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Survey Says Nearly Half of College Students Believe Their Debt Will be Forgiven

Survey Says Nearly Half of College Students Believe Their Debt Will be Forgiven

Wishful thinking.

These students are gravely mistaken. That debt stays with you forever until it’s paid off.

The Daily Caller reported:

Half Of America’s College Students Believe The Federal Government Will Forgive Their Loans

Nearly half of all America’s college students have deluded themselves into believing that the federal government will graciously forgive their student loans despite the fact that the federal government forgives only a very low percentage of student loans.

LendEDU, a student loan marketplace website, documented this startling disparity between belief and reality in a nationwide survey of 500 students currently attending America’s colleges and universities, reports the New York Post.

The survey shows that 49.8 percent of the students surveyed think they will be eligible for federal student loan forgiveness.

In reality, only about 10 percent of all college graduates will ever see any portion of their student loans forgiven under current loan forgiveness law.

In order to qualify under forgiveness programs, student loan borrowers must either take specifically-identified public service jobs for a long period of time or teach in schools in poverty-stricken and under-served areas of the country.

Two other ways to receive federal forgiveness on student loans are to become permanently disabled and to die.

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Comments

or teach in schools in poverty-stricken and under-served areas of the country.

I have a distant relative who was in one of these programs to bring enlightenment to the poverty-stricken.

Well, not far into it … after they told her more about exactly why some of these areas are under-served and mentioned that her employer might partially defray the cost of her optional body armor, she decided to go into some other field.

    There’s a dirty little secret to many of those school districts who always seem to be looking for new teachers every year: That’s how their budget is set. New teachers straight out of school earn less than experienced teachers. If they stay in a school and teach for several years while building their education into a Masters degree and get experience, suddenly they are too expensive to keep.

    The bottom line is budget. Churning the teachers keeps that bottom line low, even if it means the kids don’t get the education they need.

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