with the job for 20 years just to get 70% forgiveness, that's insane. There is no guarantee that the job would last that long. Some company's close their doors, downsize or whatever. Why would you risk it? You would still be scrapping by each month. And if you did make it to the 20 years, you have become too old to do what you went to school for in the first place. I'm 32 years old, and I went to an automotive school. Can you see me 20 years later as a mechanic? Arthritis, bad back, among other medical conditions that working the last 20 years caused. Not very ethical. Maybe some can accomplish it, more power to them, but what about the rest of us?
I would definitely do something of this nature. If I could obtain forgiveness, in return for say...
1. Teching ESL classes
2. Teaching Technology classes ( I could teach anything from basic computing all the way up to database design, pel programming, web design)
3. Teaching automotive maintenance classes
4. Working in a case management capacity for trouble youth...
In the evenings. I am qualified in all these fields and would be more than willing to give my time in the evenings and on weekends for say a year or 2 if I could obtain forgiveness in return.
I would Volunteer my time for community service to get my loans forgiven.
I would volunteer also to help forgive my student loan debt. I work for the school system so you cant get much less paying than that.
The problem with taking a low-paying public interest job, is that:
1. It's not what I went to school to become.
2. You have to keep this low paying public interest job for a minimum of 5 years to get minimal forgiveness, 20 years to get a maximum of 70% forgiveness.
This is unacceptable. It is just another way the government uses our debt to control and manipulate us to their will and agenda.
I agree.
If the low paying job was still enough to pay my other bills then of course I would take it in order to get loan forgiveness. The problem is I see friends that have a paralegal or social work degree, from a state school, and are being offered jobs that only pay $20-30k/yr right out of college.
Outside of the city this might be enough, but when you're paying $900 for a closet... I mean studio apartment, and you commute via public transportation ($2 subway and bus fare w/ 1 xfer), groceries and health care become luxuries. Forget about stimulating the economy.