Student Loan Guidelines Disqualifying Home Buyers.
I think we’re missing a bigger issue. Young people that go to school, take out all the student loans they can get, mostly to live on so they won’t have to work, and never finish a degree or use the degree they complete. College isn’t for everyone and doesn’t necessarily guarantee high pay. We need more options.
Student loans were designed to never be paid off, yet they were sold as a great way to pay for higher education. I am in this situation now and have been paying every month for the last 16 years (a few months were in deferment).
Being a teacher, you would think that that would be considered a “government job”, but I did not teach in a school (not district, but school building) that would qualify as part of the “forgiveness” program. I was, and still am, disqualified from being able to have my student loan forgiven. So, even though I paid more than my minimum payment and never had a late payment, had a government job that required me to continue to get more education, my loan has to be paid for many more years. At the rate I am going (paying extra each month) I will be 76 when my loan is paid off. They will take longer to pay off than my 30 year mortgage.
I wish that I had one of those “good benefit” teaching jobs. All of the schools in my area continue to expect teachers to take cuts and cuts and more cuts. I love teaching the children. I do not love being sold a bad product so many years ago and now still having to pay it off while working for less pay.
It is a good thing that I have a second job so I can keep paying my bills on time.
The student loan situation needs to be addressed. They need to be refinanced into loans that can be paid in a timely manner.
If it ultimately “forgiven” will the IRS consider the “forgiven” amount to be income???
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