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There's a new bill before congress that would provide a mechanism to forgive the student loans of those who have paid steadily on the debt for 25 years. Seems like light at the end of the tunnel for me, given the ridiculous cost of higher education today in combination with the declining economy. The other light I see is that if inflation causes a mass devaluation of our currency, my debt will be nothing.

I want to serve humanity, and it is absurd that I am getting saddled with a debt that is more than I have earned so far in this life. It seems unlikely given the situation that I will ever be able to repay it, and just that thought is burdensome. Primary care providers are desperately needed. But I'm not sure I want to be under the gun for the rest of my life to do it. Or do I? Maybe I am a masochist.

HR 2492 is bipartisan and will be coming to a vote sometime soon, so your contact to representatives could make a difference. The Income-Based Repayment program sets lower monthly student loan repayments and forgives both debt and interest after 25 years. The amount forgiven would be taxed as income to the borrower. The idea is to wipe the slate clean for responsible borrowers.

Please take a moment to write to your representative: Urge him or her to support H.R. 2492 and ensure there's really a light at the end of the tunnel.

Click on this URL to take action now:
http://capwiz.com/ticas/utr/2/?a=13579871&i=94349062&c=

THANK YOU!

Comments

( 2 comments — Leave a comment )
lucy_chronicles
Jun. 21st, 2009 04:15 pm (UTC)
after 25 years?
w/o the ability to refinance as you can a car, house, credit cards etc and pay all that interest in between? and can't discharge w/ bankruptcy? nor negotiate? ha!

don't get me started as a former banker. the atrocious example of 'usury' is best evidenced in the US student loan system.

it will have to destruct before they will do anything about it. and given that's the next shoe to drop after this housing/credit card bust i hope it does destruct so the system can be rebooted.

so don't run over to sign. send a full letter instead.
liveonearth
Jun. 21st, 2009 09:31 pm (UTC)
Re: after 25 years?
=-] Get 'em sister!
( 2 comments — Leave a comment )

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