New concerns regarding Trump and my $160k student loan siutation

[GreenScallop]

Hello Mustachians,

I posted previously regarding my $160k of student loans and asked for career advice in relation to paying off those loans. In short, I decided on a nurse practitioner route to utilize my previous education, increase my earning potential, and use PSLF to have my debt forgiven in the most cost-effective manner. However, with the new presidency I am not sure how much I need to worry about PSLF going away and whether any grandfathering will occur. By the time I will actually be working as an NP, it's likely there will be some new forgiveness plan in effect and if so, I am not sure if I need to reconsider my career as well. Any thoughts on this?

[remizidae]

Are you currently in PSLF? If not, what does your timeline look like? I think there's a pretty good chance people already in PSLF will keep it. But if you're a few years out, I would have a Plan B. This is something that concerns me too, and I've read a bunch of commentators without finding a definitive answer. We just don't know what the Trump administration's priorities will be.

[NoStacheOhio]

I'm in a similar boat (approaching the halfway mark with PSLF), but there's just not enough information to make an informed decision. I'm planning to continue on my current course, and will adjust if and when the policy changes. Beyond that, it's just hand-wringing.

[chasesfish]

How many more years do you have, how much of a discount are you working for, and what will be the loan balance when you're at the end of those years (I'm assuming you're making payments now)?

[charis]

I have four years left on the PSLF.  Honestly, of all the things that I'm am worried about Trump doing, ending current loan forgiveness programs is the least of them.  Apparently he has actually proposed shortening the time to forgiveness.   As with anything Trump has said, the particulars are pretty vague, so who knows how this will pan out.  But at least his rhetoric is not indicative of pulling the current rug out.

[Larsg]

Wow, loan forgiveness? As an Xer, we never had anything like that ever. I paid back every single dime of my loans. I worked two jobs while in college with no help from anyone plus I worked over every christmas and spring break and when I finally got my first professional job working 60 hours a week, I still kept my weekend job at a sports bar to make extra loan payments.

So not only did I pay off my debt but I now have to pay off yours with my taxes and life hours?

Wow. If any students get debt forgiveness, I hope indeed they pay it forward in some way so that all of the hard work and sacrifice of my life and my taxes is not wasted in vein. This is maddening.

[fuzzy math]

Wow, loan forgiveness? As an Xer, we never had anything like that ever. I paid back every single dime of my loans. I worked two jobs while in college with no help from anyone plus I worked over every christmas and spring break and when I finally got my first professional job working 60 hours a week, I still kept my weekend job at a sports bar to make extra loan payments.

So not only did I pay off my debt but I now have to pay off yours with my taxes and life hours?

Wow. If any students get debt forgiveness, I hope indeed they pay it forward in some way so that all of the hard work and sacrifice of my life and my taxes is not wasted in vein. This is maddening.

Lame.

Nurse practitioners / physicians / physician's assistants are eligible for special loan forgiveness if they work in underserved poverty stricken areas. It's an incentive to provide healthcare in places where people otherwise wouldn't get it. I am assuming the OP was referring to this. Otherwise income based loan forgiveness would be unlikely to apply as ARNPs can make 6 figures quite easily.

What makes you assume that this NP student is a Gen Y or even a millennial? Not that it makes a difference in reference to their story, but to air a sense of "I'm older and my people paid their money and damnit we walked up the hill both ways to school in the snow" doesn't add to your already misguided argument.

[Kakashi]

Big mistake to depend on the government keeping its word. 

[NoStacheOhio]

Wow, loan forgiveness? As an Xer, we never had anything like that ever. I paid back every single dime of my loans. I worked two jobs while in college with no help from anyone plus I worked over every christmas and spring break and when I finally got my first professional job working 60 hours a week, I still kept my weekend job at a sports bar to make extra loan payments.

So not only did I pay off my debt but I now have to pay off yours with my taxes and life hours?

Wow. If any students get debt forgiveness, I hope indeed they pay it forward in some way so that all of the hard work and sacrifice of my life and my taxes is not wasted in vein. This is maddening.

Relax. Your tax dollars aren't involved. Direct lending is a revenue line for the government, even with forgiveness.

Just because you got a shitty deal doesn't mean other people should get a worse deal. I'm pissed that I've been paying social security taxes for years, and everyone is acting like I shouldn't expect anything when I hit social security age. Shit happens.

[Metric Mouse]

Wow, loan forgiveness? As an Xer, we never had anything like that ever. I paid back every single dime of my loans. I worked two jobs while in college with no help from anyone plus I worked over every christmas and spring break and when I finally got my first professional job working 60 hours a week, I still kept my weekend job at a sports bar to make extra loan payments.

So not only did I pay off my debt but I now have to pay off yours with my taxes and life hours?

Wow. If any students get debt forgiveness, I hope indeed they pay it forward in some way so that all of the hard work and sacrifice of my life and my taxes is not wasted in vein. This is maddening.

Relax. Your tax dollars aren't involved. Direct lending is a revenue line for the government, even with forgiveness.

Just because you got a shitty deal doesn't mean other people should get a worse deal. I'm pissed that I've been paying social security taxes for years, and everyone is acting like I shouldn't expect anything when I hit social security age. Shit happens.

Well, good news/bad news: the Republican party has offered a bill to update social security to keep it solvent into perpetuity. So there's that to look forward to.

[NoStacheOhio]

Wow, loan forgiveness? As an Xer, we never had anything like that ever. I paid back every single dime of my loans. I worked two jobs while in college with no help from anyone plus I worked over every christmas and spring break and when I finally got my first professional job working 60 hours a week, I still kept my weekend job at a sports bar to make extra loan payments.

So not only did I pay off my debt but I now have to pay off yours with my taxes and life hours?

Wow. If any students get debt forgiveness, I hope indeed they pay it forward in some way so that all of the hard work and sacrifice of my life and my taxes is not wasted in vein. This is maddening.

Relax. Your tax dollars aren't involved. Direct lending is a revenue line for the government, even with forgiveness.

Just because you got a shitty deal doesn't mean other people should get a worse deal. I'm pissed that I've been paying social security taxes for years, and everyone is acting like I shouldn't expect anything when I hit social security age. Shit happens.

Well, good news/bad news: the Republican party has offered a bill to update social security to keep it solvent into perpetuity. So there's that to look forward to.

While I think preserving social security into the future is good, I'm not sure raising the retirement age to 69 (or higher) is the best way to do it. I could be convinced otherwise, but right now I lean toward not. Now maybe if our legislators could get together and do their fucking jobs (hash our some sort of plan we can all live with), we'd be getting somewhere.

[astvilla]

Wow, loan forgiveness? As an Xer, we never had anything like that ever. I paid back every single dime of my loans. I worked two jobs while in college with no help from anyone plus I worked over every christmas and spring break and when I finally got my first professional job working 60 hours a week, I still kept my weekend job at a sports bar to make extra loan payments.

So not only did I pay off my debt but I now have to pay off yours with my taxes and life hours?

Wow. If any students get debt forgiveness, I hope indeed they pay it forward in some way so that all of the hard work and sacrifice of my life and my taxes is not wasted in vein. This is maddening.

I'm a young millenial and can agree with some of this sentiment, but I also know college expenses are very high these days and life is much harder financially than it was decades ago so I'm a bit more understanding to the OP.


I also thought the federal government actually made money off of student loans?  So though I understand not wanting to use tax dollars so some young people can discover their sexuality or engage in drug use or drop out, I don't think the situation is really that bad.

[charis]

Wow, loan forgiveness? As an Xer, we never had anything like that ever. I paid back every single dime of my loans. I worked two jobs while in college with no help from anyone plus I worked over every christmas and spring break and when I finally got my first professional job working 60 hours a week, I still kept my weekend job at a sports bar to make extra loan payments.

So not only did I pay off my debt but I now have to pay off yours with my taxes and life hours?

Wow. If any students get debt forgiveness, I hope indeed they pay it forward in some way so that all of the hard work and sacrifice of my life and my taxes is not wasted in vein. This is maddening.

I'm a young millenial and can agree with some of this sentiment, but I also know college expenses are very high these days and life is much harder financially than it was decades ago so I'm a bit more understanding to the OP.


I also thought the federal government actually made money off of student loans?  So though I understand not wanting to use tax dollars so some young people can discover their sexuality or engage in drug use or drop out, I don't think the situation is really that bad.

Right. To Larsg  - what facts do you have that tell you that you will be paying for anyone's student loan forgiveness?  The federal government is projected to make profits in the billions off student loans.  I can understand your resentment for missing the period where the government finally recognized a student loan crisis in the making.  But I think your anger is misplaced. 

[bugbaby]

Yeah, the govt has been lending to students at 6.8% while lending to banks at 0% plus giving them a trillion bailout. Even if govt  forgives every existing student loan, that's not really where our resentment should be directed.

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