The roster of people carrying student debt is really just "a list of people liable to additional taxation after graduation"; in 2007, GW Bush signed into law the Public Service Loan Forgiveness (PSLF) program that would allow debt-haunted grads to earn loan forgiveness by foregoing the private sector and working for lower wages in public service for a decade.
In theory, thousands of people should be having their debts wiped away this year. In reality, less than one percent of the people enrolled in the program will see that happen. The rest are screwed.
The PSLF program is a bureaucratic nightmare of paperwork mountains that must be perfectly ordered, at all times -- despite the administering agency routinely losing and messing up its own records.
In addition, the eligibility requirements are incredibly confusing, resulting in many of the enrollees being signed up, even though they shouldn't be -- a fact they don't discover until their decade of service is up.
All that adds up to the fact that in about a decade, millions of people are likely to find themselves in the same position as Debbie Baker. She's a teacher in Oklahoma who had always been under the impression she was going to have her debt erased, only to find out to her horror that she had the "wrong type" of loan when she went to apply.
"I almost threw up," she told CNBC. "I've been teaching 18 years and I still don't make $40,000— and now I have to start all over."
You're Probably Not Getting that Loan Forgiveness You're Counting On [Allie Conti/Vice]
(Image: Donkey Hotey, CC-BY)
In the wake of Blizzard/Activision's announcement of mass layoffs following record profits, Liz Shuler of the AFL-CIO has published an open letter on Kotaku addressed to workers in the notoriously abusive video game industry, calling on them to unionize as the only path to a fair deal.
Millions of tons of e-waste -- much of it from rich countries like Australia -- are recycled in India, in "markets" with terrible, dangerous working conditions and equally awful environmental controls.
The LA Times Guild has been negotiating a new contract with the newspaper, but has hit a wall thanks to an unprecedented demand from the paper's owners: they want writers to sign away the rights to nonfiction books, novels, movies and other works they create separate from their reporting for the paper. The newspaper is […]
Looking to de-clutter your kitchen counter? Start with those multiple, tangled charging cables for your multiple, power-hungry devices. There’s a workhorse solution for all those power needs, and it’s just as just as well suited to travel as home use: The Scout Wireless 5000mAh Charger. Compact and sleek at nine ounces, it doesn’t look like […]
Use a single password for every website, and you’re compromising your security. Use a different one each time, and you’re bound to lose track of them. The solution? RoboForm Everywhere, a catch-all tool that will not only manage the passwords on every site you visit but generate better ones. As a simple password database, it’s […]
Just a reminder: Print isn’t dead. And now that printers are becoming as portable as cell phones, it might be around for quite some time. Enter the MEMOBIRD Mobile Thermal Printer, a mini-printer that is versatile, portable – and most importantly, never needs a refill on ink or toner. Measuring just a few inches around, […]