Should private student loans be forgiven after 10 years of military service? Why hasn't the government done anything about this?

2016-10-17T14:06:31-04:00

Response by Capt Private RallyPoint Member made Oct 17 at 2016 2:07 PM

2016-10-17T14:07:36-04:00

I think they got it right by forgiving Federal student loans after 120 payments made for those serving in public service, I just don't understand why they don't also include private student loans as well.

Response by SSG Private RallyPoint Member made Oct 17 at 2016 3:26 PM

2016-10-17T15:26:51-04:00

The entire system needs to be changed. Education should not be that expensive. You shouldn't have to sell ten or twenty years of your life for four years of college. It's getting out of hand.

Response by CAPT Kevin B. made Oct 17 at 2016 3:57 PM

2016-10-17T15:57:24-04:00

I think this is another form of a class entitlement request in a downsizing environment being a non-starter. Add onto that the post MIL expense tail, I'd expect the focus will be on reducing the VA wait until you die noise amongst other things. Remember the Govt will only put out the minimum necessary to bring in what they want.

Response by MSgt James Mullis made Oct 17 at 2016 5:55 PM

2016-10-17T17:55:12-04:00

In the past the many DoD scholarship programs have brought in enough young officers to meet accession goals and loan forgiveness was not deemed necessary.

Response by LTC Jason Mackay made Oct 17 at 2016 10:21 PM

2016-10-17T22:21:54-04:00

Loan Repayment Plan used to be an enlistment incentive. Unsure if it is still out there.

Response by SGM Private RallyPoint Member made Oct 18 at 2016 6:20 AM

2016-10-18T06:20:03-04:00

No. It's your loan, your obligation, and has nothing to do with your military service. There ARE however, student loan repayment programs associated with enlistment bonuses. If you didn't take advantage of these programs, that is also on you. Bottom line is this: you borrowed the money, it is your responsibility to pay it back.

Response by SSG Gary Bates made Oct 18 at 2016 7:12 AM

2016-10-18T07:12:19-04:00

Yes

Response by SPC(P) Private RallyPoint Member made Oct 18 at 2016 1:40 PM

2016-10-18T13:40:24-04:00

To answer your question, yes. What would be your GI Bill is now your loan forgiveness. But, we shouldn't have to do this. PUBLIC universities shouldn't cost an arm and a leg to attend. Private schools can do whatever.

Response by MSG Private RallyPoint Member made Oct 18 at 2016 5:12 PM

2016-10-18T17:12:34-04:00

Private loans...forgiven for governmental service? How about forgiving my house note after 20 years? If you loaned me 10K how would you feel if after ten years you got a letter from the government saying you were SOL? You took the loan of your own volition, it's on you bud. If you wanted it paid back, you should have taken SLRP (and by choosing a service and MOS with SLRP) and it would have been done paid in three. College is overpriced, it should be corrected, But banks will always make loans, if it is a loan to pay overpriced tuition, it is not really the banks fault. You might have a case of Entitlementitis...

Response by Sgt Wayne Wood made Oct 21 at 2016 1:20 PM

2016-10-21T13:20:23-04:00

1) yes 2) how would the little snowflakes currently in college handle it? trigger warnings? safe spaces?

Response by Maj John Bell made Nov 2 at 2021 6:40 AM

2021-11-02T06:40:07-04:00

There is a direct correlation between the steep increase in college tuition and government tuition assistance and government student loan guarantees. My father put himself and my two older siblings through 4 years of college at the University of Arizona over a six year period without any loans and without a life long savings program to pay for each kid once they were ready for college. We were a solidly middle class family, not by any means wealthy. There's not a snowballs chance in Hell that a retired Navy Captain with out a post retirement job could do that today.

Has no one ever heard of the laws of supply and demand. Plenty was done by the government to increase demand. Damned little was done to increase supply. If you want college to be affordable again, get the government out of the college tuition business.