.

[Dr.bannedman]

You shouldn't be able to claim a group of federal employees who have enormous suicide rates due to the trauma experienced in their service are overcompensated, and then come out with a post on how to fleece the government.

farmers?

higher suicide rate.....

 

[erikbj]

Damn libruls always wantin to help people get educated and stuff. What world do they live in!?!

Or just pay for college like a lot of us did? Get a job, live in a crappy house with 4 other guys, eat ramin noodles and tostinos pizza.

 

[bawbie]

There are also programs that pay off education debt for doctors who will practice in a small town for a certain period of time. There are several states that do this.

Also some that pay off law school loans for working in non-profits, but I think those are usually run by the school themselves.

 

[3TrueFans]

I would make sure you do some research before you just say gimme all the loans!

 

[cloneswereall]

Most teachers continue to teach past ten years. As long as you teach they years/payments count towards the 120 months.

...and nearly half quit within the first five years. It's a double-edged sword.

 

[DeereClone]

what? no. research and forethought aren't the american way. gimme gimme gimme then complain about loan balances!

i'm just saying if we were wiser we could have done this instead of paying everything off aggressively. there is a certain peace to not having loans but if you're only looking at it from a finance point of view there are better ways to go about it.

Yeah, like scam the rest of us!

 

[DeereClone]

Most teachers continue to teach past ten years. As long as you teach they years/payments count towards the 120 months.

your definition of most might be different than mine, but I would disagree with this.

 

[keepngoal]

Yeah, like scam the rest of us!

how is this a scam?

 

[cowgirl836]

There are also programs that pay off education debt for doctors who will practice in a small town for a certain period of time. There are several states that do this.

similar programs for people who come out of vet school and work in food animal - usually rural areas.

 

[NickTheGreat]

Sounds like a solid plan with literally no downside. MAX OUT THE LOANS!!! :yes:

Just don't change jobs, move, have a baby, have a health scare requiring loss of work, need to care for an ailing family member, or have "life" get in the way otherwise

 

[DeereClone]

how is this a scam?

maybe scam isn't the right word, but encouraging people to take on as much student loan debt as possible, knowing that the taxpayer will cover a portion of it is stupid.

 

[cowgirl836]

maybe scam isn't the right word, but encouraging people to take on as much student loan debt as possible, knowing that the taxpayer will cover a portion of it is stupid.

I doubt any intelligent person would pursue that path. As many have pointed out, there are hoops to jump through and since many of these programs require 5-10 years in the career and usually even a specific location, it's a huge risk to take. Until that debt is gone, it's still going to be counted against you when apply for a mortgage and such. Plus if life gets in the way and you can't hold up your end of the deal, you're ****ed.

 

[carvers4math]

Sounds like a solid plan with literally no downside. MAX OUT THE LOANS!!! :yes:

Just don't change jobs, move, have a baby, have a health scare requiring loss of work, need to care for an ailing family member, or have "life" get in the way otherwise

I think it also has some credit rating ramifications. High debt bad, making regular payments on time good.

EDIT: Looks like CG beat me to the same concern.

 

[DeereClone]

I doubt any intelligent person would pursue that path. As many have pointed out, there are hoops to jump through and since many of these programs require 5-10 years in the career and usually even a specific location, it's a huge risk to take. Until that debt is gone, it's still going to be counted against you when apply for a mortgage and such. Plus if life gets in the way and you can't hold up your end of the deal, you're ****ed.

Yeah I agree, it's not a good idea at all, but it was the idea that was presented by the OP.

 

[cowgirl836]

Yeah I agree, it's not a good idea at all, but it was the idea that was presented by the OP.

I think it would be easy to look back now and say darn, if we had taken that risk, we'd have been ok. Hindsight is 20/20 and all that.

 

[Clonefan32]

I can tell you from personal experience I was convinced I was going to stay a public sector employee, put my payments on minimums, signed up for the loan forgiveness program, and about two years later decided to go into the private sector. While the pay makes up for the lack of loan forgiveness, I do wish I'd been paying a little more on those loans during that two year period.

 

[BCClone]

If I was even considering this I would, take out loans as though I was paying back (font get used to extra cash just in case), find out what my normal payments would be and take that amount minus the minimum and set it aside in something kinda conservative. If I go the distance I have a nice cash fund. If I want to change things, I can use the cash to help pay down the loan.

 

[colbycheese]

It was designed to help support non profits and teachers, and unfortunately government workers (I'm sure government workers was the main group because why should someone who gets paid, on average 15% more for the exact same job (outside of the Engineering and Medical Fields) have to pay back their loan.

And science... I would make 10 to 20% more in industry or consulting as I do being a college prof at a state university.

 

[Rabbuk]

Pretty sure you have to be teaching at a SINA school for these programs.

 

[cloneswereall]

Pretty sure you have to be teaching at a SINA school for these programs.

Most of them require the school to be receiving Title I funding, not necessarily SINA list. Those two tend to overlap a lot though.