Indentured servants were often given a set of farming tools and a parcel of land when their seven years were up.
You can always just pay the debt with daddy's credit card, of course.
Just pay the rest with your bountiful public service salary.
Like I probably qualify for this and it will effectively make zero difference.
Edit: Fuck these people. I obviously didn’t expect much from these Dem fucks, but this is a slap in the face.
Economists "this could be huge!" -- Biden proposes we don't pay people for doing public service but instead change an integer in a computer tied to work the person had already done to serve themselves and the public. "Fucking free labor, genius, we can cut taxes even more!" exclaims Chicago economist.
"Listen here, Jack, i have a great idea... What if... You voted for me and i gave you money... for work!!! Sounds great, man, eh?"
It's not even money for work. You've already done the work, that's why you're in debt. This is just double-dipping. They're having you do free labor on top of the work you've already done.
Tax-free, 100% forgiveness already exists for anyone working for a public service employer. You just have to work full time for 10 years.
PSLF: Public Service Loan Forgiveness
It applies to government-funded or non-profit professions.
To clarify, it is any employer that is certified by the Department of Education as a public service employer. You should check if you're not sure.
The main requirements are that you need to be employed full time by a public service employer, you need to be in an income-driven repayment plan (IBR, PAYE, REPAYE), and your loans need to be direct loans (ie, they cannot be guaranteed/FFEL loans--which were the main type of loan before 2010--but if you have those loans you can just consolidate into a direct loan)
I hate to be the "actually" guy...
But I found this article, and it actually says 10k/year, for up to 5 years.
It's still pretty weak sauce: it's partial relief for only a small subset of people, it's an incremental improvement on an existing program, and if/when it passes it will be watered down even more. But the dollar amount is somewhat better than the headline indicated.
how much work do you have to do? because you could save $10k working a low-wage job if you had to. is this any better than waiting tables/bagging groceries?
Wait, is this based on the current PSLF plan (meaning, it's in addition to what a gov job pays), or is this a stipend for volunteering? I'm now confused.
To address such concerns, Democratic presidential nominee Joe Biden has proposed creating a program that offers $10,000 of undergraduate or graduate student debt relief for every year of national or community service, up to five years.
According to the proposal, “Individuals working in schools, government and other non-profit settings will be automatically enrolled in this forgiveness program; up to five years of prior national or community service will also qualify.”
cool so i can just make a nonprofit and get 10k off a year while 'networking' with clients over lunch?
WTF of course there's not going to be blanket forgiveness. God damn these mother fuckers.
LOL 10k doesn’t even cover the debt I’ve acquired. Ha ha fuck you America
