October 27th, 2011

FGSFDS - Technoviking

About that student loan repayment scheme...

...and it is a scheme, intended to reap votes from the easily-fooled masses of liberal arts majors who are PISSED that their worthless degrees don't qualify them for any jobs they couldn't have been hired for straight out of high school. Like, for example, pizza delivery, burger flipping and mine clearing. All of which have career paths to more lucrative jobs, I am compelled to point out.

So a few hundred of these losers are camped out in various cities whining about their student loan debts and how they can't possibly repay them with the pitiful income from their entry-level service-sector jobs, and the Great And Powerful OzObama, hearing their whines, has condescended to shorten the forgiveness period for loans from 25 to 20 years and lower the minimum repayment amount from 15% of discretionary income to 10%. This will save the average student, as The Atlantic's Daniel Indiviglio notes, between $4.50 and $7.75 a month, or just about enough for a large meal at McDonald's. (NB: The Atlantic is hardly a right-wing rag, by the way; about the only person on staff there who could be considered even remotely conservative is Megan McArdle, the token liberaltarian on staff.)

Here's some advice, kids. You really want to get those student loans off your back? Why not try taking on some jobs that are so dire, so short of help that the Feds have resorted to forgiving loans outright: teaching in a school with a lot of low-income families' kids, for example. That'll get you either $5000 or $17,500 canceled, depending on whether you're teaching in an elementary school or secondary school. Or, if you find the idea of teaching in DC or the Rio Grande Valley to be a little risky, you could always sign up for the National Guard, which will forgive up to $50,000 depending on how long you enlist for and what you're going to be doing. There are also a bunch of programs that forgive student loan debt for doing volunteer work. I found all that in just a couple minutes of web searching, and there's more stuff I couldn't be arsed to link to. Nobody's paying me for this, after all.

The bottom line is that there are ways to work off your student loan obligations - but the operative word is work. Get your asses out of the public parks and go do some, you slackers.