Ditch Your Debt Gremlin

Income-Based Repayment is a new way to lower your federal student loan payments starting July 1, 2009. It caps monthly payments and forgives remaining debt and interest after 25 years. And if you're a teacher or work in government, nonprofit, or other public service jobs, you could have your federal loans forgiven after just 10 years. This animated video explains the programs and tells you where to go for more information: http://www.IBRinfo.org.

Category:

Education

Tags:

• student debt
• debt
• loans
• student loans
• income-based repayment
• sallie mae
• college
• college debt
• students
• borrowers
• project on student debt
• ibrinfo
• IBR

[bluediamond2077]

what's wrong with the colleges getting more and more money? hell it's allot better to invest in americas future then to throw away tons of money on unnecessary wars. To stay a world power we need smart people that can invent things we can sell the world. We need Americans that can support there families and not drain on welfare. Also think . the college students of today will be paying higher taxes because they make more. Oh yeah the lender is going to be the Government. Obama changed that.

[ireddiamond]

@MyKillK sounds great to me :-D This is a great time to be a college student :-D i love it after working retail for 14 years I am back in school and this is such a relief to know if some thing goes wrong me and my family will be ok and not homeless on the streets.

[AnarchisThinker]

@AnarchisThinker Anything from the government will require some form of taxation to pay for it. Also, considering that taxation applies to everyone, along with everyone having a college loan being eligible for it, wouldn't the money just be going in a loop for college graduates and students, along with a one way for non-college graduates?

[AnarchisThinker]

This is a great idea in itself, but there's only one problem: If you lift the responsibility of paying the debt away from people, more will decided to go to college. As it is, a growing number of people ALREADY go to college and with this scheme, more will do likewise. Even just throwing that out the window, who's going to pay the people now for that extra amount? The video doesn't say who it will take the money from, just who it will give it to. And it'll likely be paid by taxation.

[CLASHofTHElonders]

watch some how you'll end up more in debt

[SpreadingTruths]

There's too many idiots getting useless college degrees and paying too much money for them.

[gotlogg]

I think this fucks up the education system in a very similar fashion to how we fucked up our housing market..

[gotlogg]

@bluediamond2077 look, this is very simple. Maybe you didn't notice but higher education used to be much more affordable, then in came the government aid. Mr college admin guy isn't dumb and he knows that with 80% of students qualifying for aid he can increase tuition... YAY!! So the price goes up...Fed aid increase... tuition hike...aid increase... hike...etc. etc.... Now it's so high that feds will forgive (pay off the lender) student debt... Lenders like college admin guy sees free money.

[bluediamond2077]

@eiffuy I am stuck in the middle of this. I'm in college and know it's best for me if there is IBR when I get out because i'm not 100% sure i'll get a good job even though i'm going in the medical line of work. I don't want to get out and have such a large monthly bill that I can't survive. On the other hand I do agree with you about the inflation part. I'm prepping for hyper inflation incase. I recommend MELTUP on youtube if you havent seen it already. Very much a mixed bag here.

[bluediamond2077]

@eiffuy "What system can, forever, run on receiving credit that is never repaid."

No system can run forever like that you Sir are right. Look at the federal reserve. They can just print money out of thin air unbacked by Gold or silver like it use to be. They are printing so much that our dollar is falling. look at the prices of gold and silver going up as our dollar is falling. Soon hyper inflation will hit. Stock up now with food,water, supplies and a little silver. I am. -College student

[eiffuy]

@bluediamond2077 the problem with colleges getting more and more money is that this 'money' is actually just credit. What system can, forever, run on receiving credit that is never repaid.