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The Student Loan Forgiveness Program Might End Up Being a Bad Decision

November 30, 2015

The federal government has always been liable for making some striking changes to the student loan propaganda and recently they have prepared to up the ante a bit too much (probably) by forgiving up to billions of dollars that were taken in as student loans. These will include all the doctors and the white collar citizens too that have been paying a lot for their educations. This law is destined to help the employees that come from a middle class demographic and can’t afford to pay the hefty fee that they end up having to.

Student Loan Forgiveness Program

This has been caused by a program that was launched countrywide in 2007 and it forgives all the student debt that the student has gone ahead and made payments for over a decade and has not the highest of salaries. This of course is only applicable to those that are working for companies that come under the umbrella of the government or are non-profit organizations. This is destined to give encouragements to the young enthusiastic citizens of the country to go ahead and take part in jobs that are considered difficult to fill otherwise; for example public defenders, teachers and doctors that don’t get paid enough. This program however has ended up engulfing a lot many more people than expected; even the ones that have well paid jobs. Some of the students that had student loans to pay and had excellent jobs currently have gone ahead and made themselves free of the debts.

The greatest benefiters from this new program will be the medical students that owe a large amount of money (all the time) to the government. It’s expected that up to 85 percent of the students will get their huge debts forgiven under this scheme.

Critics have gone ahead and said that this program isn’t serving its purpose and where it shouldn’t have benefited the ones that are enjoying excellent pays, it should have benefited those that are currently suffering. Here’s hoping that whatever happens makes the life of the majority better.